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Checklist for First-time Life Insurance Purchasers by Lily Smith
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Checklist for First-time Life Insurance Purchasers |
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Finance & Investment,Insurance,Investment
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Life insurance is something that a lot of people want to invest in because it secures the future of their dependents. Some people would wish to secure the futures of their loved ones for a longer time than others, but this is all up to the person purchasing the plan. Here is something that is similar between most people though: although they know about insurance and all of its benefits, they do not seriously consider availing of life insurance plans unless they find a reason for it. Some of the most common reasons would be a growing family, a growing number of dependents, or a growing amount of extra or residual income that should just as well go to secure investments. Real work begins once a person realizes that s/he needs insurance. After this realization s/he will try to conduct a life insurance comparison study or would try scouting for insurance companies that seem to be stable and liquid enough to pay the promised amount in the distant future. The difficulty involved in this process might come as a surprise to a lot of people as it involves a lot of careful studying, information gathering, ad difficult decision making. As with most tasks however, it becomes easier once you make a checklist and break the tasks down. Here is a simple checklist you may want to follow if you are starting to contemplate about purchasing some life insurance: Decide how much coverage you need. Experts agree that a proper amount should cover your funeral expense, the amount needed to pay ay debt your family would have to pay for, and the amount equivalent to at least a year’s worth of your income. They say this amount is ideal to allow your loved ones some time to deal with the loss and find other sources of income to compensate for your lost income. Decide how much insurance you can afford. A higher return will require you to pay a higher amount. Reversely, cheap insurance will provide you with low coverage. The amount you are required to pay to the insurance company is called the premium and is payable at terms that you will decide. Most people choose to pay their premiums monthly, while some others prefer annual or quarterly payments. What is important is you find a payment scheme that works best for you. Decide on a company and a plan. Now that you have decided on the amount of coverage and have decide on how much you can afford, you must now decide a company to trust and an insurance plan that gives you the best deal.
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