Everyone wants to make sure their family is taken care of upon their death. With Topeka Life insurance, anyone can purchase enough to see their burial expenses are paid and plenty is left over to help the family carry on after-wards. Consumers purchase life insurance for a variety of different reasons. Some people want to be assured their children will be able to go to college in the event they pass away before it’s time for them to begin. Still others want to be able to contribute to a charity in their name after they are gone. Whatever reasons you have for buying life insurance, follow the below tips to make the best choice possible.
UNDERSTAND WHAT YOU’RE PURCHASING
While it is the job of the agent or broker to explain to the purchaser what their coverage covers, it’s up to you, the buyer, to ask questions when you don’t understand what they are trying to convey to you. Don’t feel pressured to buy, as in the state of Kansas, the buyer has 10 days to look over their individual life and annuities policies before they’re “locked in.” If you decide this policy is not for you during the grace period, the company is required to refund your premium within 30 days.
DECIDE HOW MUCH COVERAGE YOU NEED
It’s easy to let the agent tell you how much coverage you need, but only you know for certain why you need the money and how you expect it to be used. Online, there are many calculators to help you determine a ballpark amount of insurance you should consider purchasing, however, many people simply take their salary and multiply times 8 to come up with a good amount. On the other hand, if you are simply worried about having your funeral expenses covered or making a donation to a charity, such a large amount may not be needed, regardless of what the calculators say.
LIFE INSURANCE IS NOT AN INVESTMENT
Some insurance salesmen will try to sell customers on the idea of a life insurance policy being an investment, however, that should not be how you look at life insurance. Instead of purchasing whole life insurance or universal policies which have a savings portion to them and cost a great deal more money, financial advisor advise consumers to purchase term life insurance and invest the savings in other, more profitable options.