Now that you have decided to get life and disability insurance policies, where do you go to purchase them? Is there an advantage to purchasing from one company over another?
When purchasing disability and life insurance, shop around for the best prices and coverage. Check with multiple companies and ask them about the discounts they offer and the services they provide. Click the tabs below to learn about the different sources for life and disability insurance:
Most employers that offer disability and life insurance pay some or all of the premiums. If they don't pay for coverage, they may still offer you an opportunity to purchase through their insurance carrier at a discounted rate. This price is lower because employers are charged based on the number of employees who participate. The more employees who purchase the insurance, the lower the rate.
If you can't get disability and life insurance through your employer, you can purchase through an individual company either online or through an insurance office. When buying your own coverage, you can choose the insurance company with the best offerings. An advantage to purchasing from an individual company is that you keep the insurance when you change jobs. Employer coverage ends when you leave the company.
Once you have decided where to purchase the insurance, you will need to fill out an application that includes questions about your health history, employment, lifestyle, and hobbies.
Question
What advice would you give a friend who is trying to decide where to purchase life insurance?
Check to see what coverage your employer offers, as their cost may be lower. Decide what features are important to you and shop around for convenience or discounts.
