How Do I Choose the Right Insurance Policy?



There are many factors to consider when choosing an insurance policy. Cost. Benefits included. Company stability. It’s important to consider what’s most important to you when purchasing a life or supplemental health insurance policy.

 

Choosing the Right Life Insurance Policy
After you determine whether you need whole life insurance or term life insurance, examine the benefits offered each company. No two policies are the same. One company may offer the benefits you want while another doesn’t. Use the following list as a guideline while reviewing benefits from each company. Then choose the policy that fits your needs and budget.

 

  • What is your medical history? Certain medical conditions can limit your options.
  • Will the benefit amount cover your needs and final expenses?
  • Will the policy stay in force if you move or change jobs?
  • How are the benefits paid to the beneficiary?
  • What is the company’s Financial Strength Rating? Is the company able to pay claims?

 

Choosing the Right Supplemental Health Insurance Policy
First you must determine if you’re looking for a supplemental hospital, accident, cancer, critical illness, or Medigap policy. Next, review the benefits offered by each company. Some companies may bundle each type of supplemental health insurance while others offer them separately. Use the following list as a guideline while reviewing benefits from each company. Then choose the policy or policies that fit your needs and budget.

 

  • Do you have major medical insurance? Supplemental health insurance can fill in the gaps of existing major medical coverage or provide some coverage to those without major medical.
  • Will the benefits provided in the policy help cover your daily expenses and medical bills if you’re hospitalized?
  • Which critical illnesses are covered by the policy? 
  • What benefits are offered in the event of an accidental death or dismemberment? 
  • Will the policy stay in force if you move or change jobs?
  • Do you have the freedom to choose your own doctor?
  • What is the company’s Financial Strength Rating? Is the company able to pay claims?

 

Need some help determining if a United American policy is a fit for you? Contact us to learn more.