Insurance

Tips for getting the right life insurance for your individual needs (provided by the Better Business Bureau)

When beginning your search for the right life insurance, first, determine how much coverage you'll need and how much you can afford. A professional insurance agent can provide valuable help by explaining how an insurance plan can be arranged to provide needed protection at the least cost.

Next choose the type of policy that's best for your situation: term or permanent life insurance policies. Term life insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. Some term insurance policies can be renewed at the end of a specific period, which could be from one to twenty years. Your premium can be renewed each year (annual renewal term) and the rate increases with each renewal date.

Permanent life insurance policies provide lifelong protection and are known by a variety of names: whole, ordinary, universal, variable and adjustable. These policies offer death benefits and a savings account, (also called "cash value" or "cash surrender value") so that if you live, you usually get at least some of or more than, the amount you spent on your premium. You can get money back either by cashing in the policy or by borrowing against it.

After you've made your decision as to how much and what type of insurance you need, shop around for the best rates. Make sure you fully understand any policy you are considering. If you are uncertain, ask a trusted family member, or your attorney to review the policy with you. When you purchase a policy, make your check payable to the insurance company, not the agent.

Take the time to check on the financial strength of the companies who will have to stand behind the policies you're considering. A number of insurance rating services assess the financial strength of companies. These ratings can be found in your public or business libraries or can be obtained directly from the rating service. Also, contact your Better Business Bureau (BBB) for a reliability report on the company.

INSURANCE AGENCIES

  • Joint Commission on Accreditation of Healthcare Organizations
  • One Renaissance Boulevard
  • Oakbrook Terrace IL 60181
  • Phone: 708-916-5600
  • Web Page: http://www.jcaho.org
  • American Association for Long Term Care Insurance
  • 3835 E. Thousand Oaks Blvd., Suite 336
  • Westlake Village CA 91362
  • Phone: 818-597-3227
  • Web Page: http://www.aaltci.org
  • Center for Long-Term Care Financing
  • 2212 Queen Anne Avenue North, #110
  • Seattle WA 98109-2312
  • Phone: 425-467-6840
  • Fax: 206-283-6536
  • Contact: Stephen Moses
  • Web Page: www.centerltc.org

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