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This is Jeff Rose, Certified Financial Planner.
Today I want to talk about the importance of comparing life insurance policies. If you
decide that you know you need life insurance, whether that be term life, whole life, equity
index, variable life, all the different types of life insurance policies that exist, it’s
important to compare so you understand the benefits, pros and cons of which policy is
going to be best for you. It’s pretty easy to make the case that term
life is going to make a lot of sense in a lot of different situations, but even if you
decide that term life is the way to go, you want to not just compare the type of insurance
but also the carrier. When it comes down to the carrier you are going to want to make
sure the carrier has a high rating and high standard like A.M. Best where that life insurance
company is going to be there 10, 15, 30 years from now to pay out if something were to happen
to you. Heaven forbid, you took out a term policy and didn’t compare the insurance company
to find out if something happen to you, and the insurance company wasn’t solvent and could
not pay your death benefit; how horrible would that be for your family. It’s important to compare the life insurance
companies, and with comparing those companies you should also be able to compare the cost.
In some instances I have seen where people didn’t compare the term policy. They had an
agent who was suppose to be an independent agent and that person ran them a quote. They
paid it because that is what they thought was in their best interest. Then, whenever
we actually ran a quote and compared that to some other insurance companies, it turns
out that they could have saved a pretty penny had they checked into it. This is actually something that, I don’t
want to say fell victim to, but when I first started in the business I took out one term
policy for myself and went through one company. A second term policy I got for myself and
went through another company, and I ended up taking out a third policy and went through
and entirely different company and really thought that I was fine. I thought I was paying
the best rate. I didn’t feel like I needed to compare and shop rates. Then, probably
a year ago I decided you know what, I’m going to check and compare my rate to make sure
that I’m paying the best and cheapest amount. Turns out that I could have saved and actually
am now saving $400 a year and was also able to get $250,000 more coverage all because
I took five minutes to compare how much I was paying with my other policies compared
to getting a new one. These are just some of the few reasons why
it’s uber important to make sure you compare your insurance to make sure you’re getting
the right type that’s best for you, make sure you’re getting a carrier with solid ratings
and that is going to be able to take care of your family if something happens to you,
and most importantly comparing to make sure you’re paying the best and cheapest rate for
the term life policy that you need. If you have any more questions regarding anything
about life insurance, you know where to find me, Take care and
we’ll see you soon. The opinions voiced in this material are for
general information only and are not intended to provide specific advice or recommendations
for any individual. To determine which investment(s) may be appropriate for you, consult your financial
advisor prior to investing.

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