The decision to purchase life insurance and provide financial stability and security for our loved ones and dependents in the unfortunate event of our death is not something many of us like to dwell on. Yet, it remains one of the most crucial steps we can take as responsible individuals. In the brutal face of a terminal diagnosis or an untimely death, life insurance is a powerful, game-changing financial tool.
Spending time contemplating such dire circumstances is not to anyone’s taste; however, with modern technology and enough time and focus, acquiring life insurance is straightforward and relatively stress-free. This article delves into life insurance and offers tips and strategies for a smooth, efficient purchasing process.
Factors to Consider When Purchasing Life Insurance
Modern technology has revolutionised the process of sourcing and purchasing life insurance. However, in a crowded, competitive marketplace full of complexity and potential pitfalls, setting aside enough time to research potential providers and the details of each policy is recommended. Look for the following elements:
- Age restrictions—Although exceptions exist, most life insurance policies are only eligible for individuals aged between 18 and 75
- Adjusted policies for certain occupations—People working in industries like construction, mining, and other occupations deemed ‘high-risk ‘may face elevated premiums or complete exemption
- Attitudes to dangerous activities and pastimes—Individuals who regularly participate in risky activities like skiing, rock climbing, motorcycle riding, and others may also be denied coverage or face higher premiums
- Acceptance of pre-existing medical conditions—Health checks are not typically required when purchasing life insurance. However, providers must be informed of any existing medical conditions on application. Failure to comply may result in rejected applications, adjusted terms and conditions, or denied claims in the event of an existing policy
Modern Technology: The Perfect Tool for Researching Life Insurance
With near-ubiquitous Internet access and a wealth of life insurance comparison sites and search engines, the balance of power has shifted to the hands of the consumer. Some strategies to streamline and simplify the process include:
- Set aside time to focus on the task completely
- Determine which aspects of a life insurance policy are most important to you
- Use several comparison sites to compare quotes
- Analyse each life insurance policy meticulously—Use the convenient ‘side-by-side’ comparison feature many sites offer and make detailed notes, constantly checking the fine print
- Research shortlisted providers—Search for online reviews and check the legitimacy of each provider using official databases
- Call and speak to potential providers directly—Although we have extolled the virtues of modern technology, the old methods are still an essential piece of the puzzle. Gauging communication and professionalism is impossible online, and speaking to your shortlisted providers is recommended. The people you interact with are part of the same team that you or your family may encounter in the event of a claim. Be prepared to eliminate obtuse, unprofessional responders and move on.
Conclusion
Researching and purchasing life insurance has never been more convenient or straightforward. The amount of information available is astonishing, given enough determination, focus, time, and access to modern technology. This puts you in the best position to make informed decisions to protect your family. A nice bonus is a sense of relief and achievement when the task is completed.
