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Don’t Start Shopping for Life Insurance Until You Answer These 9 Questions

Congratulations on making the decision to start shopping for life insurance. Before you begin, take a moment to ask yourself these 9 questions. Your responses will help you stay focused on finding a policy that will best meet your needs.

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  • Do you understand how life insurance works?
    If so, you’re one step ahead. If not, get up to speed with Life Insurance 101.  
  • What are your goals?
    Are you looking for a policy that has the potential to build  “cash value”? You may want a simple policy to help your family cover final expenses. How will the policy fit into your overall financial goals?  
  • Are you familiar with the types of life insurance?
    There are two main types of insurance policy: permanent and term. You can add various features and riders to either depending on your needs.
  • How long do you want coverage?
    If you want your coverage to last your entire life, then consider a permanent policy. A term policy would be more appropriate if you want coverage for a fixed amount of time like 10 or 30 years.
  • How much coverage do you want?
    You don’t want to pay for coverage you don’t need, or maybe worse, be underinsured. Use this life needs estimator to help you determine the right coverage amount for you and your family.
  • What’s your budget?
    Knowing how much you can afford will help you find the right policy at the right price. Also, you’ll have the choice of paying your premium monthly, quarterly, twice annually, or once annually.
  • Do you understand what drives the costs of life insurance?
    There’s a lot that goes into what determines the cost of your coverage. This article breaks it all down.  
  • Who are your beneficiaries?
    Your beneficiaries are the people who will receive the funds from your policy when you die. You can choose a single beneficiary to receive the entire amount or have the payment divided among relatives, friends, charitable organizations, or your estate.
  • Did you know that life insurance can help you while living?
    Beyond providing a death benefit to your beneficiaries when you die, some policies also have what are called “living benefits” that you can access while you are alive. Learn more about living benefits.

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Policies contain exclusions, limitations, reductions in benefits, and terms for keeping them in force. A financial professional can provide you with costs and complete details.

Investment and Insurance Products:
Not Insured by FDIC, NCUSIF, or Any Federal Government Agency. May Lose Value.

Not a Deposit of or Guaranteed by Any Bank, Credit Union, Bank Affiliate, or Credit Union Affiliate.

For Compliance Use Only: 1016828-00001-00