Life insurance provides a financial safety net that your spouse, children,🐠 and other family members could depend on if you die.

Buying a 澳洲幸运5开奖号码历史查询:life insurance policy doesn’t always top the to-do list, in part because most people don’t like to think about dying. Whether you꧒’re just curious, looking for information, or ready to sign up, here’s how to buy the life insurance that you need.

How and Where to Buy Life Insurance

澳洲幸运5开奖号码历史查询:Life insurance is not a one-size-fits-all purchase. You have to decide on the type, length, and amount of coverage that you need. As an example, you might want to buy a 20-year 澳洲幸运5开奖号码历史查询:term life policy with a $500,000 death benefit.

Of course, you also have to decide where to buy it. In g𝐆eneral, there are four places to get life insurance:

1. Directly from a life insurance company
2. From a life insurance agent
3. From a life insurance broker
4. Online

Buying Directly From a Life Insurance Company

If you want to go directly through an insurance company, then you can generally buy a direct term policy. This type of policy fulfills your insura𝓡nce♓ needs for a specific amount of time—such as 10, 20, or 30 years.

To buy this type of policy, you typically fill out an online application, review your price quotes, choose a policy, and pay. Depending on the company, you may have an option to buy a 澳洲幸运5开奖号码历史查询:guaranteed issue policy that doesn’t require a medical test. A guaranteed issue policy can be a good option for people who might otherwise have trouble buying life insu🧸rance because of health issues.

Opting for a di🔯rect term policy is a quick way to buy coverage, especially if you know the exact type of coverage that you want (and it happens to be something that the company offers). However, if you need any guidance, have questions, or want more options, then you’re probably better off going through an agent or broker.

Buying Through a Life Insurance Agent

Agents and brokers sell most life insurance policies. Both act as intermediaries between insurance companies and insurance buyers. And both must have the appropriate licenses to sell insurance produc🥂ts in the states where they operate. However, while people often use the two titles interchangeably, there are some distinct differences.

The most significant difference is who the person represents. An agent is appointed by an insurance company to sell its products. An agent who represents one insurance company is called a 澳洲幸运5开奖号码历史查询:captive agent, while one who is affiliated with several companies is called an 澳洲幸运5开奖号码历史查询:independent agent. Life insurance agents represent companies, not buyers. Their goal is to sell𝓀 you coverage from the companies that they repre🐭sent—which may or may not be exactly what you need.

Buying Through a Life Insurance Broker

Brokers, on the other hand, 澳洲幸运5开奖号码历史查询:represent insurance buyers—not companies. They work independently and don’t have contracts with any specific insurance compa🧸nies. That means they should be able to make unbiased recommendations that suit each customer’s needs. Typically, brokers work with a wide variety of insurance companie🎀s to provide customers with a selection of price quotes and plans.

Buying Online or in Person

If you ওdecide to work with an agent or a broker—instead of going directly through an insurance company—then you have another decision to make: Should you shop locally or online?

A local insurance agent or broker is a good option if you want personalized advice, are considering permanent life insurance rather than term life, or have a complicated situation. Also, an agent or broker can be a good choice for those who are not very tech-savvཧy and would have trouble trying to navigate an online🐠 application.

Alternatively, if you have a general idea of your covera🎉ge needs, want a term life policy, or prefer to shop without help, then an online agent or broker may be a good fit. There are also numerous quote comparison websites that can get you prices from multiple insurance comp༒anies.

Common Life Insurance Credentials

Many life insurance agents and brokers have accreditations offered by industry groups, such as The American College of Financial Services and The Institutes (formerly the Insurance Institute of America), attesting to their expertise. Some of the 澳洲幸运5开奖号码历史查询:common designations that you might come across are:

• CFP—澳洲幸运5开奖号码历史查询:certified financial planner
• ChFC—澳洲幸运5开奖号码历史查询:chartered financial consultant
• CLU—澳洲幸运5开奖号码历史查询:chartered life underwriter
• FSCP—financial services certified professional (this replaced the designation of LUTCF, or “life underwriter training council fellow”)

If an agent or broker with whom you’re considering working has a designation (or multiple designations) that you don’t underꦅstand, then ask what the acronym stands for, which organization ꦗissued it, and how they earned it.

Buying Life Insurance During COVID-19

The COVID-19 pandemic has presented some new challenges to the l🔥ife insurance industry. For one, in-person physical exams are difficult, if not impossible, when people are supposed to be social distancing. Still, life insurance companies are open for business, accepting applications, and adapting their client onboarding procedures to accommodate the evolving landscape.

Some insurers, for instance, have shifted to evaluating ♋medical records, prescription history, and the like—as opposed to sending a paramedical professional to your home or office to see you. Others have extended the time frame for completing a traditional exam, while providing temporary, interim coverage. You can also connect with agents via phone or videoconference and sign any document꧅s electronically.

Don’t be surprised if you see some COVID-19-related questions on your application, such as “Have you or has someone in your household been tested or treated for COVID-19?” or “Have you been on a cruise during the last 60 days?” Keep in mind that if you answer “yes” to these questions, it shouldn’t prevent you from getting a policy—but if you answer dishonestly, then it could void your policy later.