Buying life insurance for the first time? Three tips from the pros
When it comes to making financial decisions for your life, you’re the pro – but it never hurts to have a little advice. Here, three of our agents weigh in.
Tip 1: Determine how much you need
Agent Frank Chiovaro says, "I tend to recommend that my clients think about it in terms of income replacement. An important factor to keep in mind: This is the last income your survivors will ever receive from you - you’ll want to consider factoring in additional expenses like child care, college, and moving or relocation costs for your loved ones."
"Having enough insurance in place can make the difference between making financial decisions that leave the people you love at risk or having the security to call the shots. That single sense of control can make all the difference when dealing with a loss."
Tip 2: Do your research
Agent George Shadie says, "When considering which life insurance products to purchase, Internet research can be helpful – clients can find some good basic information about the various products out there. Nothing can replace the value of working with a seasoned agent, however. A professional, trained agent can help you understand the variety of products out there and which ones might best fit your situation and budget. Often, agents end up designing a tailored solution of term and permanent coverage to give the client the most value for their money. Don't be afraid to ask for references. Remember this is a long-term purchase as important as your house!"
Adds Chiovaro, “Clients should not try to tackle planning for their future without a financial professional. Consider interviewing several agents until you find one who suits your style and personality. Develop a relationship with your financial professional and meet with them at least once a year, or any time there are major changes in your life. This will give you the best chance at successful planning!”
Tip 3: Consider the company
Agent Mike Brown says, "You want to work with a company that has a great track record and a solid history of financial strength, one that receives the highest ratings from the rating agencies and leads the industry in innovative products and services. Look for a great company that puts the value of the relationship first."
Adds Chiovaro, "The company you choose to do business with is very important. Think about it: you’re going to pay into your life insurance policy for 30, 40 - even 50 or 60 years. You want to be sure that the company will still be intact and solvent when you need the benefit."You can read more about how our agents help people every day or, if you’re ready to take the next step - find one that’s just right for you by clicking on the “Talk To Us” button.