subject: Guide On How To Purchase A Life Insurance Policy [print this page] One of several reasons why many individuals pay for an insurance coverage is the assurance and peace of mind that their family or dependents will receive a considerable sum of cash at the time they die. Buying a life insurance policy is essential especially if you are the primary source of revenue stream in your household. Obviously, the death of the main source of income in the family could also mean loss of income for their spouse, children and other dependents. Clearly, life insurance policy is actually something that people should have but many people prefer not to use right away.
Below are ways on how to purchase a life insurance plan:
1. Ascertain the type of policy that matches your family needs
Term and whole life insurance are the usual kinds of policies that you can stumble on as you begin searching for different policies. Basically, term life insurance lapses for a specific period. On the other hand, whole life plan insures the life of policy holder until their death comes. You selection of life plan should rest on your personal preferences and needs. Depending on your needs and financial situation, you may choose whole life plan or just purchase a life insurance that will cover you for 20 to 30 years while raising your kids.
2. Search out for free life insurance quotes
Internet has made it possible for life insurance shoppers to obtain free online quotes effortlessly, but it is still worthwhile to seek for advice of professional insurance agents in your community. These people can help you understand the available options that will suit your needs and help you come up with the best choice when it comes to your insurance needs. In addition, take an effort to check the life insurance options offered by your employer.
3. Complete the application form
After you have finally settled on what policy to buy and which life insurance company you would be willing to entrust your future, you can begin applying for a life plan. The process requires a preliminary application that includes few queries about your present and past health circumstances. The company exploits the information indicated in your form to compose a policy.
4. Run through a medical exam
Most sound and decent insurance companies oblige their applicant to go through a medical exam before they approve the application. More often than not, this test should be shouldered by the insurer, which uses it to bear out the information on your health history.
5. Know the premium and coverage before purchasing it
Right after your health examination, the insurer will compose a policy for you that will specify your coverage and states the amount of premium you need to pay. As you receive the papers, you need to scrutinize the policy documents before you sign it to make sure that the policy really matches your needs at the amount that you can afford.
6. Sign the policy and pay the premium
Finally, sign the policy papers to acquire insurance coverage and pay the premium. Once you have finished these steps, you already have a life plan that will secure your family in case you pass away.
by: Cindy McGrant
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