Use these smart tips when you’re looking to purchase life insurance.

Like many people, you purchase life insurance because it’s one of the best ways to provide protection to your loved ones. This purchase is not only a financial decision but an emotional one.

If you’re someone who is in the market for life insurance but wants to be sure that the policy purchased is right for your needs, check out these smart steps that will help you to accomplish your objective.

Find out if you really need life insurance.

While most people do require life insurance, not everyone does. If you do not have any family members who are financially dependent on you, you don’t owe any money to anyone, and you are sure to leave your property with adequate finances for paying off expenses, the chances are that you would not require life insurance. If you do need life insurance, your insurance agent will be happy to help you calculate how much coverage is right for you.

Ascertain the policy type that is most suitable for you.

There are three different kinds of life insurance products available. There is universal life, whole life, and term life. When you only need life insurance for a certain amount of time or if your budget is limited, you may consider opting for a term policy. On the other hand, if you require a policy for your entire life span and desire accumulating your savings, it’s preferable to go for a universal or a whole life policy.

Determine if you should add any riders.

You need to consider options like guaranteed insurability and premium waiver. The latter pays the life insurance premium for you if you are disabled, and the former permits you to add to the death benefit without providing additional evidence that you are in acceptable health.

For the help that you need in choosing a policy that meets your needs and budget, let the professionals at Tompkins Insurance Agencies help. Visit us today to get started.