Life Insurance Comparisions and Choosing the Right Policy
Life insurance is a long-term commitment. Before buying any policy, ask yourself these very important questions:
- How much insurance do I need? If I were to die, what would my spouse and dependents need in order to live comfortably? Insurance needs calculator.
- In addition to protection, what am I trying to accomplish with life insurance? Am I accumulating funds for education costs? Providing away to pay estate taxes? Do I need some additional supplemental income for my retirement or emergencies? Remember that Term life pays a death benefit only, while Whole, Universal and Variable policies can supplement your income through withdrawals or loans against a policyâ€™s cash value.
- How much can I afford to pay for a policy?
- Is the insurance company Iâ€™m considering financially secure? Do they have a good claims payment history, good customer service and competitive prices? Independent companies such as Standard and Poorâ€™s, A.M. Best, Moodyâ€™s, Fitch and Weiss rate insurance companies and their publications can be found in your local library.