Doing It Before One Dies

Not a lot of people like to talk about life insurance as it reminds them of their mortality.

It’s understandable that people don’t want to discuss their own death and thus would put off buying life insurance as a way of “avoiding” the issue. Delaying a life insurance purchase will often make it much more expensive and if this delay is combined with other health factors, this might reflect a picture of a high risk individual to insure; not a benefit for life insurance companies.

Buying life insurance needs to be an informed process where the consumer knows about the options available to them, such as knowing the reasons why they want life insurance, what level and type of insurance they want, and what life insurance broker is able to provide what they want.

One rather common perception is that if a person has no dependents, then they don’t need life insurance. The reality is that people choose to get coverage for a variety of reasons that may include the wish to provide for loved ones after death. It may be just the simple wish of providing life insurance funds to cover funeral expenses or a small sum for the beneficiary to live on. The reasons don’t matter, but the comfort such insurance provides is tangible.

It’s also a good idea to have in mind whether a level term or decreasing term would suit present circumstances. Factor in the amount available to budget monthly and if the overall amount to be insured for is flexible or fixed. An expert life insurance broker will tailor a quote to suit those needs. Always include things like car loans, credit card debt or mortgages into the initial calculations for insurance coverage.

Don’t lie on the insurance application form, as this will be caught later and it may result in the suspension of the policy. If the “fib” is caught later, the insurer may refuse to payout on any claims.

Try online life insurance quotes, however remember that at best many of them are “general” in nature and don’t always address specific concerns or needs. To address those things, speak to an expert life insurance broker about the proper cover.

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Wednesday, November 11th, 2009 Press