Posted on April 27, 2016
Some people look at life insurance as something that you do once and never consider again. Other people don’t want to think about life insurance at all. The truth of the matter is that life insurance is an important part of your financial picture and you should review it periodically to make sure it fits your current financial goals.
Different Types of Life Insurance for Different Goals
Different types of life insurance can help you meet specific financial goals. For example, term life insurance can help you manage certain monetary risks, including:
- Covering the remaining term on a mortgage
- Help kids with college
- Help you or spouse with expenses until retirement age
Permanent life insurance helps with different goals, such as:
- Covering burial expenses
- Helps with estate planning
- Assists with the transitioning of ownership of a business
Sometimes your goals or needs may change, which can mean your life insurance needs may have changed as well. Once the house is paid for or the kids are through college, then you may not need term life insurance any more. Or if you have a permanent life insurance policy and get remarried, term life insurance may better suit your needs.
To learn more about life insurance and managing risks, click here.
Posted on February 18, 2016
Finding a life insurance policy that’s a good fit for you can be challenging. There are many aspects to consider before making a final decision. Working with an agent that you trust and that can help you navigate the buying process is crucial. At AW Welt Ambrisco, we recommend the following 5 key steps:
- Ensure the life insurance agencies you’re considering are licensed by your state insurance department. Each state has a website listing which insurance providers are licensed.
- Seek out an agent that demonstrates understanding of your financial situation, your attitudes about risk, your income, assets and obligations. Honesty and transparency are crucial.
- Find someone who will take the time to explain issues, options and planned use of life insurance in terms you can easily understand.
- A qualified life insurance agent should provide you with a written document that records your personal financial and personal situation as well as the details of the life insurance and how it fits into your situation.
- An agent should never pressure you into a decision. He or she will work with you until you’re ready to make a purchase and are certain you are making the best decision for yourself and your family.
To learn more about life insurance coverages, click here.