I would like to buy a little term life insurance. I would like a simple product that would pay my beneficiaries in case if I die. I am not sure what is the proper approach to finding a good deal, so that I would not overpay or enter any sort of unfavorable arrangement due to my ignorance.
First question is what are you protecting and for how long.
e.g. your child's college education - if you die tomorrow you will need a large sum of money when your child turns 18 but if you hold off dying until your child is 17 hopefully you would have already put aside most of the money and you will need a lesser sum.
Once you have a profile of what your needs are, you need a policy that is guaranteed renewable over the years that you need protection. Do you want level premiums over the term or would you accept more or less predictable increases over the term in question.
Can you accept a policy which bans certain activities such as parachute jumping or motor cycle ridng
Could you pass a physical if required.
Your policy should come from a reliable company (what ever that means)
A policy through your employer may lapse if you get laid off.
There are a number of books (the one I used is a Canadian one which is
40 years old) which show how to plan. There are a number of internet sites which will give you quotes.Now you have to sit down and think about what you really need
We use the Savings Bank Life Insurance Company.
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