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