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Final Tips

Here are a few tips to keep in mind about your Life Insurance purchase:

  1. Take your time. On the other hand, don't put off an important decision that would provide protection for your family. Make sure you fully understand any policy you are considering and that you are comfortable with the company, agent and product. Don't rush into a decision, but don't put it off either.
  2. When you purchase a policy, make your check payable to the insurance company, not to the agent. Be sure you are given a receipt.
  3. After you have purchased an insurance policy, keep in mind that you may have a "free-look" period - usually 10 days after you receive the policy - during which you can change your mind. During that period, read your policy carefully. If you decide not to keep the policy, the company will cancel the policy and give you an appropriate refund. Ask your agent.
  4. Review the copy of your application contained in your policy. Promptly notify your agent or company of any errors or missing information.
  5. Ask when your Life Insurance policy becomes effective. This could be different from the date the company issues the policy.
  6. If an agent or company contacts you and wants you to cancel your current policy to buy a new one, contact your original agent or company before making any decisions. Surrendering your policy to buy another could be very costly to you.
  7. If you have a complaint about your insurance agent or company, contact the customer service division of your insurance company. If you still are dissatisfied, contact your state insurance department. Most departments have a consumer affairs division that can offer help.
  8. Review your policy periodically or when your situation changes to be sure your coverage is adequate.
  9. Most state insurance departments require companies to provide consumers with a buyer's guide to help them understand Life Insurance terms, benefits and costs. Ask your agent for a copy.

Other Resources
Where else can I get information about insurance?

  1. NW Insurance Council at (800) 664-4942.
  2. Insurance Information Institute at (212) 346-5500.
  3. National Association of Insurance and Financial Advisors at (703) 770-8100
  4. American Council of Life Insurers (202) 624-2000
  5. Your personal insurance agent and company are good sources of general information when it comes to insurance.
  6. Look in your local library for magazines or books on insurance or personal finance.