Life Insurance Blog

Too often, life insurance can become a neglected  afterthought; one of life’s necessities that goes unaddressed with the consequence of negatively impacting the family members and loved ones of the uninsured. The mishandling of, or lack of urgency, towards life insurance policies stems from several beliefs that have come to be shared by a majority of people. These beliefs, if not confronted, can not only cost a policy holder money, but they can also lead to their dependants being without financial compensation and protection after their passing. For these reasons alone, it is worth reconsidering some of the common beliefs about life insurance.

• All life insurance policies are the same. People can often be deterred from shopping around for life insurance policies because they feel that the coverage they receive from one life insurance provider will be the same as that provided by any other agency. It can be true that certain coverages and explanations of benefits will include some very similar points and advantages, but overall life insurance policies are likely to differ substantially between providers. What is more, coverages between Provider A and Provider B may look the same but may end up having a considerable cost differential that would save the policy holder a lot of money in the long run.
• Life insurance policies are too expensive. Certain life insurance policies can be higher for one individual than for another, due to a litany of contributing factors. Variables, such as weight, age, occupation, lifestyle, medical history and alcohol or drug use can increase a life insurance policy to prices beyond where they would be otherwise. But even with those factors worked into the equation, life insurance policies need not be expensive. An individual can receive basic coverage for a very reasonable and budget-friendly amount each year that will still provide for their family and loved ones. Not only that, but different providers are often able to provide varying degrees of discounts on similar policies.
• Life insurance is a hassle. For anyone who is new to the life insurance industry, learning the terms and the lingo as well as subjecting themselves to background checks and physicals can all seem to be too much hassle for a simple life insurance policy. And while life insurance companies must be thorough in evaluating the policy holder’s risk, there are several helpful outlets in place that can lessen the overwhelming nature of buying a life insurance policy for the first time. There are many independent life insurance brokers, as well as life insurance brokerages, which can guide new policy holder’s through every stage of the process, giving advice and recommendations when necessary. There are many quality, reputable life insurance brokers and brokerage firms that will perform this service for a nominal fee. The assistance that a first-time life insurance policy buyer receives, however, can be invaluable and save them a lot of money in the future by steering them toward the right policy and coverage.