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Insurance Education | Moms Miami Blogs Insurance Education
How do I determine which policy is right for me?
Life insurance is a long-term commitment. Before buying any policy, ask yourself these very important questions:
- How much insurance do I need? If I were to die, what would my spouse and dependents need in order to live comfortably?
- In addition to protection, what am I trying to accomplish with life insurance? Am I accumulating funds for education costs? Providing a way to pay estate taxes? Do I need some additional supplemental income for my retirement or emergencies? Remember that term life pays a death benefit only, while whole life, universal life and variable life policies can supplement your income through withdrawals or loans against a policy's cash value.
- How much can I afford to pay for a policy?
- Is the insurance company I'm considering financially secure? Do they have a good claims payment history, good customer service and competitive prices? Independent companies such as A.M. Best Company, Fitch Ratings, Moody’s Investors Service, Standard & Poor’s
rate insurance companies on these issues. Their publications can be found in your local library or may be available on the Internet.
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- How much insurance do I need? If I were to die, what would my spouse and dependents need in order to live comfortably?
