Which Life Insurance Carrier is the Best for You?
Many people may believe that all life insurance carriers are the same and that all life insurance policies are the same. We do a great job in asking ourselves some important questions regarding “how much life insurance do I need?”, “how long should the term length be?”. These are great questions to ask, but you may also need to do your research on which life insurance carrier will best suit the personal needs of you and your family.
Below are a few questions that you may want to consider when shopping for the right life insurance policy and carrier.
First, ask the carrier if there is a waiting period prior to the death benefit being paid. Some life insurance carriers may have a waiting period. This means your life insurance has to be in force for, sometimes as long as two years, before the entire death benefit would be payable to your beneficiaries. If you pass away prior to the completion of the waiting period, the life insurance carrier may only pay the designated beneficiaries the amount you have paid into the policy.
Second, you may want to verify that the carrier has guaranteed level term premiums for the length of your coverage period. This mean that if you have, for example, a 10 year term life insurance policy, your premium will remain constant for the 10 years your policy is in force. After the 10 year period expires, you may have to re-apply and have to pay a different rate.
About the author: Jim Marcinkewicz has been in the life insurance business for over 6 years. He is a big supporter of the American Red Cross and teaches both CPR and First-Aid classes. With two daughters in college, Jim knows the expense it takes to care for your family and enjoys helping others prepare their futures as well. You can reach Jim at 1-800-651-1953 or JMarcinkewicz@Pivot.com.