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Six tips for buying life insurance

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Six tips for buying life insurance
OMA Insurance
3/1/2019
If you're thinking about buying life insurance, you may be asking yourself questions, such as "How much life insurance do I need?", "What is the best type of life insurance to have?" and "Which company should I buy from?" You're not alone. Purchasing insurance can feel overwhelming and the costs could vary.

We've put together six tips to help you make an informed decision when buying life insurance.

1.Understand why you need it in the first place.

Most people decide to review or consider buying life insurance while they are single, getting married, having a baby, buying a home, opening a business, preparing for retirement or other significant life changing events. The decision to buy life insurance usually comes from a need to ensure that your loved ones are taken care of when you're no longer alive.


2. How much coverage you may need.

While you can select to purchase insurance on your own, we highly recommend you meet with a life licensed insurance advisor, who will complete a full analysis of your insurance needs. Sharing your financial goals with your advisor will assist them in helping you create the kind of legacy you want to leave for those you love.


3. Select the right type of policy.

Once your financial risks have been identified, an insurance advisor can assist you with selecting the right insurance product. Your association can provide both group plans and individual plans that are designed with physicians in mind. Either way, the OMA continues to work with companies like New York Life Insurance Company to determine plans that suit the needs of OMA members.


4. Understand the value of the insurance provider.

Know the key benefits and features of the insurance company that you are purchasing coverage from. At OMA Insurance, we take pride in our long history of ensuring physicians and their families with the right insurance solutions.  We have been servicing members since 1956 and our not profit model with non- commissioned insurance advisors ensures that we are focused on providing you with the most valuable solutions that fit your needs.


5. Know your Advisor

Your association has both internal and regional insurance advisors available to assist you with making your insurance selection. Collectively, the team has over 30 years of insurance experience! 


6. Grow your insurance knowledge

Insurance can be confusing, with terms like, "premium," "dividend," and "term insurance". You can review our Knowledge Centre to find more tips and advice on insurance.

These are important steps to take to help you ensure your financial plan is healthy and reflects your current lifestyle.


The content of this article is intended to provide a general guide to the legislation. Specialist advice should be sought about your specific circumstances.