Have you made the responsible decision to purchase a life insurance policy? Is a whole life insurance policy the right one for you? If so, you must approach purchasing your whole life insurance policy the same way you would approach purchasing any major product. You must conduct a whole life insurance comparison.
Below are five tips to remember when doing your whole life insurance comparison:
- Shop around. Don’t choose just two or three whole life insurance policies to review; choose several. Ask family members, friends, and co-workers about any whole life insurance companies they have experience with. Check with an independent rating company for the highest rated whole life insurance companies out there. Make your list of contenders from this research.
- Request information. Once you have your list of several possible whole life insurance companies, contact each one and request information about their policies and rates. Upon initial inspection, you’ll be able to determine which companies offer closer to the coverage you are looking for, as well as are more within your price range. This will help you narrow your list of contenders.
- Thoroughly review the information. Now that you’ve narrowed your list, take the time to further review the information the whole life insurance companies sent you. Choose two or three that best suit your needs and budget.
- Contact the companies. Contact the two or three whole life insurance companies left on your list. Ask questions to make sure you fully understand each policy. Pay attention to the customer service you receive. You want to choose a whole life insurance company that is courteous, polite, and helpful.
- Inquire about free periods. It’s always a bonus if you choose a whole life insurance policy that allows you a free period after the purchase. This free period will give you the chance to cancel your policy and be granted the appropriate refund should you be disappointed.