retire with life insurance

How To Buy Permanent Life Insurance

Selecting the right carrier is critical in permanent life insurance

Buying permanent insurance requires expert advice.  Even you think your need is very basic — like a final expense policy for funeral expenses.  Why?  One reason is that the company you choose will be apart of your life for a very long time.  So you should always carefully consider:

  • the company’s history
  • general account ratings
  • outstanding liabilities
  • number of policies in-force
  • reserve, and claims experience

…just to name a few items!

In addition to understanding the company, there is the question of which type of permanent insurance will be best for your particular circumstance and what the company’s terms are, for the type of insurance policy you are seeking.  Lastly, understanding all the “moving parts” of the policy and understanding what you, (the policy owner) have influence over and what the issuing company has control of. 

These are not small considerations, given that the policy owner’s own operation of a policy, and/or minor changes allowed by the policy, that the carrier can make, can have a dramatic influence on the direction a policy takes over the years.

Selecting the right agent to be your advocate ensures you will get the best coverage at the lowest possible cost

Many times, even small deviations from illustrated rates and values from the carrier or changes in premium payments by the policy owner can be magnified over time, possibly spelling disaster for the original intention of the policy.  And while the term “permanent life insurance” implies that it is for the life of the insured, that is not always the case!

There are many factors that can adversely affect the ability of a policy owner to ensure that their policy is actually permanent.   Some of these items are in the policy owner’s hands, others are in the carrier’s hands, and still others could be the result of the underlying terms of that particular contract.  So with any type of permanent insurance, it is extremely important to work with a knowledgeable, experienced agent