What are some other life insurance tips I should know about?
- Ask for outlines of life insurance coverage so you can compare the features of several policies.
- Make sure that you fully understand any life insurance policy you are considering and that you are comfortable with the company, licensed representative, and products.
- Check that the company is licensed in your state.
- Look for a life insurance company that is reputable, consumer-oriented, financially strong, and easy to do business with. A number of insurance rating services rate the financial strength of companies, and such information can be obtained from your agent or from public or business libraries. Rating agencies include A.M. Best Company, Standard & Poor's Insurance Rating Services, Duff & Phelps Inc., and Moody's Investor Services Inc.
- Always answer questions about your medical history and health carefully and truthfully.
- Be sure your life insurance application is filled out accurately.
- Contact the life insurance company if you don't receive your policy within 60 days.
- Always check the date the insurance becomes effective.
- Do not keep life insurance policies in your safe deposit box. In most states, boxes are sealed temporarily on the death of the owner, delaying a settlement when funds may be needed most.
- If you have a complaint about your insurance agent or company, contact the customer service division of your insurance company. If you are still dissatisfied, contact your state insurance department.
- Review your policy periodically or when a major event occurs in your life, such as a birth, marriage, purchasing a home or divorce or remarriage, to be sure your coverage is adequate.