Top 10 ten tips about life insurance
Sep 4th, 2008 | By admin | Category: financeThese top 10 tips on purchasing life insurance will help you get clued up and could save you money.
1. Use the internet to shop around and get the best quotes. Don’t make any quick decisions compare several policies before taking up any life insurance policy.
2. Before approaching a life insurance company, research the types of cover available. Have an idea about what sort of cover you will and won’t need and why you require it in the first place. This will prevent you from being sold cover unnecessarily.
3. Review your coverage regularly, if you have recently married, had a child or divorced you may want to modify your life insurance policy. Also if you have recently stopped smoking this can save you money on your life cover.
4. Make sure you purchase automatically renewable and convertible coverage when buying ‘term insurance’. This will allow you to renew your policy for another term regardless of what happens to your health. The convertible clause allows you to convert the term coverage to a permanent policy.
5. Make sure you research online whether the insurance company is in financial difficulty or not, because if the company goes under you could get left short.
6. Remember you only need one good life insurance policy there should be no need to have more than one no matter what anybody tells you.
7. Never pay for your policy in cash, make sure you keep track of what you’ve paid and make sure you receive written confirmation with the details of your policy.
8. Always be 100% honest and accurate on your life insurance application and include all medical history, if applicable.
9. Make sure you understand the terms of your cove, remember the cover is meant to provide income for your loved ones.
10. Make sure you are aware of how the funds are released. Sometimes the funds are released in instalments. A good company should release the funds within two or three working days after the ownership transfer is complete.
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