Close your eyes and picture this: You wake up, kiss your family goodbye and head out to work. On your way to work, you're passing through intersection when an 18-wheeler runs a red light and kills you. What have you done for your family to prepare for this moment? One of the most important actions you can make for your family is to have adequate life insurance coverage in force in the event of your death.
Calculate Death Benefit Need
Step 1
Calculate how much life insurance you need, what you need it for and what amount you need for a death benefit. What are your financial protection objectives? Sagicor Life Insurance Co., on its website, has a planning tool that helps answer those questions.
Step 2
Talk with family, friends and co-workers about who they trust to handle their life insurance. Those who are happy with the service and products they have will be more than happy to tell you.
Step 3
Find recommended carriers through companies such as Standard & Poor's and AM Best. They will provide detailed information regarding carrier financial strengths. Your state's insurance office can also provide much information about companies as well.
Step 4
Meet with an insurance agent to discuss the variety of life insurance options. Once you decide on permanent or term insurance, the agent can give you many choices and price options based on your financial needs.
Step 5
Request that an agent provide a sample policy for your review. Read it carefully and make sure that you are able to get all of your questions answered before you commit to buying.
Tips and Warnings
- If you have health problems and are taking medications, discuss those with the agent. It will make the process much smoother.
- Beware of Internet quotes. More often than not, they are quoting rates that you are unlikely to receive. Take the time to sit down with a live agent.
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