What to Know When Buying Life Insurance

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What to Look for in a Life Insurance Policy....5

Buying life insurance always requires you to keep a few very important things in mind. Find out what you need to know when buying life insurance with help from a personal finance expert and professional in this free video clip.

Part of the Video Series: Personal Finance & Life Insurance
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Video Transcript

Hi, this is Walter Pardo. I'm Managing Director and Founder ofr Wealth Financial Partners and WFP Tax Partners in Basking Ridge, New Jersey. Today's topic is what do you need to know when buying life insurance. Well, you need to know the carrier that is taking over the policy for you because you want to make sure that if you do have a policy with a carrier, they're probably going to be around and they have some good history. Also, you're going to make sure that the agent is an open up agent and licensed and you could check with your local agent, your, your local commissioner of your state to find out more about that. You want to also make sure the type of life insurance that you really want. What is the actual insurance need and do you want cash accumulation or do you want just the cheapest policy possible. There are a lot of questions that you need to ask. Consult a professional insurance agent to find out more information. Also, there's a lot of new policies out, permanent policies mainly that offer a lot of additional features, sort of like the satellite radios or the extra tow package. And some of these are chronic illness riders; so, there are riders within the policies that really add a lot of value to maybe a product. It could be the difference of a few dollars or it could be substantially more expensive, but it is a feature nonetheless that could help if you do need it as some point.

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