Five Tips On Finding The Right Life Insurance Policy
Are you thinking about purchasing life insurance? Even if you understand the long-term benefits that a policy might provide for your family, purchasing life insurance can be intimidating. There could be a slew of options before you decide on the right coverage.
Take a deep breath. It’s a lot simpler than you think. Knowing which one to buy can make purchasing permanent or term life insurance in a short period of time considerably easier. To help you with that, Camlife Financial Corp has compiled a list of top five tips on finding the right life insurance policy.
Tip #1: Use an independent advisor
When looking for life insurance coverage, it’s advisable to hire an independent agent or a financial advisor to assist you in comparing different insurers. Try to find an agent or advisor with whom you feel at ease and who can explain insurance coverage to you in layman’s terms.
The advisor should be able to customize policies to your needs and clarify any policy add-ons.
Tip #2: Be honest
Life insurance providers will collect thorough information about you when you apply to select the appropriate type of policy for your needs. This information also aids them in making rate and coverage decisions. Even if you have a few health concerns, being open about them will help ensure that you have adequate coverage that your family can rely on in the future.
Regardless of your situation, all information you provide on a life insurance application is kept private. Your data will not be compromised or shared with third parties, and insurers will respect your privacy.
Tip #3: Consider a small amount of whole life and a large amount of term life
Term life insurance provides coverage for a set period of time, typically between ten and thirty years, and is a simple and affordable option for many families. While whole life insurance lasts your entire lifetime and also comes with a cash value component that grows over time.
Tip #4: Be upfront about your medical history
The majority of life insurance applications include health questions as well as inquiries into your medical background. These questions assist the insurer in calculating the chances of early death by providing information about your predicted lifespan.
So when you provide information on your medical history, they will verify through MIB Group (formerly the Medical Information Bureau). This allows the insurer to verify all of your medical records available. So bear in mind that anything you have ever said to a doctor may be accessible to insurers.
Tip #5: Consider future needs
Picking the right policy period is tricky. As a thumb rule, when it comes to term insurance, one should always opt for a policy term depending on their retirement age.
For tips on finding the right life insurance, reach out to Camlife Financial Corp. We help families and businesses with their financial planning, insurance, and investment needs. We believe that everyone’s situation is unique, and we take the time to get to know our clients. Once we determine specific needs, we devise a plan and go to the market to see which insurer or investment company will be the best fit. Representing over a dozen insurance and investment companies, we have access to all the major carriers. We do not charge a fee for service but rather are compensated directly by the investment or insurance company.
Our services are available to clients across Vancouver, Richmond, West Vancouver, North Vancouver, Burnaby, Surrey, White Rock, Langley, Coquitlam, Maple Ridge, and New Westminster, BC.
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