22 Apr 2013 | News

The 5 Worst Ways to Buy Low Cost Life Insurance – by Lenny Robbins

The 5 Worst Ways to Buy Low Cost Life Insurance – by Lenny Robbins

  1. Buy Life Insurance from a Captive Agent – A captive agent is an adviser who works for only one insurance company. Captive Agents can only advise on a few products rather than a range of companies and products.
  2. Buy Life Insurance from an Internet Website – quote engine’s can’t answer any questions or give you idea’s of what is best for your personal situation, rather they will give you the quote with the lowest price which may not be the best product for you as an individual.
  3. Buy Life Insurance from Your Auto Insurance Company – your car or home insurance company might offer you a ‘deal’ on a Life Insurance policy however for them this is simply a sideline offer rather than the comprehensive service you would get from an specialist adviser.
  4. Buy Life Insurance from an Affiliate Group – these offers can be very tempting, they start off with very low pricing which is attractive however these prices go up as time goes on. Eventually the policy may become too expensive to maintain and you may have a harder time getting affordable life insurance elsewhere if you wish to change.
  5. Buy Life Insurance from your Job – although it may be cheaper to have insurance through your job then on your own, what happens when/if the job ends? A group life insurance policy may not allow you to retain your insurance when you leave your job, you may end up paying a lot more if you have to replace the insurance later.

The Bottom Line

An independent adviser works with many highly rated companies so you can have choices, they work with you to find which policy is best for your particular needs. They work for you, not for the company, their goal is to help you get the best affordable policy for you.

For full article see http://www.business2community.com/health-wellness/the-5-worst-ways-to-buy-low-cost-life-insurance-0456835

The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial adviser to consider whether that is appropriate having regard to your own objectives, financial situation and needs.

Liked this article? Share it!

Start building your financial future today