Life insurance requires careful research

Nov 09, 2010

Consumers should research their life insurance options carefully.

A life insurance policy is among the most important financial investments that individuals can make - which is why it's important for them to do careful research before committing to a specific policy.

In a recent announcement, the New York State Insurance Department reminded consumers of their rights when it comes to life insurance, as well as their responsibility to perform due diligence on the policies they are considering.

"Buying a life insurance policy is an important decision because adequate insurance helps safeguard a family’s security when the policyholder passes away. The need for life insurance can vary with a consumer’s age and responsibilities. Consumers should review their life insurance needs every few years to keep up with changing financial and personal circumstances," said New York Insurance Superintendent James Wrynn.

The superintendent added that in New York, consumers have the added benefit under state law of a "free-look" period that allows them to reconsider a life insurance investment.

Regardless of where an individual lives, they can help secure long-term financial stability for their families by investing in a life insurance policy.

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