If you’ve never bought life insurance before you might be worried about the shopping. If you’ve bought life insurance before, you may remember how frustrating it can be.
Sure, it can be a difficult experience, but it doesn’t have to be. There are a lot of things you can do to make the whole process seamless.
This article is going to give you some pro tips on how you can eliminate some of the stress of buying life insurance.
Get Everything Together
Before you start applying for policies, gather up all of the information you’ll need. Most of this is basic info, like your address, SSI, beneficiary’s information, and prescription info.
Getting all of this stuff together before you apply will make the road a little smoother. You won’t have to panic and search around for the info. It will save you time and frustration.
Add up your Life Insurance Needs
Deciding how much your family needs before you apply will not only make it less annoying, but it can also ensure they will have the security they need.
If you’re a life insurance newbie, you might be completely lost on how to calculate insurance needs. It’s not as cumbersome as it sounds.
All you have to do is add up your debts, monthly expenses, and your annual salary. Combine all of these numbers, and then you know how much life insurance you need.
Make sure your family and loved ones won’t be handling on to any of your debts once all the life insurance money has been spent. This simple math can be one of the most important calculations.
Compare Policy Types
The next thing you should do is weigh all of the options. Not every plan is the same. Life insurance is not as cut-and-dry as it once was. Now there are several options and you need to figure out the best one for you.
The most basic decision you have to make is between a term plan or a whole life policy. Term plans are temporary while whole life is permanent.
Term policies are going to be cheaper while whole life is more expensive.
Consider No Exam
Not only do you need to choose between the term or whole, but you also need to decide if you want to take the medical exam. Not many people actually want to take the exam, but you have to determine if the pros outweigh the cons.
Several years ago, very few people bought a no exam plans because of the price. Nowadays, the price of no exam has come down and they are a more affordable option. What changed?
In the past several years, several companies have entered the market and they are solely focused on no exam policies.
One of those no exam companies is Haven Life. Not only are they a no exam company, but you won’t have to spend hours on the phone with an agent. You can get your policy completely online.
What’s the most stressful part of life insurance? The price. In fact, price is the reason most people don’t buy life insurance.
There are a lot of things you can do to get cheaper life insurance, like getting in shape or quitting smoking, but those take a while. One quick way to save money and make the process less stressful is to compare companies.
Regardless of the type of plan you’re buying or the size of the policy, you need to do some shopping around first. Don’t purchase a plan before you compare dozens of companies. It could be a mistake which will cost you hundreds of dollars.
Buying Life Insurance
Nobody wants to spend the day buying life insurance, but it’s well worth the time and money you spend on the purchase. Not having life insurance is like driving a car without auto insurance, but it could be much costlier.
Let’s just imagine you didn’t have life insurance and something terrible struck you (hopefully it never happens). Do you know where your debts go? Straight to your family members. Life insurance is the safety net they need.