Purchasing your first life insurance policy is one of those moments that define adulthood. It requires accepting your own mortality as well as taking responsibility for taking care of those you love even when you are gone. Understanding how that policy works, on the other hand, feels like you need a degree in life insurance. Lucky for you, there is an app for that. Here are six of the best apps for life insurance newbies.
1.) Life Insurance Calculator
Before you purchase a policy, you need to figure out how much life insurance you should purchase because your needs will vary based on if you have a family, a mortgage, and your amount of debt that will need to be paid off when you die. Life Insurance Calculator will help you determine how much coverage you should buy based on your expenses and your assets
2.) What’s Your Life Worth?
This is another app that gives you a concrete goal for how much life insurance that you need. By entering your information, What’s Your Life Worth will assign a monetary value to every aspect of your life. The result are both enlightening and disconcerting, but worth it to make sure your family’s financial health is protected.
3.) Insurance Terms
When you walk into your agents office to purchase policy, her or she is going to start throwing around a lot of terms that are going to sound a lot like your agent is reading stereo instructions. Rather than sit in confusion, you can use the Insurance Terms app to look up the difference between a 5, 10 and 20 year term life policy or anything else that you don’t know, so you don’t end up signing up for something you don’t want.
4.) Guide to Life Insurance
You may be brand new to life insurance, but you don’t want to walk into an insurance broker’s office without a clue about what you’re buying. The Guide to Insurance app will arm you with the information you need to confidently review and purchase a life insurance plan without feeling like you don’t understand what you are signing up for.
5.) USAA App
This integrative financial app offers you the ability to manage your investments and banking information right from your smart phone. Not only can you review your accounts with the USAA app, but the advice feature can offer you relevant information to help you make financial decisions that you don’t regret in the morning.
6.) Insurance iAgent HD
Comparing and contrasting insurance rates is important so that you get the best policy for the best price. You wouldn’t buy a car without shopping around or the first house your realtor showed you, so you shouldn’t buy the first life insurance policy you are offered. The Insurance iAgent HD app allows you to compare insurance quotes right from your smart phone.
You may be a life insurance newbie, but arming yourself with as much information as possibly will help you purchase the right amount of insurance for your family’s goals, prevent unethical agents from taking advantage of your ignorance, and make sure you understand exactly why you are paying those premiums.
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