Affordable Life Insurance Protection for Your Family
A Review of the Top 10 Life Insurance Tips to help you save time and money on your life insurance.
Each year millions of Americans purchase life insurance because they recognize the importance of life insurance for protecting their loved ones. After all, we want to make sure that our family is taken care of when we die.
But before you choose a life insurance policy, do some comparison shopping ahead of time. That way, you'll be sure to get the best possible life insurance coverage to meet your needs, and fit your budget.
The Top 10 Life Insurance Tips
Top 10 Life Insurance Tips Explained
Shop around and compare prices
When it comes to life insurance it pays to shop around because premiums can vary by up to 50% or more between insurers. And, thanks to the Internet, it's now easier than ever to compare prices online with no obligation. Try out one of the many life insurance quote providers that can give you instant quotes. Make sure the website you shop from takes into consideration the factors in your medical history that can affect the premiums.
Never buy more life insurance coverage than you need
The key to purchasing the right amount of life insurance is to have just enough coverage to meet the needs of you and your family. If you have more life insurance than you need, you'll be paying higher premiums than necessary. On the other hand, it's important not to have too little coverage, resulting in you being under-insured. Remember, life insurance is about those you leave behind.
The healthier you are, the better your life insurance rates
Healthy people get better rates on life insurance, because you are expected to live longer. You will be required to pay a higher rate on your life insurance for anything that shortens your life expectancy (e.g., being overweight, having a medical condition, if you smoke, take medications regularly, or have a bad driving record).
Buy life insurance sooner rather than later
If you've been putting off purchasing life insurance because you don't want to pay the premiums, you may be hurting yourself in the long run. The younger you are when you buy your life insurance, the lower your premiums will be. And, you’ll be certain you can get approved for a policy.
Review your life insurance needs annually
Any life change indicates a need to review your overall life insurance plan. When it comes to life insurance coverage, you'll want to make sure that all major life events (for example, birth of a child, purchasing a home, children in college) won't leave you with less life insurance than you need.
Don’t pay high commissions
One of the reasons for higher life insurance premiums is that most life insurance policies pay commissions to the agent or broker. You may be able to buy a "no load" life insurance policy direct online through a life insurance company that sells "no-load" life insurance policies direct to consumers.
Consider annual premiums instead of monthly
You may be paying more for your life insurance policy if you pay your premiums on a monthly basis. Many life insurance companies charge extra fees if you make monthly premium payments instead of paying the annual premium once per year.
Don't rely on the life insurance provided by your employer
Many employers offer their employees some type of group term life insurance plan. However, this amount of life insurance coverage is usually not enough to meet all of your life insurance needs. Also, group life insurance policies are not portable. That means if you leave your job, you can't take your life insurance coverage with you. You need to buy a new life insurance policy to replace the coverage you lost. However, it may cost more, or you may be unable to get coverage if your health is poor.
Tell the whole truth on your life insurance application
If you're thinking about lying on your insurance application, don’t. If your insurance company finds out that you lied about a health-related condition or your lifestyle (e.g., using drugs or smoking), they may be able to cancel your life insurance policy. Buying more life insurance coverage is sometimes cheaper. Life insurance usually costs less per thousand dollars of coverage once you get into higher amounts (e.g., $250,000 or $500,000). If the numbers work out, you may be able to pay a lower premium while increasing your coverage to a higher limit.
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