Not everyone feels confident when choosing a Philadelphia life insurance policy. You might realize the importance of obtaining Philadelphia life insurance but not have the time to review all the different rates and providers. Luckily, the experts at Insurance Shops are here to help.
Keep These Questions In Mind When Shopping for Philadelphia Life Insurance
The concept is fairly simple: If you pass away while your policy is active, your family receives a death benefit. But there are so many different terms and options that you are likely to be very confused about what you’re purchasing if you don’t ask some of the following questions when shopping for Philadelphia life insurance.
- Should I Buy More Than What My Employer Offers? While group plans are a great place to start due to easy enrollment and affordability, these policies may only pay up to one or two years’ salary, or some other limited amount. If you leave your family behind unexpectedly, they will need the finances to cover expenses such as the mortgage, education, and other living expenses. You want to be sure they are well covered. Supplementing with a personal Philadelphia life insurance policy will ensure adequate coverage for your family’s needs.
- How Do I Determine My Need? There are two main factors that will determine how much life insurance you’ll need:
- Amount needed to pay off debts (including mortgage)
- Amount needed for your loved ones to maintain the same or similar lifestyle
As stated above, you should account for the fact that your family will have to continue covering expenses even after you’re gone. Your insurance agent will go through a deep analysis of these factors to determine what policy will best fit your family’s needs.
- What If I Can’t Pay The Premiums? It’s helpful to know that you have options if you run into financial troubles that affect your ability to pay the premiums on your Philadelphia life insurance policy. Typically, term policyholders have a 60 to 90 day grace period to pay. But permanent policy holders can take out an “automatic premium loan” and borrow against the cash value of the policy in order to make payments on the premium (but you’ll want to know what the loan rate is). The best part is, you don’t have to pay the loan back. But it’s important to understand what the implications are for future returns and death benefits.
Speak With Insurance Shops To Learn More
The professionals at Insurance Shops will go over these questions and more when you contact us about purchasing Philadelphia Life Insurance.
