By Denise Chambers
Experience is a great teacher. With 40 years in the insurance business, I have seen or heard of just about every life insurance policy out there. Here are five important tips that I’ve learned over the years that may help you in your search for a life insurance policy that’s right for you:
- Is your policy guaranteed? People who build wealth through insurance, build it through policies that are guaranteed.
- When considering a life insurance policy, be sure to ask the agent, “To what age is this coverage guaranteed? Some plans have an expiration date.
- Is the policy whole life, term, or universal life? If all you can afford right now is term insurance, can it be converted to whole life?
- Who has control of my policy? If I purchase it through my employer, does my employer control my coverage or do I? When a policy is “employer-sponsored,” then you are not in control of it.
- If I have life insurance through my place of work, should I still invest in my own? Especially in cases where the employer has total discretion over when or if to cancel a policy, it can make sense to have a policy that you own.
Life happens: Be sure to get an annual review of your current life insurance coverage. For more information or to schedule a review, contact me at d.chambersagency@gmail.com.