Life Insurance Review

End of Life Management Toolkit #4 | by Team Passare, Robert L. Shepard and Jeff A. Perry

5. Resources for Life Insurance Assistance

If your employer does not provide life insurance benefits and you would like to choose a curtailed insurance plan for yourself, there are certain critical components to keep in mind. You need to determine how much life insurance you actually need. Below are some factors to consider when deciding which type of life insurance is best for you and your family.

  • The amount of money your family needs to support and maintain w hat you leave behind is the most vital component.
  • Take into consideration college tuition, mortgages, and car paym ents.
  • Use a life insurance calculator , available for free on the Internet, to make a precise calculation of this sum. Look up “life insurance calculator” on Google or Bing search engines and try some of them to get a good understanding of your insurance needs.
  • Once you have a sum, compare different insurance companies’ rates to find the best deal for you.
  • Another excellent option is to contact an insurance professional or financial planner to help you determine how much money your family will need. Most insurance professionals will provide a Financial/Capital Needs Analysis free of cost. The Financial/Capital Needs Analysis is recommended when you are unsure about your financial needs.
  • A good life insurance agent can help you to find the right insurance company, or get you started with a company they represent.
  • An experienced agent will ask for financial information to help you apply for the appropriate amount of insurance. A life insurance agent will also identify various health and lifestyle factors that determine the costs of life insurance. For example, people who smoke may need to pay more for their policy. If you are unsure about how much money your family needs when you are gone, hiring a life insurance agent is a great way to go.
  • To buy life insurance, you usually need to undergo simple medical examinations to help determine your insurability and the costs of your policy. This could include a urine sample, blood draw, or EKG, to name a few.

Helpful Hint:

  • Read your policy carefully and ask questions.
  • Review your life insurance needs every 6-12 months with your ag ent.
  • Shop around to decide which plan best suits your needs. (See Term and Permanent Insurance: Which is right for you?)
  • Compare policies.
  • Be aware that changing policies may af fect your income taxes, especially if not done properly.
  • Add other assets you have such as, savings, investments, real e state and personal property.
  • Be candid when working with a professional and find one you tru st.
Now, take a few minutes to answer these helpful questions for life insurance review.
  1. If your employer provides life insurance, is it sufficient for your family’s needs?
  2. When you used the life insurance calculator, what were the results?
  3. Are you unsure of your financial needs? If so, contact an insurance professional to get your free Financial/Capital Needs Analysis.
Documents Needed to Purchase Life Insurance
Identity Proof
  • Passport
  • PAN Card
  • Voters Identity Card
  • Drivers License
  • Government issued ID
  • Consular ID card

TIP: Insurance Agents may ask for a photo

Address Proof
  • Telephone bill
  • Bank account statement
  • Letter from any recognized public authority
Application
  • Medical history (usually past 5-10 years)
  • Medications (dosage, frequency, and purpose)
  • Visits to doctors (date, diagnosis, medications, doctors’ contact information)
  • Family medical history (usually immediate family)

 

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