Insurance 101 - How to Become a Savvy Shopper

Insurance Buying 101

Are you facing an insurance buying decision? Is your current policy about to expire and now you're wondering if you should stick with the same coverage or not? Purchasing insurance doesn't have to be a stressful endeavor if you make the effort to be an informed consumer. Whether you are purchasing life, health, dental, or accidental injury insurance, there are steps you can take to increase your odds of making a smart purchasing decision. Review the following tips for insurance shoppers to see which ones will help you feel more confident about your policy purveying.

- Get quotes from several providers before deciding on a policy. Don't just accept the options your regular broker offers. Comparing coverage offered by different firms puts you in a better bargaining position to request coverage that suits your needs.

- Review cancellation policies to ensure you're not setting yourself up for hefty fees. Understanding every component of an insurance plan helps you decide if it truly is in your best interest to sign with a specific insurer. What might initially seem to be a great policy can appear not so spectacular when you factor in costly charges to cancel early.

- Honesty is indeed the best policy when purchasing insurance, especially health or life insurance. While you might believe it isn't necessary to disclose your predilection for risky activities like skydiving or scuba diving, failure to disclose risk factors can lead to claim denials further down the line. You're better off being honest and possibly facing higher premiums than keeping truths to yourself and having your claim denied in times of crisis. This is true for medical conditions too. Don't hide your risk factors just to try to save on your insurance premiums.

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- When purchasing life insurance, have your broker explain the benefits of various forms of coverage. Should you purchase term life or permanent life insurance? Is a policy with a yearly renewable term in your best interest or would you be better off purchasing a reducing term policy? Knowing whether a universal life policy is your best option or whether a participating whole life policy is more appropriate for your needs can help you make crucial buying decisions. An informed consumer is a savvy shopper. Knowing all your options can help you have complete confidence in your final purchasing decision.

Becoming a savvy insurance shopper not only helps you feel better about your coverage, it can help you lead a more confident life. When you don't have to worry about your health insurance coverage or whether a trip to the dentist is covered, you are more inspired to live a healthier life. You can take care of yourself with confidence, knowing that if you do need to see a doctor or dentist, your insurance policy is there to back you up. Are you going to incorporate the above-listed tips into your next insurance purchasing decision?

About the author: Seth Gowdy is the Sales Manager for Pivot Insurance and holds multiple insurance and securities' licenses. He has been part of the financial services industry for nearly 20 years. In his free time he enjoys being outdoors fishing, hiking, and geocaching with his wife and two children. Seth most enjoys helping clients with Pivot’s customized process and needs' calculators. You can reach Seth at 1-800-651-1953 or

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