It also means asking yourself a few questions to assess your current situation as well as potential future changes you may know are coming, such as a dependent child becoming independent. Use this guide to get a clearer idea of both, so you can rest assured knowing you chose the best whole life insurance policy for you. Whole life insurance can be crucial coverage to have no matter your age or financial status. That means picking the right policy, but where do you even begin? With so many options, it can be tough to narrow down let alone make the best choice. At its simplest, though, the right whole life insurance policy is one that is tailor-made for your needs.
What Is Whole Life Insurance?
Whole life insurance is a form of “permanent insurance” which is insurance that does not expire as long as premiums are paid each month. It’s paid out to the chosen beneficiary should the policyholder pass away.
How Do I Choose Whole Life Insurance?
A quality whole life insurance meets your needs, has comparable return rates, offers varying coverage options, and is backed by a trustworthy insurance company.
The Policy Meets Your Needs
When considering what your needs are, look at both coverage amount and affordability of your policy. For many, a little coverage can go a long way. You may have assets such as a home or pension that you plan to leave to your loved ones and only want a bit of help paying funeral expenses. Or, you may rely on your whole life insurance policy to help your family well into the future. The first step to finding a quality whole life insurance plan is figuring out what the minimum amount of life insurance is that you need.
The amount of coverage you need will impact your premium and, therefore, your policy’s affordability. Keep in mind, though, that while whole life insurance rates will never increase, your income may.
The Right Policy is More Accessible
Some whole life insurance policies not only require you to fill out incredibly detailed questionnaires, but they often demand a medical exam that will impact rates and approval. While that’s understandable for high-coverage policies, that often leaves whole life insurance out of reach for many. In that case, the best whole life insurance policy is one that asks a few questions and does not require a medical exam.
Questions to ask about accessibility:
- What are the steps to approval for your policy?
- How long will a decision take for your policy approval?
The Right Policy Is Trustworthy
More than anything else, the appropriate whole life insurance comes from the most renowned life insurance companies. There are many indicators that an insurance company can be trusted, such as length of time in business. Another important sign is their national rating. A.M. Best is the go-to rating system in the country, determining the grades of insurance companies after a comprehensive quantitative and qualitative evaluation. Last, your satisfaction should be the insurance company’s number one concern, so ensure they put you first throughout the process.
Questions to ask about trustworthiness:
- What is your insurance company’s A.M. Best rating?
- How long has your insurance company been in business?
- Does your policy have a refund window?
Discover Your Whole Life Insurance Options at Americo
Choosing the right whole life insurance plan for you and your family may seem complicated – but it could be as simple as discovering what Americo Senior Life has to offer. For decades, we have offered a variety of affordable options tailored to meet your needs, some without medical exams or lengthy questionnaires. With our outstanding A.M. Best A-Rating1 and 30-Day satisfaction guarantee, Americo Senior Life has you covered. Easily apply online now or contact our representatives today at 855-969-3952 to find the best whole life insurance plan for you.