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Life insurance provides a financial safety net for your loved ones when you pass away. They can use your policy to pay for your funeral, cover day-to-day expenses, pay off outstanding debts, or fund your children’s college education. However, to take full advantage of all the benefits life insurance offers, you should understand how coverage works. Here are a few tips when shopping for insurance.

Do:

Research your options.

Before you can make an informed decision, learn about your options. Two basic policiy types—term and permanent—are available. A term policy is designed to cover you for a specified length of time, whereas a permanent policy lasts for life. The policy you select depends on your goals. Research both types and speak with your insurance agent. Term insurance, for example, is usually purchased to protect your family’s finances in case of your premature death.

Get enough coverage.

life insuranceIf you’re the primary income earner for your household, your family needs a policy that will allow them to live comfortably when your income ceases. Calculate how much life insurance your spouse and dependents will need based on your current lifestyle. Don’t guess.  

Don’t:

Put off policy purchase.

Don’t procrastinate. Life is full of unforeseen events, and dying without coverage will leave your family at risk of financial ruin. In addition, policy premiums increase as you age. The older you get, the more costly you are to insure. 

Neglect to review your coverage periodically.

Over time, your life insurance needs will change. Marriage, divorce, childbirth, job switches, capital gains, and death of a beneficiary should prompt you to update your policy based on your changing circumstances.

 

When it comes to finding the right life insurance policy, a knowledgeable and experienced agent can offer valuable guidance. Many residents in the Mountain Grove, MO, area rely on our team at Farmers Insurance Group to match them with affordable coverage that meets their unique needs. To speak with a friendly representative about your life insurance goals, call our office at (417) 926-7900. You can also follow us on Facebook to learn more about our approach to serving clients.

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