Life insurance offers protection for your family in the event of your death. In exchange for paying regular premiums now, a policyholder ensures their beneficiaries have financial support. Here’s some advice to consider before discussing options with an insurance agent.

Do:

Know your options.

Walk into the meeting with your insurance agent knowing the basics of how life insurance plans work. There are two main types of life insurance coverage: term and whole life.

Term life insurance provides death benefit payments if the policyholder dies during the term of the policy, which typically ranges from one to 30 years, depending on the plan. Whole life insurance pays death benefits whenever the policyholder dies, as long as premiums are paid.

Calculate how much you need.

You want to care for those you love, but be realistic about their financial needs to keep premium costs manageable. If leaving money to a spouse, consider if they’ll have a mortgage, car payments, and the costs of raising young children. If you’re unsure of the amount you need, an insurance agent is well-equipped to help their clients calculate just how much coverage is necessary.

Don't:

Be inaccurate on applications.

Some life insurance carriers will ask about medical history and any health conditions you might have. This allows them to better assess risk and provide an accurate quote and coverage options.

When filling out life insurance applications, provide a clear picture of your health and any illnesses or conditions. If the carrier discovers any inaccuracies, either now or in the future, they could deny or cancel coverage.

Forget to review the policy.

Before signing a policy, read it carefully to understand your benefits, responsibilities, and rights. Ask your insurance agency to clear up any points that might be confusing. Know when payments are due and how to submit them to ensure you remain covered.

When you're in the market for life insurance, contact Kleppinger Insurance, LLC. Since 2014, their insurance agents have been serving the Tri-State Area of Pennsylvania, Maryland, and New Jersey. They offer life, vehicle, property, and business insurance solutions. Call (484) 357-1485 to discuss policy options, or visit them online to request a quote.