Life Is Risky Business Consider Getting Life Insurance

BBB gives advice in recognition of National Insurance Awareness Month AUSTIN TexasSeptember is National Life Insurance Awareness Month an annual campaign aimed to educate and emphasize the importance of having life insurance. While its easy to get caught up in our day-to-day lives Better Business Bureau serving Central Coastal Southwest Texas and the Permian Basin advises consumers to prepare for the unexpected and consider getting insured. Whether you are young or approaching retirement life insurance can be a tool to make sure your final expenses are paid. However its important to do your research to find out if life insurance is right for you and which policy is a good fit for your needs. In 2015 BBB received over 600 complaints against life insurance companies nationwide. Most complaints allege problems with billing service issues and contract disputes. Most insurance policies contain a page in front of the insurance contract that gives a policy summary. That will contain most of the information you will want to review. The easiest way to organize and review your insurance policies is to read over this summary for each insurance policy. An insurance policy summary should contain a section that has the basics of your policy and a section with details on the benefits and restrictions. When conducting a review of your insurance policies pay the most attention to the benefits and restrictions. BBB advises policyholders:

• Research the company. Check a companys BBB Business Profile first at bbb.org. You can view the companys background how they handle complaints licensing and certifications and advertising-related information. Know what company youre applying with and look over the insurance application carefully.
• Research the type of policy. For example if its a life insurance policy what type of life insurance policy it is: term life whole life universal life or variable life? The Texas Department of Insurance recommends getting a sample copy of the policy for which youre applying. Make sure you know your policy number as this is needed for any questions or claims when you inquire about an insurance policy. Also understand that the policy may count as an asset when determining eligibility for public benefits such as Medicaid.
• Know the insurance carrier. What insurance company provides the insurance? Note the customer service number or the contact information for your insurance agent. You may want to consider adding this information to your phone address book in case of an emergency. Be cautious if your application is being sent to more than one company and if multiple insurance policies are being bought on your life.
• Understand who the policy insures. Who do the benefits apply to; you your spouse or a dependent child? Also find out if life insurance is offered through your employer as many cover their employees at little to no cost.
• Keep in mind the date issued. If its term insurance there will be an expiration date. Permanent insurance will have a surrender charge that may apply if you cancel the policy in the first 5 to 20 years.
• Find out if a premium required. Always keep track of the premium you pay and how frequently it is paid. Note whether payments are paid by dividends within the policy or paid monthly from your bank account.
• Keep a copy of your policy. Consider keeping a signed copy of your policy in a safe place such as a safe deposit box or in-home safe. Make sure a close family member or emergency contact has a copy in case anything unexpected happens to you.
• Review your beneficiaries regularly. If you had a major life event such as a marriage divorce or birth of a child make sure the beneficiary information is up-to-date. Remember whoever is listed as the beneficiary on your policy will receive the life insurance money.

After you have finished reviewing these basics be sure to call your insurer and get clarification on any remaining questions or issues. If any promises or clarifications are made and are not in your policy ask for a printed copy of the information. When in the market for insurance visit checkbbb.org for a list of BBB Accredited insurance agencies in your area. If you have issues with a claim or are concerned you may be getting ripped off the Texas Department of Insurance helps consumers resolve complaints against insurance companies insurance agents and adjusters. You can also file a complaint with BBB atbbb.org/central-texas. For the latest news and information follow us on watchyourbuck.com Facebook and Twitter. To check out a company and find trustworthy businesses visit bbb.org. Find other news story topics by visiting our Press Release News Center. ABOUT BBB®: For more than 100 years Better Business Bureau has been helping people find businesses brands and charities they can trust. In 2015 people turned to BBB more than 172 million times for BBB Business Reviews on more than 5.3 million businesses and Charity Reports on 11000 charities all available for free at bbb.org. There are local independent BBBs across the United States Canada and Mexico including BBB serving Central Coastal Southwest Texas and the Permian Basin which serves 97 counties in Texas.