Maybe you just get married. Or had your first child. Or started a business.
Whatever life event is, you are now buying life insurance for the first time. And who could intimidate and confuse you a bit.
help ease your mind by reading the following tips for anyone who buys a life insurance policy for the first time.
1. understand who (or what) you are protecting. major life changes such as getting married, starting a family and buying a home are often when people think about buying a life insurance for the first time.
While everyone knows a major life event such as getting married or starting a family often recognizes the need for life insurance, others may not realize that they could also benefit. For example, did you know that parents who stay at home and co-signed student loans could have a specific need life insurance? An insurance agent can help you understand who and what you need to protect.
2. Only buy what you can afford. Many people are surprised how much life insurance they really need to protect the people and things they love most. Yet it is a mistake to waive any coverage at all if you can not pay the plan you want. Something is certainly better than nothing, and you do not need to buy the best plan to care for your family. (Need more good news? Life insurance is probably more affordable than you think.)
3. Think through your beneficiaries . One beneficiary of the life insurance is the person or entity that you call in your life insurance policy to receive in the event of your death funds. Your recipient may be an individual, a company, trust, charity or even your church. And you can have more than one. It is important to make sure you think about your beneficiaries are and if any product intended to benefit a minor must be held in trust.
4. Get a will. Having a will can help ensure that life insurance is well dispersed.
5. Buy from a financially healthy company. You want the support of a solid insurer financially if you or someone you love needs to use the life insurance policy. A M. Best, the largest and longest established publication dedicated to in-depth reports and company financial strength ratings about insurance organizations, gave Erie Family Life Insurance Company rated A (Excellent).
6. Learn about life insurance. While an insurance agent can definitely help you navigate the world of life insurance, it also helps to have a working knowledge of it. The articles "Money Sense" in this blog are a good starting point.
7. Working with insurance agent licensed . A competent and professional insurance agent can provide trusted advice when it comes to finding protection life insurance at the right price. An insurance agent is a trusted person in your family can turn in times of need. Tell a Erie insurance agent to find out more about your life insurance options and get a free quote.
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