What to Look for in a Life Insurance Policy

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Not all life insurance policies are created equal. Get tips on what to look for in a life insurance policy 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 am managing director and founder of Wealth Financial Partners and WFP Tax Partners in Basking Ridge, New Jersey. Today we're going to discuss what to look for in a life insurance policy. The first thing you want to make sure of is what is your insurance need. What do you need life insurance for? Is it for a mortgage, is it for paying for college if you're not around? Paying for some kind of a gap if you're not around? That's really the case. Defining the need, that's number 1. Number 2 is what is your budget? How much is it going to cost me to get that gap filled? So there's two types of real insurance out there. Term and permanent. Term is the cheaper but when you need it the most after 70 it's probably not around, it's more expensive then. Permanent is actual cash accumulation. So, some people you look at that as an investment over a period of time. The other thing that's really important is making sure that you have a good agent working with you that knows his stuff. And the last thing is making sure that you're company has a good credit rating and is hopefully going to be around to pay that claim if someone needs to file it.

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