Buying an individual life insurance policy includes the process of choosing a particular company, the plan, the benefits & features suited for your requirements.
You may approach a life insurance agent or a company representative who sells property & liability insurance for your home, business or auto.
Generally, discounts are not offered in a life insurance policy. However, it would be simple & wise to trust a single advisor for all your insurance needs. This can really make your financial life simpler & less complicated.
There are many insurance brokers & agents who sell individual policies. An agent is benefited by an amount of commission that you pay to the agent or broker once you actually buy a policy for yourself. The commission is also known as ‘Load’ that is built in to the premium rate.
The commission work towards as a compensation for the agent or broker who has spent time advising you, on the amount you must invest and the facilities you get on applying for one.
The agent is also available for you for any service, you require in future such as renewal of the policy, premium payments or arranging policy loans & even coordinating your financial plans with your lawyer & accountant.
You can also avail the two other ways to buy individual life insurance. You can easily buy a life insurance policy from a savings bank in Connecticut, New York and Massachusetts. You can even by a policy directly from an insurance company or from a fee-only financial advisor. This type of policy is also known as a ‘no load’ or ‘low load’ policy.
This type of policy does not offer any sort of commission to the agent; however, the company will still have changes built in to the premium, so that it covers its marketing expenses, application processing expenses & other subsequent services.
The crux is to find out an insurance company that would sell you a no-load policy. The process is not easy but Internet search engines would make it possible for you.
As per the group policy system, you can buy the life insurance policy automatically from your employer. Most multinational companies offer this facility to their employees.
You may also buy the insurance from a union or trade association or other group you belong to, such as an automobile club or a college alumni association.
There are many credit cards & lending institutions you can approach to buy life insurance.