Is the person that you bought your auto insurance from always trying to sell you a life insurance policy, or already did? They have a life insurance quota to keep their job or agency! Did you need life insurance? How many companies did they show you? How do you know that you got the most appropriate policy for your needs from the company offering the most value?
I’ve never held a Property & Casualty license. For good reason; you can’t be an expert at everything. Perhaps finding a planning firm with dedicated experts in a specific area may be a solution? Some insurance agencies are owned by an insurance company. Finding a firm that is responsible to you, the client, not the insurance company may be easier than you think. Many insurance agencies that sell Auto and Homeowners policies only offer the insurance company that is printed on the door.
More importantly, after determining whether you actually need a life insurance policy, a thorough review of all existing policies is recommended to determine if the plan or plans that you have, still most appropriately suits your needs. Perhaps your needs have changed? Maybe the house is paid off? Once the review is complete, if it’s determined that a policy is advisable, shop at least 30 to 40 insurance companies to find out if there is something more cost-effective or appropriate for your needs. Are you still paying premiums? Sometimes you can transfer the value of one policy into another and stop paying premiums.
A firm working in your best interest, perhaps in a fiduciary capacity, would consider your health, research multiple insurance companies (30 to 40) that have products that meet or exceeds your needs, and perhaps would find more than one company offering a match and then… let them fight over your business with better underwriting pricing. Yes, that’s right, the price for life insurance can be lower than advertised if you have someone in your corner!