Choosing the right insurance policy fit for you and your needs can be a complicated process. It can help to have a professional at your side, like an insurance broker, who can explain things to you in understandable terms, guiding you through the process of finding an affordable policy that accommodates your needs. Listed below are four key questions to ask before purchasing a life insurance policy.
Do I Need Life Insurance?
Most people benefit from having a life insurance policy, if for nothing else than to cover our final expenses. If you also have family and friends who depend on your income, have debts that would be passed on to someone else when you pass, or have less in your savings than you have obligations, you should have a life insurance policy. It is protection for the people you leave behind.
Do I Need Multiple Policies?
If you’re offered life insurance through work, it is tempting to assume that is all you need. However, it’s important to look at the actual coverage offered before making your decision. If the payout isn’t enough to cover your needs, consider investing in additional coverage.
How Much Does It Cost and Do Costs Change?
Life insurance costs are determined by many factors, including your age, health, gender, budget, and needs. If you choose whole life insurance, your monthly fees stay the same for the life of the policy. For term life insurance, after the term expires, the costs usually go up. One way to save money is to invest in life insurance as early as possible, especially considering the younger you are, the lower your rates are.
How Are Benefits Paid?
There are various options for how your policy’s benefits can be distributed, but in most cases, it is either distributed as a lump sum or as an annuity (paid out over time). In some cases, you could have it paid directly into an individual retirement account (IRA).
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.