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Five Life Insurance Basics Everyone Should Know
As interesting as it would be to know a lot about everything, most of us have to pick and choose our interests. For those of us at McCormick Insurance Inc., we have chosen to make loss prevention products a big part of our lives. We have undergone the training necessary to get properly licensed in the various forms of insurance we make available to our clients and potential clients. We understand that many may consider insurance a less than stimulating conversation starter, but here are five life insurance basics everyone should know.
- Buy life insurance when you are young and healthy. The biggest factors affecting life insurance prices are your age and health. Buying it when you are young and healthy may seem contrary, but it is the smartest time to purchase it.
- There are two basic forms of life insurance. The two are Term life insurance, that covers an insured for a specific period or term, and Whole life insurance which covers the insured as long as premiums are paid.
- Whole life insurance builds value, term life insurance does not. Term life coverage is generally less expensive but expires after its term is over. Whole life builds value as you make payments over the years, value that you can tap into.
- Make sure someone knows about your life insurance coverage. An unclaimed policy doesn’t help the people it was intended to help.
- Compare to get the best rates. Rates can vary widely from provider to provider. Comparing is the one way to ensure you are getting the best value.
If you live in the Pembroke Pines, FL area we invite you to compare using McCormick Insurance. We are an independent agency that can do the work for you. We can scour the rates of multiple companies to find your best rates. Visit us online or contact us. Knowing the basics can go a long way in better protecting your family.
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