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Information follows which we hope will help you in your Pennsylvania life insurance purchasing process. Check with the Pennsylvania Department of Insurance for any remaining questions concerning Pennsylvania life insurance. You may reach them at 877-881-6388, or online at www.insurance.state.pa.us.
The rising cost of homeowners insurance is finally slowing. According to the Insurance Information Institute, home insurance prices nationwide are expected to rise by only 2.5 percent in 2005, the smallest increase in six years. Fewer claims filed and lower claims costs are contributing to this slowdown.
Buying Pennsylvania life insurance requires looking for a policy that meets your needs and the needs of your family-without costing too much.
The first step in this process is determining how much life insurance you actually need. You can arrive at this figure by examining the financial resources your dependents would have if you died now, and what they would need to maintain their current standard of living. Your Pennsylvania life insurance policy should make up the difference, or at least come as close as possible. Take all assets and income into consideration, including savings, investments, personal property and any real estate owned. Conversely, consider your family's cost of living, educational costs, and any other potential financial needs.
Determining how much Pennsylvania life insurance you can afford is the next step. Closely examine your budget and living expenses to determine a comfortable, affordable monthly premium. Keep this figure in mind when talking to insurance agents, and do not let them pressure you into spending more on your life insurance than this predetermined amount.
Finally, investigate the various types of policies available, and pick the one that best suits you and your family. Comparison shop, examining both coverage and prices different Pennsylvania life insurance companies charge.
"What kinds of life insurance are available?"
Several types of Pennsylvania life insurance policies are available. These include term life, permanent or cash value life, and other policies which combine the two.
Term life policies cover you for only a specific period of time or until a specified age, and include only a one-time death benefit payment.
Permanent or cash value life policies provide permanent life insurance protection, and may include both a death benefit and cash savings. Pennsylvania term life insurance is generally cheaper, but its cost increases as you get older. Permanent life insurance involves higher premiums, but its price usually remains steady.
Some Pennsylvania life insurance companies also offer policies which are a combination of the two. Talk to a Pennsylvania life insurance agent to determine the policy type best suited to you and your family.
Following are some suggestions to consider when purchasing and maintaining a Pennsylvania life insurance policy:
Assessing your needs and financial goals is essential in determining if a replacement Pennsylvania life insurance policy is needed.
Check with your life insurance agent before replacing your current policy to see if the existing policy can be altered to meet your needs. Ask him or her to provide you with a list of advantages and disadvantages to replacing your policy, and to inform you of any tax implications associated with switching life insurance plans. If you decide to make a switch in coverage, you may have to pay extra taxes.
The cost associated with a new Pennsylvania life insurance policy may be higher than the cost of your previous premium. This is due to aging and changing health conditions, as well as the cost of issuing your new policy.
Examine all the benefits of both policies and review premium costs before making your final decision.
Check Them Out!
If you would like to scrutinize an insurer's financial stability ratings and complaint history before purchasing your Pennsylvania life insurance policy, this information can be obtained through the following consumer rating companies, provided by the Insurance Information Institute (I.I.I.):
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