If you’re looking to buy life insurance for the first time, you’re probably asking yourself questions such as “How much do I need?” and “What kind of policy is best for me?”
One of our Life Insurance Advisors at Expat Insurance explains his top tips when buying Life Insurance for the very first time.
1. Understand why you need it.
Life insurance is the protection against the financial loss that would result if the insured individual/s is permanently disabled, critically ill or dies prematurely. The named beneficiary would receive the proceeds and is financially protected from the fiscal impact of the death of the insured. Life insurance protection can help pay for mortgages, vehicles, rent, day-to-day living, a college education, and help to fund retirement. In short, if others depend on your income for support, you should strongly consider life insurance.
2. Determine the amount of coverage you need.
Your financial advisor or insurance broker is the best person to help you ascertain the amount of coverage you’ll need for your policy. An easy place to start is by multiplying your annual income by the number of years left before your retirement benefits kick in.
3. Look at the quality of the provider.
An insurance policy is only as good as the company that backs it. You want to make sure you choose an insurer that’s reliable, professional and long standing. The team of advisors at Expat Insurance recommend the most comprehensive solutions at market price.
To speak with a qualified Life Insurance advisor, please click here to submit a quick enquiry.