by Guest » Tue Jun 12, 2012 10:28 pm
Should I be doing a review on my life insurance policy? Who is someone to ask to review if my life insurance policy is right for me? I am paying $150/month with death benefit whole life for a 250k policy. I am feeling $150/month is expensive for a whole life insurance.
Posted: Wed Jun 13, 2012 04:51 am Post Subject:
Tell me 1 thing. Do you think your family will be able to sustain themselves and lead their present lifestyle n your absence with the coverage you have. if yes, then you have the required coverage. Regarding your query - whether or not you're paying more on your life insurance policy, you can shop around to check whether some other reliable insurance company can provide the required coverage at a lower cost.
Posted: Wed Jun 13, 2012 08:29 am Post Subject:
Based on the info you've provided, it's hard to say if $150/mo for $250K whole life is expensive. It never hurts to shop around, but if you do apply for new coverage, make sure you're approved before discontinuing your current coverage.
Posted: Fri Jun 15, 2012 03:33 am Post Subject:
Should I be doing a review on my life insurance policy? Who is someone to ask to review if my life insurance policy is right for me?
Depending on the state in which you reside, there may be licensed persons known as Analysts or Counselors who charge a fee to perform an unbiased review and explanation of your coverage. They may also be licensed agents, but they cannot charge a fee and collect a commission from the sale of a policy that results from their analysis -- one or the other only.
As for $150 per month for a $250,000 death benefit, without knowing your age and insurability, and without seeing your policy, no one here can answer your question. Your policy may also provide options for changing your coverage that should not be overlooked.
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