John Kim is the Co-Founder of Syncis, a privately-owned and independent marketing organization. The organization brings together some of the largest insurance and financial service providers in the United States to provide various financial products and services to middle-income individuals, families, and small business owners.
John Kim established Syncis in 2009 in partnership with Les Schlais. However, his experience in the financial services industry goes back to 1997. Here are a couple of things you need to know before purchasing a life insurance policy.
Know What You Need
The first thing you want to do before purchasing a life insurance policy is to speak to an insurance agent and determine what you need. You will need to assess your insurance needs and know what insurance policies are available.
How Much Coverage You Require
You will need to know how much coverage you require. To do this you will have to know how much of the total income in the family you provide. You will also need to determine how your family will pay for expenses in the unfortunate event of your death. The answers to questions like these will help your insurance agent determine how much insurance you will need to buy to cover your financial needs.
Assess Existing Life Insurance Policies
If you have already purchased a life insurance policy in the past, you might want to keep it until you have reviewed your new insurance policy and decide whether you want to keep it or not. Some insurance policies do not necessarily need to be canceled to include other benefits. You might be able to change your existing life insurance policy to include the other benefits you are looking for.
Compare Various Policies
Term insurance and cash value insurance are the two different types of life insurance policies that are available. Term insurances generally have lower premiums for the first few years, and its cash value does not increase in the future. On the other hand, cash value insurances are of different types, such as; variable life insurance, universal life insurance, and whole life insurance. The particular life insurance policy you choose should be based on what you can afford, and on your current and future needs.
When choosing a life insurance policy, make sure you will be able to make the premium payments. You will have to consider your current financial status because you will have to make the initial premium and subsequent payments. If the premium rises at a later time, will you still be able to make the payments?
John Kim Syncis and the Associates at Syncis are committed to helping families attain proper financial protection and prepare for the future.