Maybe you’ve recently gotten married, you’ve just been blessed with your first child or you’ve had the experience of knowing someone who is feeling the repercussions of being without. For whatever the reason, you’re ready to secure your first life insurance policy. Though the process can be daunting and even a bit intimidating, choosing the right policy can be an easier acquisition while following these few guidelines:

  • Know the difference in policies. Life insurance policies are not all the same and fall into two main types: whole and term. There are also lesser known options available like universal and variable and your financial planner or insurance agent should explain each to you for your full knowledge. If you prefer a policy to cover you until your death, a whole life policy can be the choice for you. A term policy will only cover you for a specific amount of time. If you outlive that coverage period, you’ll need to purchase the policy again to remain covered. 
  • Know the amount of coverage you’ll need. This is often an important, but complex process where you will meet with an advisor to determine the reason for the coverage. Is it to replace lost income? If so, for how long? Will it pay off a mortgage or other debts? Will the insurance fund college expenses as well? These questions and working with your financial advisor will help you determine the amount of life insurance death benefit you need.
  • Know your provider. Don’t fall into the trap that all life insurance companies are all the same. Make sure to do your homework in order to avoid paying too much or running into claim issues if you should pass.

Our financial advisors in Naples are also independent life insurance agents that are skilled in the intricacies of life insurance and know how to shop multiple carriers with the intent of finding the best possible options for you and your needs. Need assistance with securing life insurance in Naples? Request your free consultation with Advanced Wealth Advisors today.