Determining Your Needs for Life Coverage

At some point in your life, you know that you’ll need to purchase Connecticut life insurance to better serve your loved ones, but there may still be a lot of questions about which policy is right for you and will best fit your needs. One factor that often arises is that, as your situation changes, adjustments may be needed as far as life insurance is concerned. It may be due to your mortgage, an expanding family, or other obligations you may have taken on and with these changes, your life insurance needs may definitely increase.

 Connecticut life insurance

It may be due to your mortgage, an expanding family, or other obligations you may have taken on and with these changes, your life insurance needs may definitely increase.

Check out coverage options and compare policies

Make sure that you fully understand any life insurance policy you may be considering and that you’re comfortable with the insurer, their licensed representative, and the products and services being offered. Also, check that the company is licensed in your state. Take the time necessary to speak to as many life insurance agents as possible to help you to determine who offers a program that is tailored to fit your needs.

There are a number of insurance rating services that rate the financial strength of companies, information that can be obtained from your agent or from most public or business libraries. Rating agencies include A.M. Best Company, Standard & Poor’s Insurance Rating Services, Duff & Phelps Inc., and Moody’s Investor Services Inc.

Answer all pertinent questions truthfully

In order to get the best rates always answer questions about your medical history and health care and as truthfully as possible, and be sure to fill out your life insurance application accurately. Make sure that you contact the life insurance company if you don’t receive your policy within 60 days and always check the date the insurance becomes effective. It’s probably better not to keep Connecticut life insurance policies in your safe deposit box since, in the event of your death, safe deposit boxes are often temporarily sealed causing a delay for the settlement at a time when funds may be needed most.

Make sure that you review your policy periodically or when a major event occurs in your life, such as a birth, marriage, purchasing a home, or in the event of a divorce or remarriage to be sure your coverage is adequate at the time.

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