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If you are considering purchasing a life insurance policy, here are five tips that may help you.
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1. Buy Young and Review with Life Changes
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Buying life insurance when you are young will actually save you money. Age is a major factor in determining life insurance premiums. The longer you will hold your policy the lower your premiums will be. The terms of your policy can be reviewed and changed as your life circumstances change (i.e. you get married, have children, etc.).
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2. Carefully Consider Your Plan Type
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Life insurance can be used as a means to help you plan for your retirement. While it will still include the basic form of cover (a lump sum in case of death paid to the designated beneficiaries), this type of plan will also accumulate a certain amount of money that you receive at the expiry of your policy, which usually coincides with your retirement age.
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3. Think about Riders
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Riders are additional benefits that can be added to your basic life insurance policy. Riders to consider include permanent total disablement, critical illness, passive war risks, etc.
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4. Ask a Professional
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Getting help from a professional can make the process more streamlined. You’ll have someone to answer your questions and explain all of the insurance “talk.” A professional can help identify your insurance needs and help you understand each plan so you can pick the best one for your particular life circumstances.
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5. Choose a Reputable Company
Because of its long term nature, you will want to choose a reputable company for your life insurance policy.
You never know what life has in store. Having life insurance provides an extra layer of protection for you and your loved ones. Keep these tips in mind as you begin the process of finding the plan that is right for you.
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To learn more about our life insurance plans or to request a quote, please contact us here.
