What are the most important things to remember when purchasing any type of insurance?
Remember the acronym – PIN: P – Preparation. Write down exactly what you expect will be protected by the insurance you are buying. Carefully calculate the dollar amounts of insurance necessary to accomplish your objectives. Discuss your expectations and objectives in detail with the agent. I – Insist on two things: (1) reading the application questions yourself and answering them with literal accuracy, and (2) being shown a copy of the proposed policy before you buy it. N – Notes. Always take careful notes about what you are told by the agent. Save these notes in your insurance file. They can make a big difference in whether a large claim will be honored. If you feel you do not understand the explanation, ask for it in writing and add it to your insurance Notebook.
