Term Life Tips

1. Always check the ratings of the life insurance company you are considering. Financial stability in the long term is important! Your needs won't be met if the company goes out of business.
   
   
2. Be careful of the “guarantees.” Make sure both premiums and the death benefit are guaranteed for the entire term of the policy. Some companies claim guarantees in their advertising and then advise you in small print that the guarantees only last for five years or so.
   
   
3. Try to find a policy that is convertible to permanent insurance for the duration of the policy. You may have a need at the end of the policy term for life insurance but find that you are “uninsurable.”
   
   
4. Assess carefully what you need. Remember, the value of the dollar shrinks as we go forward. For example, $100,000 of insurance seemed like a large amount 20 years ago but is seldom adequate today.
   
   
5. Term Insurance is relatively inexpensive today, especially at younger ages. Don’t be afraid to buy a large amount. Discuss it with your agent.
   
   
6. "I have never heard a widow complain that her husband had 'too much' life insurance."
   — Arthur Robinson, Insurance legend