A New year brings new and exciting feelings of change for a lot of different people.
Below is a excerpt from the Huffington Post that focuses on the importance of life insurance as we start 2018!
We hope you have a Happy and Healthy New Year!
Source: Laura Adams, Huffington Post Article- Our Top New Years Resolutions for Insurance.
Life insurance tips
Career and personal business coach Jeffrey Kelly says the single most important thing you can do to get in shape for <the new year> is to stop procrastinating and purchase a life insurance policy.
“Cost is going to vary depending on a whole lot of factors, but generally speaking life insurance is incredibly cheap for the value it provides,” Kelly says. “What will you do if your spouse is not around and doesn’t leave the family financially secure? What will you do if you, the working member of the family, leaves the family behind without enough income to pay the bills, get rid of debts, or send the kids to school? Life insurance for you and your spouse takes just a few minutes to set up and saves years of struggle later if you need it.”
If you’re finally ready to buy life insurance for the new year, longtime broker Bob Littell says it’s important to consider two things.
First, Littell says too many people purchase term life insurance — which pays only if death occurs during the term of the policy — with shorter durations than they should.
“In today’s economic climate life insurance should typically provide protection all the way into someone’s late 60s or early 70s,” Littell says.
Secondly, Littell cautions against shopping only for the lowest price tag.
“Choose A or A+ rated companies,” Littell says. “They’re rated higher because they typically pay claims faster and have fewer complaints from customers regarding ease of funds disbursement and customer service.”
If you already have life insurance, the new year is a perfect time to consider whether last year brought about changes that would impact your needs or the policy’s premium, says 30-year life insurance veteran Mike Raines. A few things to consider:
• Have you experienced any major life changes that need to be reflected in the amount of coverage you have? This can include a change in your job, a new home (because now you’ll need mortgage protection), a new baby, a raise at work or a spouse who stopped working.
• Raines says you should not only make sure you have the right amount of coverage, but also the right type. If you have term life insurance do you know when your term expires? Will your coverage continue with guaranteed level rates or will they adjust higher at some point in the near future?
• Positive changes to your health in 2016 can have an impact on your life insurance moving forward. For instance, if you’ve lost weight, quit smoking, or are no longer in need of medications for blood pressure or cholesterol, you can ask for a new medical exam with your current provider or take a medical exam with a new company to see if they offer a more competitive rate.
• Finally, if you have a permanent life insurance contact your agent or broker to make sure the policy is performing the way you expected. Will you need to start paying a higher premium in the future to keep the policy in force? What is the cash value amount?
“The first of the year is always a good time to review your coverage,” Raines says. “In regards to your life insurance you definitely need to make sure your coverage is up to date and meets your needs.”