How to Choose a Life Insurance Policy

How to Choose a Life Insurance Policy
March 12, 2018 ARM Life

“Today is the 6th day of non-stop rainfall. I felt a cold chill and instinctively hugged myself trying to keep warm in the chilling breeze, wet roads and very lonely thoughts of my family far away in another town. I consider myself amongst the privileged few who could boast of having provided all my family would ever need for a comfortable life and a few luxuries to add up.

I must have created the perfect life, or so it seemed, as these thoughts came over me and I asked myself: ‘Segun, what would your family be like without you in their lives?’ This led me to think deeply about the Insurance guy that tried to sell insurance to me and the further considerations I promised to make. I had asked him, ‘What should I really consider in choosing a Life Insurance policy?’”

To answer Segun’s question, here are a few important things to consider:

What stage am I in Life?
There are different needs at each stage in Life. Whilst a single unmarried man may think of savings/investing and health protection, a young married couple, in addition to the first two needs, will need to start thinking about a Family Income protection (especially if there is only one stream of income). Furthermore, a middle-aged man will also be thinking of a Retirement Plan. You need to determine your stage in the lifecycle plan as it helps streamline your decisions.

How much can I afford?
Your income level and lifestyle will determine the amount of Life Insurance cover you can purchase. Equally important is the estimation of your family’s need in the event that you are no longer able to provide any financial support.
Who do I trust with this decision?
Financial decisions require expert financial advise. I bet you would not go to a hospital and prescribe to your doctor what he needs to give to you to cure your ailment. The doctor is an expert and knows exactly what to do. In the same vein, we can refer you to a Financial Advisor as a Doctor. At ARM Life, we have experienced Financial Advisors who can help you make the right decisions.
Having come to terms with the above considerations, the next step is to commit to your desired plan(s). We will work with you to review these plans periodically to ensure that you are on track to meet your goals.
Let us start a relationship today. Should you need advise on choosing an Insurance Policy, call us on 0700CALLARM(07002255276) or send an email to [email protected]