Life expectancy in the United States is on the decline. Currently, at 76.4 years, life expectancy is at its lowest point in roughly 25 years.
There are many factors for the dip. The global COVID-19 pandemic is certainly a contributing factor. The opioid crisis is also prematurely taking lives.
In spite of the known risks, many Americans do not carry life insurance. A recent survey revealed that nearly one-quarter of Americans are uninsured. Many who do carry life insurance are underinsured as well.
Read on to learn how to select life insurance providers. Explore topics such as browsing options for insurance providers and how to select the best life insurance policy.
Reading Online Reviews
Reading online reviews is an effective way to narrow down your search. There is so much information available on the internet and social media.
For example, consider searching Google for Globe Life Insurance reviews. You can benefit from reading about other policyholders’ experiences. If the reviews are overwhelmingly positive, it is worth getting a price quote and reading the terms and conditions.
There are other resources out there for reviews. Social media platforms like Facebook also host reviews.
The Better Business Bureau tracks complaints against companies. This is a quality resource for investigating the severity of consumer complaints.
Comparing Insurance Costs
Once you have narrowed down the list of insurance providers, you can start comparing costs. There are a few different financial figures to consider when comparing costs.
Of course, you want to know how much the monthly premium is. This is important but can be deceiving in terms of coverage. The cheaper plan does not always have the coverage you are looking for.
Acquiring the best value for your life insurance plan is the ultimate goal. Determining what the survivor’s benefit is and other details are crucial.
Reading Insurance Terms and Conditions
Numbers do not tell the entire story. You need to carefully read the proposed terms and conditions.
The policy’s terms and conditions are going to drive the monthly premiums to a large degree. For example, a term life insurance policy expires after a specific date.
Naturally, premiums for this type of policy are going to be lower. If the policyholder dies after the expiration date, the insurance company may be completely off the hook. Whole life insurance policies, on the other hand, do not expire and have more expensive premiums.
The terms and conditions will clearly lay out how much of the benefit is guaranteed. Other questions about burial expenses and whether you can borrow against the policy are also answered here. A medical exam requirement is another important factor to consider.
How to Select Life Insurance Providers
You are now ready to start shopping for life insurance providers. The devil is in the details and it is critical to do your homework. Make sure to perform online research on any insurance providers you are considering.