What to Consider When Purchasing Life Insurance

Life Insurance pic
Life Insurance
Image: forbes.com

George Argyros Jr. heads the Elite Financial Group, LLC, of Newport Beach, California, a private holding company and financial services firm. George Argyros Jr. and his team have provided life insurance policies to clients since 2003.

To increase your likelihood of receiving good service and a product that suits your needs, make sure you evaluate the financial strength of the insurance company selling the policy. Find out how long they have done business and the background of its sales force. Ideally, an insurance professional you want to work with is a chartered life underwriter, chartered financial consultant, or certified financial planner. In addition, search online for business ratings through sites such as Weiss Ratings and AM Best Co.

Once you select an insurance company and representative that seem right for you, work with them to determine how they can meet your needs. Every company uses a different formula to calculate insurance coverage, but you and your agent’s primary goal should be to create a policy that, upon your death, pays off all your debts and leaves your beneficiaries with enough money to help them maintain their current lifestyle and/or improve their financial position.

When your agent presents you with a policy option, make sure you ask if it is based on an estimate or on a thorough analysis of your financial situation. A policy worth purchasing is comprehensive, and your agent should be able to explain in detail how a plan was customized to meet your needs.