lifestyle changes that will improve your well-being .
2 . If your health improves , ask for a requote .
If you ’ ve stopped smoking for a year , lost weight , controlled your asthma with medication , or made other health improvements since you purchased life insurance , ask your agent to see if you are eligible for a reduced premium . Many insurance companies will adjust your rates if your health improves .
3 . Buy sooner rather than later Usually , the younger you are when you buy life insurance , the lower the price . As you age , the premiums tend to rise . You can lock in premium rates over the life of your insurance , which might save money . And buying for a longer period of time could make sense too – if you need it .
4 . Buy as much as you think you will need .
This works well with savings tip # 3 . Since life insurance is most affordable when you are young and healthy , don ’ t skimp . It is probably cheaper to buy more than to add onto or buy a new policy . Certainly don ’ t buy more than you need , but be realistic about what your life will look like in 10 or 20 years , and don ’ t forget to factor in inflation .
ones need the protection you ’ ve purchased . Keep in mind that all guarantees are subject to the claims paying ability of the insurance company .
As your personal situations change ( i . e ., marriage , birth of a child or job promotion ), so will your life insurance needs . Care should be taken to ensure these strategies and products are suitable for your long-term life insurance needs . You should weigh your objectives and time horizon as well as any associated costs before making a purchasing decision . Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as sex , health and age , underlying fund charges and expenses , and additional charges for riders that customize a policy to fit your individual needs .
Contact your local Nationwide agent , call 1-877-OnYourSide , or visit nationwide . com / WVFB .
5 . Start with term insurance
Term insurance is generally less expensive than permanent insurance , such as Whole Life . And it is the basic foundation of financial planning . If you were to die , life insurance may help replace some of your lost income and could potentially give family members the financial support they need . So if you can only afford the minimum , start with term insurance .
6 . Check credentials .
Insurance is only as good as the insurance company that sells it . So check with your state insurance department and look for a company with a long , reputable record .
Insurance companies are rated by a number of agencies : Standard & Poor ’ s , Moody ’ s Investor Services , and A . M . Best are just a few . You ’ ll find their ratings posted online . It ’ s important to consider the financial stability of any company as this could affect if the company will be around when your love
West Virginia Farm Bureau News 7