Life Insurance: 10 Steps to Getting the Coverage You Need

1. Do you already have coverage? If yes, go over your current policy to assess how much coverage you already have. Dropping an existing policy and replacing it with a new one can be costly.

2. Figure out how much coverage you need. Ideally, you should purchase enough coverage to replace your income. You may want additional coverage for expenses such as your children’s education or repaying a mortgage. If you need more insurance, consider adding more coverage to an existing policy first.

3. Go over your other assets before purchasing life insurance. In the event of your death, your family could benefit from an existing pension plan or other assets.
   
   
4. Do you need term insurance or a policy that builds cash value? Term insurance is usually more affordable at first, valid for a pre-determined amount of time, and can usually be renewed. Cash value policies have higher premiums but you have the possibility of borrowing against your policy or taking payouts in some cases.
   
   
5. Make a list of the factors that could have a negative impact on your premiums. This could include a pre-existing health condition or dangerous job. Think about applying for a no-exam policy if you believe you won’t qualify for affordable premiums.
   
   
6. Do your research. Select a company that has an excellent reputation, offers affordable policies and great customer service, and has been around for years. You can check the ratings published by A.M. Best, Fitch, Moody’s, and Standard & Poor’s to select a reliable insurance provider.
   
   
7. Shop around for quotes and compare different types of coverage. You can do this online or through your insurance agent.
   
   

8. Ensure the premiums are affordable for you. Find out what would happen if you were to miss some payments. Most insurance providers will cancel your policies if you miss a certain number of payments.

9. Take the time to carefully read the policy you’re interested in before purchasing it. Have someone else go over the policy with you if you need clarification of any part.

10. Review your needs on a regular basis and adjust your coverage as needed.

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Engarde Financial Group is positioned to educate and serve its clients with other insurance coverages.

We understand that your personal items that you possess are of significance to you. Here at EFG we look at every situation differently. When it comes to your needs there is no such thing as one size fits all. Speak to a insurance professional today so that we can design a policy to cover all the things you love.