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Learn... Plan... Act... Insure!

Steps to Build Plan
  Step 1 - Locate policies
  Step 2 - Get educated
  Step 3 - Determine needs
  Step 4 - Evaluate policies
  Step 5 - Make changes
  Step 6 - Get help
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Make your changes now

The most important thing you will do is to implement those changes that you have decided to make regarding your life insurance coverage. While the earlier steps are certainly necessary, if you don't actually make the changes then you gain nothing.

Go over your notes to make sure that you understand the changes you wish to make, and especially why you wish to make them. If you have an existing policy with an agent, and you are increasing coverage, you probably won't get any objections when you call your agent. However, if you are decreasing your coverage, or changing your type of coverage, you can be certain that the agent will try and convince you that your current coverage is what you should have. Be firm and don't give up until you get what you want.

If you don't yet have this type of insurance coverage, or you need additional coverage, then you need to begin with gathering price information from different sources. You can begin by contacting local insurers, or you can obtain quotes through the Internet. For the latter, consider one of the following to obtain your quotes.

  • Insure has quotes from over 300 companies and much detail on the policies available. It has links to companies that sell low-load and agent-sold policies. Also, it supplies ratings for the insurers from the major rating agencies, such as A.M. Best.
  • Accuquote has over 1,000 policies in its database, but you need to fill out a harrowingly long form to get a quote. This site is an independent service.

When you get the results from these services, select companies with low prices, the term you want, and a top rating from Standard & Poors and A.M. Best. At that point, you will need to complete an application.

Tell the whole truth and nothing but the truth
If you're thinking about lying on your insurance application, think again. If your insurance company finds out that you lied about a health-related condition or your lifestyle (e.g., smoking habit), they may be able to terminate your coverage. Worse, they could eventually deny or delay and appeal your family's claim to your insurance proceeds.

Once you have the cost figures, then you need to examine your budget and determine whether or not you can actually afford it. If not, you may have to make some changes regarding the type or amount of coverage that you are seeking, but given the importance of life insurance it is more important that you find a way to pay for the insurance by making some changes in your budget.

Step 6 - Get Help If You Need It

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