10 Things To Do

Remember that your need for life insurance coverage will change. Your income might go up or down, your family size might change. Therefore, your basic life insurance needs can vary over time. It is wise to review your coverage periodically.

Here are 10 rules to remember when buying life insurance.

  • Understand and know what your life insurance needs are before any purchase, and make sure that the company you choose can meet those needs.
  • Buy your life insurance from a company that is licensed in your state.
  • Select a producer who is competent, knowledgeable and trustworthy.
  • Shop around and compare costs.
  • Buy only the amount of life insurance you need and can afford.
  • Ask about lower premium rates for non-smokers.
  • Read your policy and make sure you understand it.
  • Inform your beneficiaries about the kinds and amount of life insurance you own.
  • Keep your policy in a safe place at home and, in addition, keep your insurance company's name and your policy number in a safe deposit box.
  • Check your coverage periodically or when ever your situation changes, to be sure it meets your current needs.