subject: Do You Own A Life Insurance Policy? [print this page] Lots of people these days do not have a life insurance policy on hand that can deliver death benefits to their loved ones in the event of their death. Other people may have a policy, but they think that their coverage wouldn't adequately provide for their family members.
If you are included in either of these categories, you may be thinking of buying a new life insurance policy today. But, with terms like accelerated death benefits, guaranteed insurability option, decreasing term and more, it can be hard to find out which exactly an insurance policy includes and provides to you.
You certainly need to understand what you are getting before buying a new life insurance policy. So how can you cut through the confusing terms of insurance plan?
Determine Your Coverage Needs
The fact is that life insurance terms can actually give you a headache. In the dilemma of trying to review various insurance policies which are on offer to you and studying the meaning of different terms, it's not easy to really evaluate a plan and figure out if it meets your needs.
Before you spend any more time getting estimates and looking into terminology, you need to consider first what you want out of your own insurance policy. As a starting point, consider if you intend to get a whole life policy or a term policy.
If you want a term policy, then decide the length of the term you want to purchase. When this decision has been made, review your personal finances and figure out the level of benefits you need your life insurance to provide.
Use an Agent or Broker
Once you have a definitive view about what kind of plan you need, you can then take the second step to obtain quotations for your coverage. There are several ways for you to acquire rates, but using a policy agent or broker may be useful to those who are not familiar with insurance terms.
by: Javier Snover
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