Life Insurance Buying Tips
Life insurance can be scary. It’s also a topic that makes some people very uncomfortable, since one of the main topics of discussion is your own death. Further, few of us ever purchase life insurance more than a couple times in our lifetime, so the wording and language can seem a little foreign.
To get the conversation started and make you feel a little more comfortable with the idea of purchasing life insurance, we’ve put together a few tips.
What Type of Life Insurance to Buy?
There are two main types of life insurance: term life and whole life. Each type has a number of different policy options. There are also policies called universal life and variable life that add some additional complexity.
For a good overview of the various types of life insurance, we recommend these articles from the Insurance Information Institute:
Know Your Life Insurance Terms
One of the most important terms in life insurance is: beneficiary. The beneficiary named on a life insurance policy is the person(s) or entity that receives the death benefit when the insured person dies. If you have minor children or trusts, you need to be very careful about how you name your beneficiaries, and if your marriage situation changes (divorce, widowed) you want to make sure you update your beneficiaries.
Here’s a good article about beneficiaries: What is a Beneficiary?
Decide How Much Life Insurance to Buy
Your agent can provide you with guidance on this question, but it’s important to keep in mind why you are buying the life insurance. Do you want to pay off your home? The amount you buy should take your mortgage amount into consideration. Do you want to provide a comfortable living for your spouse upon your death? Both your incomes and a budget need to be considered. In general, the decision on how much life insurance to buy is different for every individual and their particular situation.
Here’s a good article discussing How Much Life Insurance to Buy.
Finally, some people are afraid to talk to an agent about life insurance because they fear they will be pressured into buying right then and there. That’s not the way we operate. We’ll sit down with you, discuss your needs and give you proposals to look over at home. If you have nay questions, we’ll answer them until you are satisfied. The buying decisions will be on your time frame, not ours.
Contact Us today to setup a consultation.
ABOUT HURLEY INSURANCE
Since 1939, Hurley Insurance has been serving the personal insurance, business insurance and life insurance needs of all of Lawrence and Scioto Counties in Ohio. A long time Grange independent insurance agency located in Ironton, OH, Hurley Insurance has deep roots in the community, and is committed to providing the highest quality local service to our clients.