A Guide to Buying Quality Life Insurance
Reader’s Question:
I want to make sure that my kids are covered now that I’m the only one raising them. How do I begin looking for quality life insurance here in Arizona?
Genevieve
Phoenix, AZ
The right life insurance policy can be a great asset to you and your kids. Here are some tips to guide you in selecting quality life insurance coverage:
Step 1: Choose the Right Coverage Type
Term and Whole life coverage are the two main types of life insurance. Those raising a family or paying mortgage can benefit from the cheap and temporary (5, 10, 30 year policies) coverage of term life. Whole life is for people wanting to accumulate wealth with lifetime coverage by paying more premiums. See which one fits your needs.
Step 2: Calculate How Much Coverage You Need
Next you need to know how much coverage or “Face Value” you should buy. Factor in your total annual income, living expenses, financial obligations (e.g. Mortgage) and other financial needs that your beneficiaries might lose should you suddenly pass away. Buy coverage that can cover your kids’ needs for at least the next five years.
Step 3: Compare Quotes
Get a free Arizona life insurance quote through a life insurance comparison website. This is an excellent way to save time while shopping around for the best rates today. Maximize your ability to save while still getting quality coverage.
Step 4: Check Out Consumer Rating Agencies
Moody’s, J.D. Powers and A.M Best (Independent Rating Agencies) give valuable information to help consumers identify the best-performing companies - and insurers - today.
Step 5: Save Some More
Don’t forget to ask if you qualify for any sort of discounts. Choosing a higher face value amount may also give you better premiums. An annual payment setup discounts can also reduce total life insurance expenses.
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