In the world of insurance, people often ask, “what if my house burns down?” OR “What if I crash my car?” OR “What if I have surgery, how does my health insurance pay?”
All these questions begin with WHAT IF …. But what about the claim that begins with WHEN?
WHEN I DIE… It’s the harsh truth, we don’t get to stay on earth forever. Why not insure the one claim that is a certain?
There is a chance you will have a homeowners claim or an auto claim or a health insurance claim…. BUT what is Guaranteed is a Life Insurance Claim. Society tells us we must insure the house, the car, the boat and other items and we make it a priority to have coverage.
I did not write this piece to scare you or to push you to my office. I’m writing, because I truly believe in the importance of life insurance and I’ve personally seen how it helps a family in one of the darkest times. BUT I’ve also seen when Life Insurance is BAD.
Here are my expert tips/questions that you need to consider when looking at life insurance:
Rule #1: Local Agent, backed by a strong company.
- A scenario that always makes me cringe is when someone enters my office and ask for help with a policy, they purchased from another agent that is no longer around and the only way to reach the company is a 1-800 number. Also, life insurance companies get bought and sold all the time, make sure the policy is with a company that will be around for years to come.
For example, this year I helped a beneficiary collect on his dad’s life policy that was sold by a traveling life agent back in the 60s. The Life insurance company had been acquired a couple of different times and we had to work with a different 1-800 representative each time we called. It took us 6 months to get paid… this should never happen!
Rule #2: Customize the policy to your needs
- Obviously, there are options like Term & Whole Life, but ask and look into additional Life Riders that you can attach to the policy.
For example, one popular rider that Pekin offers is a Long-Term Care benefit.
Rule #3: Have a Will
- Did you know that you can list “As Stated in Will” in the beneficiary line. Get in contact with a local attorney. Create a Will, and be in charge of your last wishes! Don’t let someone else determine where your assets go.
Life insurance can appear intimidating, rather it should be an easy conversation you want to have with your loved ones.
