Chicago, IL (PRWEB) September 02, 2013
Following Deerfield Review’s August 30th article titled “How Does Life Insurance Work”, JonasInsuranceAdvisors.com offered readers a series of tips for choosing the type and amount of insurance that best suits their needs. The article discusses how life insurance works, and hopes to provide a greater understanding of what a life insurance policy is and what it is used for. Jonas Insurance Advisors picked up where the article left off, helping consumers choose a policy and coverage amount that is right for their wants and needs.
Anne Thompson composed the brief abovementioned article, defining life insurance and its purpose for readers or consumers unfamiliar with the life insurance industry. She began with an overview of what life insurance is: an insurance policy designed to provide for anyone considered a financial dependent after death. Most health insurance companies, before embarking on the development of a policy, will perform routine health and background screenings to gain a better understanding of the insured’s health, stability, and insurance needs. The cost of the policy will typically stem from the results of these tests. Thompson then identifies the two most common forms of life insurance: term life, such as is offered by Maine term life insurance, and whole life. Term life differs from whole life in its inability to accrue cash value, and is set up as a temporary policy (though “temporary” policies can last for 30-40 years). Conversely, whole life policies do accrue a cash value and are considered permanent, provided that the insured maintains payments. Thompson closes with a brief summarization of how to what policy type is needed, encouraging her readers to discuss their options with a financial planner before engaging an insurance agent.
JonasInsuranceAdvisors.com encouraged readers to meet with a financial or insurance advisor in the insurance-seeking process. Before meeting with an advisor, however, take some time to evaluate family needs. If children are a part of the home, consider insuring funds through a term life insurance policy, such as is offered by Maine term life insurance. Consider mortgages, college funds, retirement funds, and total income of both parents. Having these simple calculations on hand will be a benefit to both the insurance agent and the insured, saving both parties time. When searching for an insurance policy, do not be afraid to be picky; life insurance should be tailored to fit the insured’s needs, not the other way around. If a policy is not a good match, walk away. Finally, develop a monthly budget. Before shopping for insurance, have a clear idea of how much money may be allotted for monthly payments. Doing so with provide an insurance agent or advisor with a starting point and will allow policy-seekers to avoid an agent’s attempts to oversell.
Anne Thompson is a regular contributor to the Deerfield Review’s “Weekaway” feature. The Deerfield Review is a publication sponsored by the Chicago Sun Times, providing news to Deerfield, Illinois and the surround area.
Following a Deerfield Review article defining life insurance and its purpose, JonasInsuranceAdvisors.com offered readers tips to purchase life insurance, whether it is Maine term life insurance or Texas whole life. The greatest matter of importance is planning ahead and developing an idea of what is wanted and needed and how much of the monthly income can be devoted to a life insurance policy. Rather than allowing a financial advisor or agent to take the reins in a consultation, JonasInsuranceAdvisors.com strongly encourages consumers to educate themselves regarding their monetary station, life insurance, and what they need from a life insurance policy.
About Jonas Insurance Advisors: JonasInsuranceAdvisors.com is an online resource for consumers seeking up to date news and advice regarding personal finance, insurance, and investments.