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Ten Things You Should Know About Life Insurance

Life Insurance is the foundation of financial security for you and your family. It protects your financial resources against the uncertainties of life so you can plan for the future with confidence. Buying life insurance is a wise decision to protect your family and loved ones from the difficult time they may experience should you pass away unexpectedly. Before you purchase life insurance, educate yourself about what you may need, and what you can afford. Here are somethings you should know prior to purchasing life insurance!

Make sure you can afford the payments

Make sure you can afford the payments or your policy could be cancelled. Consider the cost and your future potential to make the payments to avoid a lapse in coverage.

Lifestyle Impacts Cost

You will pay a higher premium if you engage in a risky lifestyle. Smokers often pay more than non-smokers. This is because smoking is considered a high risk due to the possibilities of lung cancer and early death.

Age will effect your policy cost

Growing older effects your policy cost. You may not receive the same low rate you were eligible for when you were younger.

You Should Reassess Your Plan Frequently

As your life changes, review your plan. Make sure it is large enough to help your family with your current debt and living situation.

The Death Benefit Can Be Used for Anything

Mortgage, rent payments, funeral costs and many other things can be payed with the money from the death benefit.

You Must Divulge Previous Medical Conditions to Your Insurance Company

Lieing on your application to reduce your rate can come back to bite you. Be honest when applying to avoid policy cancellation.

A Career Change May Require a Plan Change

When changing careers, consider having your plan re-evaluated. The risk of your job may demand a different type of policy.

There Are Policies of Various Sizes

Policies come in a multitude of sizes. Some policies can pay up to 1 million or more.

Your Death Benefit Will Go to Specified Beneficiaries

Make sure you indicate a beneficiary. This is important, to make sure the funds are dispersed to the correct person.

The Benefit Can Be Paid Out in Various Ways

Consider the best way to have your policy pay the money out. Lump sum and multiple payments over time are all ways your beneficiary can receive the pay out.

Call us today to find out how you can get a free, no obligation evaluation of your existing policy to see if you could be saving money on your insurance plans.

Thanks!

Michael O’Brien

O’Brien Benefits & Financial Services Inc. – “ For Your Health, Life and Disability Needs “

 Michael P O’Brien, CBC

Michael@obfs.net | 703-654-6050 – Office | 703-654-6051 – E-Fax | 571-238-2236 – Mobile / Text

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