The new year is upon us, and its a great time to make a resolution to review your life insurance policies. I fully understand that life insurance isnt necessarily a fun thing to make a resolution about; however, it is extremely vital when it comes to your familys protection. Here are three to-dos.

1. Review your life insurance beneficiaries.
All too often, people buy life insurance and then let the policy sit there year after year without reviewing who they have designated as the beneficiary of the policy. A beneficiary review is crucial because, after all, what good is life insurance if the death benefit will not be used by those who need it the most?

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No medical term life insurance. Life insurance was designed many years ago to protect wives and children in the event of the premature death of the husband and father. You see, men were the ones at that point who went out and earned that dollar to protect the family.

Women had the more important role of seeing that the children were properly raised and managing the home. At the inception it didn’t matter very much whether one bought whole life or term. If there was a favored type of policy it was whole life.

Then comes a revolution about 30 years ago by one company that was obsessed with the idea that if people bought term insurance they could provide more protection for their families.

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Question: What is a life insurance dividend?

Answer:

A dividend is money paid, usually annually, by a life insurance company to the policyholder of a “participating” life insurance policy. According to the National Association of Insurance Commissioners, life insurance policies that issue dividends allow you, the policyholder, to “participate” in the insurance company’s earnings.

Dividends are actually partial refunds of your premium payments. When a life insurance company collects more in premiums than is necessary to maintain an insurance pool to pay current and future claims, the company issues a dividend to policyholders.

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Who has the best life insurance rate? Which company offers the lowest life insurance premium? Are they reputable companies? We all want the best of everything, that is why we shop around. You want a new car so you compare the prices of dependable cars. You also go from dealer to dealer to make certain you get the best deal.

You want to do the same with life insurance. What is the best policy for my money? There are about 2000 life insurance companies on the face of this earth and attempting to compare the policies in all of them would be quite a task.

Here is a good way to do your comparisons without the hassle.

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