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January 19, 2016 By

Tips for the First Time Buyer

Life insurance is a complicated subject. When it comes to making your first purchase of a life insurance policy, chances are you won’t quite know what you are doing. A million questions are likely to go through your mind, from why am I doing this, to how much do I really need?

Often, the first-time policy buyer is young, healthy, and not at all thinking about the actual need for life insurance. The conversation may develop as your learn about your employer group sponsored policy, or perhaps in reflection of seeing someone else make a purchase or being in the unfortunate position of hearing about the death of someone you know – who didn’t have life insurance and the family left behind is in need. Just like buying a house with homeowner insurance, or a car with auto insurance, or any other insurance policy, life insurance is complex and different for everyone – but – the one thing in common? Insurance fills a need.

Why Life Insurance?

The bottom line is that owning a strong life insurance policy early on is a smart choice financially. Life Insurance is something that people can fall back on when in financial need, becoming something that is of huge assistance. Life insurance policies by design provide financial support and security to families in need following the loss of a loved one, but they can actually do much more than that, offering a sense of security and peace of mind during times of injury or job loss. It all depends on the type of policy that you get – thus the potential complexity.

Here are a few quick tips for the first time policy buyer:

  • Understand why you need life insurance. Think about your family, your finances, your career and future financial prospects, and understand exactly what the policy can do for you.
  • Estimate the financial amount that you need from your policy. Don’t make the mistake of getting a policy that won’t cover the expenses you are most concerned about.
  • There is more than one type of life insurance policy, and it is important that you research all of your options before settling on one. While a term life insurance policy is likely to provide affordable monthly payments, a permanent life insurance policy is typically more comprehensive and will actually possess cash value. Know what is best for your personal needs before making a choice.

If you have never purchased life insurance before, now is a great time to start looking. And to ensure that you are looking at what YOU need – reach out to an insurance representative for both education and selection.

Filed Under: Affordable Life Insurance, Cheap Life Insurance, Life Insurance, Term Life Insurance Tagged With: affordable life insurance, Cheap Life Insurance, Final Expense Insurance, Insurance Market, steps for Cheap Life Insurance

New Jersey Life Insurance Expert

Carl Feller – the owner of Excalibur Brokerage Agency – has been a Life and Health Insurance professional for almost 40 years. Carl has been putting his expertise to work with the Brokers who place their business through his Agency, and for the customers who purchase their insurance through him.

Carl earned his Bachelor’s Degree in 1978 from Fairleigh Dickinson University, and then entered the insurance industry as an agent with Northwestern Mutual. Carl made his mark at the former Mutual Benefit Life Insurance Company in Newark, NJ where he was Vice President of Individual Disability products. After Mutual Benefit, he went to a John Hancock Agency, helping to build a national brokerage operation, until he decided that he wanted to build his own Agency and put to use all of his knowledge, contacts, and capabilities. Life insurance and its suite of products, Term Insurance, Impaired Risk, Long Term Care, and Disability to name a few, are complex at best to the general public, and each product and company has charted its own maze with underwriting and product options. Carl, being licensed in almost every state, has put his expertise to use on both the customer and Broker side. For his Brokers, as a General Agent for about 30 companies, he pre-underwrites cases, advising on the best product or company for a particular need. For the customer, he strives for that perfect fit: the right product for the right person.

About fifteen years ago, Carl ventured into the Senior Market, specializing in Long Term Care. In 2003 he earned his certification as a Long-Term Care Professional (LTCP), co-sponsored by the Health Insurance Association of America (HIAA) and the American Association for Long-Term Care Insurance (AALTCI). As a Long-Term Care Professional and a certified trainer, Carl is very knowledgeable about this particular segment of the market, and has followed it through its evolution.

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