If there’s something life insurance agents are taught not to mention to prospects it is the word “Life Insurance.” You’ll more likely be sold life insurance as mortgage protection policies and other terms like retirement plan. If after all the talk you’re promised that your family will even get something when you pass on, they it is life insurance (in its many forms) you’re being sold.
If you are trying to sell something you show its best sides and that’s what an insurance agent also does. The burden is on you to know what you stand to gain and what you may have to pay for the benefits.
The accumulation of a tax-free cash value will likely be something an agent will highlight while selling a whole life policy. It will only take intelligent questions for you to be told how long you’ll pay premiums before you accumulate anything reasonable, the commissions that you’ll have to pay and things like that.
Make sure you know what you are buying. There are downsides to every life insurance policy and you’ll do well to know them. Reading to get more knowledge of all the life insurance policy types, which is best for you and why is highly recommended.
Agents are bound by law in most states to provide you certain documents that will help you make better choices (if you take the pains to read and understand them). Although some folks don’t life reading through lawyers’ jargons, you’ll do well to force yourself to before you pay for a life insurance policy.
The law also requires that your insurer give you a free look period. This is a period within which you can decide to return a life policy and still get a refund. If you return the policy by certified mail within the free look period, you’ll be entitled to a full refund.
Save a lot of dollar in life insurance by getting and comparing quotes from up to five insurance companies. You can save up to $2,000 depending on your profile and how well you do this.