Four Ways to Buy Life Insurance
When it comes to buying a policy from the best life insurance companies, there is no shortage of resources for consumers to use. Whether you want to buy from a real agent, buy from the comfort of your own home, or from your employer, the choice is yours. While this list is by no means comprehensive, here are three popular ways to buy life insurance.
Buying Life Insurance from an Agent
Agents can be really helpful when you’re in the market for a life insurance policy. They can get to know you, your family, your risks and concerns and help you build a policy that covers everything you’re concerned about and find the most affordable insurer. Agents can answer your questions and they know about all the various supplemental benefits and riders that insurers offer. They also have an in-depth knowledge of the various underwriting guidelines, which can work to your benefit in terms of premium pricing.
Buying Life Insurance Online
There are countless websites that allow you to review various insurer policies, compare rates, and get quotes. And while you can go to a website that acts as a portal and aggregates information from various insurers, you can also go directly to many insurers’ sites and apply directly with them. Remember that it’s a good idea to compare rates through various insurers first so you can ensure you’re getting the most comprehensive coverage at the lowest premium.
Buying Life Insurance through an Employer
Many employers offer group term life insurance as an added benefit to employees. The rates are often very cheap and the policies are usually guaranteed issue. It should be noted, though, that these are not custom-designed policies. So they may not have special added coverages such as spousal protection or accidental death benefits. They also won’t accrue cash values and may not be transferred if you leave the employer. The big problem here is that it could mean you spend years paying on the work policy without locking in rates at your younger age outside of your employer.
It’s Also about What to Buy
Your decisions regarding life insurance aren’t just about where to buy it. You also need to think about what to buy. There are many different types of policies, including temporary term coverage and permanent coverage. There are also different ways to accrue cash values, such as through a whole life policy, a universal life or a variable life policy. Lastly, there are different riders you can add to beef up your coverage. These can include extra benefits such as returns of premium, spousal and child coverage, and even terminal illness advances. So no matter what method you use to buy the policy, make sure you do your research to determine what type of policy and riders fully cover your needs.
Regardless of how you buy your policy, make sure you’re getting coverage with one of the best life insurance companies by consulting the insurance rating company A.M. Best. They can help ensure that you’re choosing a company in good financial shape — one that is able to pay out on the benefit it’s issuing.