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After determining that you do need life insurance, where to get life insurance is one of your next steps. Here is a list of some of the top Life Insurance Companies in the United States:
-New York Life
Having a policy with a life insurance company is critical. For those who have life insurance it is also important to have the right amount of coverage. When you enter different stages of your life, your insurance needs change as well. These are some steps throughout your life that you should review your insurance policy:
-Becoming engaged or newly married
-Recently divorced or widowed
-Beginning a family
-A substantial change in income or economic status
-A change in your job or lifestyle adjustment
-Soon to be or recently retired
The first records of life insurance dates back to ancient Rome where burial clubs came together to help the poor pay for funerals, and to provide for their families.
Life insurance began to popularize in London in the 1600's. The first life insurance company in America began in 1735. The company was started to help Presbyterian ministers' families.
Now there are nearly 2000 life insurance companies available to provide coverage to everyone. The Internet has provided even more options than what existed just a short time ago. Instant research is available to gather the vital information when choosing a Life Insurance Company.
Most life insurance companies require a medical examination and administer a questionnaire. Underwriters take all the information gathered to determine the rates of an individual policy.
Medical examinations typically include:
-Height and Weight
Some of the questions include:
-Health and medical history
-Family medical history
-Personal driving record
-Use of tobacco
-Substance or alcohol abuse
Advanced planning can help alleviate some of the confusion and uncertainties when it is time to file a claim with a life insurance company. A list of all items related to an estate should be created. The list should include the following:
-Life insurance company policies and additional related information
-All other insurance policies
-Employer's information including any policies and benefits
-Copies of wills and trusts
-A list of all assets
-A list of checking, savings and money market accounts
-A list of all credit cards
If you need to file a life insurance claim, immediately contact your life insurance agent. Your representative will help you through the claim process and answer any questions along the way. Before filing a claim, review all bank statements, credit card information and contact employers to find out what coverage was carried by the deceased. All paperwork should be in order. A copy of the death certificate is necessary and in certain situations a marriage license and other documentation will be required. File the claim with the life insurance company. And if needed, determine the proper payment plan. Follow-up on your claim once it has been submitted to ensure a speedy payment. There are many channels that a claim can get tied-up and delayed without proper attention.
Life insurance is at the heart of a family's financial security. The products provided by life insurance companies serve more than one purpose.
1) Protection: Life insurance helps ensure that a family can keep the house and pay the bills in the event of a death.
2) Savings: Life Insurance Companies offer products that have living benefits. Some polices accumulate cash value that you can use later for an education, emergency expenses, or retirement.
3) Wealth Transfer: Death benefits are tax-free and have a high amount of liquidity. Life Insurance Companies offer policies that are useful for businesses as well as for families.
There are a few things to remember when picking out your life insurance policy:
-There is no rush. Make sure that you understand the policy and that you are comfortable with the life insurance company, the agent, and the product.
-The check should be made payable to the company and not the agent. Always get a receipt.
-There is a cancellation period on all policies in the event of problems or you decide against it later on.
-Contact the agent or company with any errors within the policy.
-All life insurance companies have customer service departments to discuss any concerns or problems you encounter with your policy.
-Review your policy at least every three years to make sure that you have the proper coverage.
-If your situation changes in any way, have your policy reviewed and adjusted if possible.
If you have existing medical problems, finding a good rate for life insurance might result in a challenge. If you find yourself needing help, contact a special risk advocate, who can help get you the best life insurance policy price.
Special-risk advocates work with people who have been diagnosed or have a history of some of the following conditions:
-Smoking and tobacco use
Competition and the assistance of advocates have persuaded life insurance companies to insure and to offer more attractive rates to customers with health problems.
Insurance agents must be licensed. Agents also earn designations such as Chartered Life Underwriter (CLU) and Life Underwriter Training Council Fellow (LUTCF). Many also belong to the National Association of Life Underwriters (NALU). Agents who sell variable financial products such as mutual funds must also be registered with the National Association of Securities Dealers (NASD) and are also required to hold state licenses.
All of these designations, licenses and associations ensure that the agent is proficient in representing the Life Insurance Companies and in servicing the client.
|Sheri Ann Richerson|