Smart Steps for Buying Life Insurance

Steps for Buying Life Insurance

Securing the right life insurance for you – made easy.

Life insurance can form an essential part of your family’s monetary stability and wellbeing. However, you can discover that the process of purchasing the right insurance can seem a bit daunting. Luckily, these easy steps are designed to lead you to the right policy for you and your family’s needs.

Decide if you want coverage.

Many people benefit from life insurance, but not everyone. If no one relies on you financially, and you will have no debt or final expenses to pay when you go, you may not need coverage. If you don’t meet these criteria, insurance is well worth the purchase.

Calculate how much insurance you need.

This calculation depends on two varying factors: the financial resources that will be available to survivors after your death and the financial needs of the survivors after your death. Assess whether the income of social security or other retirement-related resources and savings could cover your final expenses, remaining debt, and your family’s income needs. Many people are underinsured. This, ultimately, leaves families in financial strain. Talk to your insurer to assess how much you need.

Tell your beneficiaries about your life insurance policy.

Once the policy is issued to you, inform your beneficiaries about how to find the paper copy of the policy and any specifics about what you want them to do with the death benefit. It’s rare for people to be unaware that they are a beneficiary of a life insurance policy, but it does happen. Make sure that your benefit is claimed.

While you’re searching for the right policy, avoid these life insurance pitfalls.

For more information about selecting the right life insurance policy to suit your needs in Phoenix, Arizona, contact the team at American Premier Insurance. As life insurance experts, we’re able to walk you through the process of selecting the right policy to meet your needs.