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Looking to buy life insurance for the first time? If so, you're probably asking yourself questions such as "How much do I need?", "What kind of policy is best?" and "Which company should I buy from?" There's no question buying life insurance for the first time, like any other new experience, can be more than a bit daunting. Below are six important tips that we hope will make the process smoother, eliminating frustrating false starts and unnecessary bumps in the road.

  • Understand why you need it.

    While most people may need life insurance at some point in their life, don't buy a policy just because you heard it was a good idea.

  • Determine the amount of coverage you need.

    The amount of money your family or heirs will receive after your death is called a death benefit. To determine the proper amount of life insurance an online calculator, can be helpful. You can also get a ballpark figure using any number of formulas. The easiest way is to simply take your annual salary and multiply by 8.

  • Find the right type of policy.

    Once you figure out how much coverage you'll need, you can think about the best kind of policy to meet your needs.

  • Look at the quality of the provider.

    An insurance policy is only as good as the company that backs it.

  • Consult a financial professional.

    A financial professional can help you factor in financial considerations, your needs, and your family's needs.

  • Increase your vocabulary.

    Life insurance can be confusing, with terms like "premium," "dividend," "beneficiary," and many more.




    Original Post: www.newyorklife.com

Posted 10:32 AM  View Comments

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1 Comments

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MONDAY, JULY 18 2016 2:15 PM

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