When someone passes away and the insurance company pays a certain amount of money to their loved ones, the recently departed had life insurance. There's no denying the fact that this is an important type of coverage, as it protects not only the insured but their families as well. Robert Jain, as well as other authorities on finance, can tell you that some types of insurance are better than others. With this in mind, here are the do's and don'ts that will help you obtain coverage you can trust.
DO figure out coverage as early as possible. Bob Jain and other names in the world of finance will agree, seeing as how coverage isn't a one-size-fits-all component. As a matter of fact, you must be able to figure out what you must contribute based on your dependents and income. By doing so, not only will you be able to sign up for life insurance but you'll end up with a plan that will benefit you and your loved ones to the fullest.
DON'T think that life insurance is a single entity. The reason for this is that it comes in different forms. Whole coverage, which is also the most common, has the initial premium locked in, meaning that it will remain the same amount no matter what. Universal life insurance has more flexibility in the sense that the insured can determine how much money goes into certain parts of the plan. These are just a few examples, but feel free to speak to your agent or broker to learn more.
DO see your doctor beforehand. Even before you place pen to paper during the life insurance enrollment process, see your doctor. There's a possibility that there are medical complications or concerns that haven't been observed beforehand. It's never a bad idea to see your doctor, even if your goal is to simply ask them about life insurance and what they recommend. This will make it all the easier to sign up for the plan you need.
DON'T think that you can change a life insurance plan whenever you please. The reason for this is that it can be costly to switch plans, especially if you aren't fully aware of what each plan offers. Who's to say that the plan you're looking into will be necessarily better than the one you already have? Furthermore, you may end up spending more than what you currently owe. While it's in everyone's right to change their insurance as they see fit, research must be done beforehand.
DO figure out coverage as early as possible. Bob Jain and other names in the world of finance will agree, seeing as how coverage isn't a one-size-fits-all component. As a matter of fact, you must be able to figure out what you must contribute based on your dependents and income. By doing so, not only will you be able to sign up for life insurance but you'll end up with a plan that will benefit you and your loved ones to the fullest.
DON'T think that life insurance is a single entity. The reason for this is that it comes in different forms. Whole coverage, which is also the most common, has the initial premium locked in, meaning that it will remain the same amount no matter what. Universal life insurance has more flexibility in the sense that the insured can determine how much money goes into certain parts of the plan. These are just a few examples, but feel free to speak to your agent or broker to learn more.
DO see your doctor beforehand. Even before you place pen to paper during the life insurance enrollment process, see your doctor. There's a possibility that there are medical complications or concerns that haven't been observed beforehand. It's never a bad idea to see your doctor, even if your goal is to simply ask them about life insurance and what they recommend. This will make it all the easier to sign up for the plan you need.
DON'T think that you can change a life insurance plan whenever you please. The reason for this is that it can be costly to switch plans, especially if you aren't fully aware of what each plan offers. Who's to say that the plan you're looking into will be necessarily better than the one you already have? Furthermore, you may end up spending more than what you currently owe. While it's in everyone's right to change their insurance as they see fit, research must be done beforehand.
About the Author:
Please get in touch with Bobby Jain for more information about insurance and finance as a whole.
No comments:
Post a Comment