As a small business owner, you are probably more familiar with the details of contracts and financial accounts than the average person. But how well do you understand your life insurance policy? Many people understand only items related to whether they have term or whole life coverage, their beneficiary, and the total coverage amount of their policy, but you need to understand several other aspects of life insurance. Life insurance is a vital part of your financial plan as an entrepreneur, and understanding it in more depth is well worth your time.
For example, many people don’t fully understand the available riders that can add powerful benefits to a policy and enhance its usefulness. According to data collected by Health IQ, only about half of Gen X and Gen Y quiz respondents knew which common rider they could add to their policies to potentially double the payout. You can test your knowledge of the insurance industry compared to members of the public by taking a Health IQ quiz focused on how to read your policy.
Health IQ is a life insurance agency that offers some distinct ways to save on life insurance costs. Its lower rates offered to health-conscious people are similar to the savings auto insurers offer to safe drivers. The in-depth FAQ section on their life insurance page on is a great place to learn more about life insurance topics such as determining how much coverage you need, the ideal time to buy life insurance, and what riders you may select to enhance your coverage.