Reader’s Question:

I’m looking to buy life insurance once I’m fully-settled here in California. How exactly does one get life insurance information (rates, policies, etc.) in order to get the best policy?

Georgette

San Francisco, CA

Life insurance is definitely something you shouldn’t go without if you have people relying on your financial support. You don’t have to be an expert, but it pays to know a thing or two about life insurance rates and policies. Below are a few tips to get you started:

Tip #1: Know What Type of Coverage Suits You

There is Term Life insurance which offers good coverage amounts at an affordable price (and not much else) for a fixed period of time only, as needed. Permanent or Whole Life insurance is for those who wish to accumulate wealth in the long-run, have permanent coverage, and don’t mind paying extra premiums initially.

Tip #2: Calculate How Much Coverage You Need

Find out how much money your dependents will need to survive for at least the next five years should you suddenly pass away. This should include living expenses, payments of bills or mortgage, future expenses like college money, etc. Purchase the necessary amount of coverage or “face value” amount based on these.

Tip #3: Shop for Life Insurance Online

Online life insurance comparison websites (like this one) abounds. Within minutes you can get free, select quote life insurance rates and offers coming from a wide-range of insurers today. This is an excellent way to maximize chances of getting the most affordably-priced policy for you.

Tip #4: Identify the Best Life Insurers

Moody’s, A.M Best and J.D Powers are some of the best independent consumer rating agencies today. They offer free information rating the performance of many different companies and industries. This can make it easier for you to spot the overall best-performing life insurance providers in the market today.

Tags: select quote life insurance