A Smart Start

by SCarney ‎08-02-2016 09:12 AM - edited ‎08-16-2016 08:22 AM (2,589 Views)

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Here are some things to know about life insurance before you buy.

 

Understand why you may need it.

Life insurance can be used to help cover burial and other final expenses, to help your family replace your lost income and to aid in paying off the mortgage and other household expenses. But what if you already have life insurance through your work? Remember, the amount you can get often is limited, and the coverage only may last while you are with that employer. An individual life insurance policy, on the other hand, won’t have limits decided by your employer, and you won’t lose the coverage if you quit your job, retire or get laid off.

 

Get a sense of how much you need.

If you’ve recently gotten married, bought a house or had children, now is a good time to see how much coverage is right for you. A rule of thumb is to begin with an amount seven to 10 times your annual salary, but that’s just a general estimate. To fine-tune the amount, you’ll want to get a personal needs analysis from a life insurance specialist.

 

Find an agent who will help.

A dedicated professional life insurance specialist will work closely with you and answer your questions, helping you get the coverage you may need. A good agent won’t just sell you life insurance; he’ll be there long after you’ve picked your coverage, providing ongoing reviews and adjustments of your policy when you need them.

 

Get additional information about these topics, and see how well your current coverage meets your needs, when you schedule a review of your policy with your AAA Life Insurance Specialist.

 

AAA Life Insurance Company received a financial strength rating of A- (Excellent) from A.M. Best as of July 2015. To talk with an agent, stop by any AAA office or visit AAALife.com/find-an-agent.

 

AAA Life and its agents do not provide legal, tax or financial advice. Please consult your professional advisor prior to the purchase of any policy or contract. Life insurance underwritten and annuities offered by our affiliate, AAA Life Insurance Company, Livonia, MI. AAA Life is licensed in all states except NY. ALMI-23522-616-XX

 

A version of this story appears in the September/October 2016 issue of AAA Living magazine.

Image credit/source: Masterfile

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