They say that there is only one thing constant in the world – its change. It is change and unpredictability in life that most people fear. Life insurance plans are pre-need plans focused on alleviating this fear. It’s the plan that actually ‘forces’ you to save for future needs. Life insurance plans are contracts between a policy owner and the insurance company wherein the policy owner would have to pay pre-agreed values over a specific period of time (in insurance it’s called premiums), and in return, the insurance company releases the fund in case of death (or other applicable events such as terminal or critical illnesses) of the insured party. In some plans in other countries, funeral expenses are included and will be paid for by the insurance company.
Now where do you find affordable and low cost life insurance plans? Here are some ways you can find the best options for affordable llife insurance plans.
- Referrals. Ask relatives, friends or colleagues if they themselves have their own insurance plans. They can refer you to their insurance company for their different product and service offerings. You can hear first-hand experience about their transactions and customer care support.
- Online. You can search for online directories offering listings of insurance companies. These listings are also user-friendly, as you can search based on location, service offerings or type of insurance plans (whether mortgage insurance, health insurance, or life insurance ).
- Business tie-ins. Some insurance companies have tie-ins or agreements with certain institutions where they can offer life insurance . Some banks have options wherein by opening a certain type of account, you can get a bundled life insurance program as well.
- Local listings. Check your local listings for insurance companies with offices in your area.
- Corporate websites. Still among the best sources in looking for insurance options are the corporate websites for these companies. Because they are updated, new product offerings that you might like are posted on these websites. You can also directly contact their support center for any of your queries.
- Visit with an agent or representative. By meeting with insurance agents, they can provide you with flexible options. What may seem to be a costly plan at the beginning may well turn out to be affordable. Agents can customize and make plans flexible depending on your payment capacity and the contents of your plan. They can give you options where you can choose the one best suited for your needs. Some even offer discounts if your payment can be done in a lump sum, one-time payment for your coverage.
As with other insurance andfinancial programs, building a relationship of trust between you, your agent, and the insurance company is crucial. Communicate your needs so they provide you with the best solution they can offer. Remember what they say—that what you buy in insurance policies are not the plans, it’s actually security in the future and peace of mind.