Life insurance is an important investment that requires careful thought and consideration when you’re selecting a policy. Every individual has different needs, so it’s crucial to understand your options before settling on a life insurance plan. Before you finalize a new policy, make sure you read through all your policy documents carefully. If you don’t quite understand the terms and conditions, now is the time to ask questions, research the content, and make the proper changes to customize your plan properly.
According to a recent Health IQ survey, only about one-quarter of Americans know what the mode of premium payment refers to, and fewer than four in 10 individuals know what’s included in the insuring agreement. Health IQ’s in-depth FAQ on their life insurance page offers essential insights to help you better understand the key terms and concepts involved in a life insurance plan. You can use this information and other similar resources to brush up on your knowledge of life insurance policies and make sure you’re current with the most important terms.
Understanding how to read your policy will equip you to knowledgeably review important information, ask smart questions, and make sure your purchase is well-suited to your needs. From the DEC page to the additional riders, you need to review each aspect of your new policy carefully. If you’re seeking coverage or purchasing a new plan, now is the time to check your knowledge of what’s included in a policy and where you’ll find key information. Take this quiz on what to know when reading your policy to see how much you understand.