How To Get Cheap Life Insurance
Wondering how to get cheap life insurance?
It seems like life insurance is the one subject that most people don’t like to think about. These days, a lot of employers offer life insurance as part of their benefits package which is great but what happens when your employment with company ends? Premiums for term life insurance have plummeted in the last few years making this a great time to buy if you don’t already have it.
Here are some tips to help you get cheap life insurance:
• What are your needs?
There are several good online calculators that you can use to get a general idea of how much money your spouse and/or your children will need to cover their expenses until your children finish college and your spouse reaches retirement.
• What is the difference between a Term-life and Whole Life policy?
The only benefit that Term Life policies offer is death benefits that are payable to the beneficiary if you die during the “term” of the policy. When buying term life, you choose the length of the policy, usually 1, 5, 10, 15 or 20 years and the price depends upon the length of the term you choose, the shorter the term the cheaper the policy.
Whole life, on the other hand, offers you not only death benefits but also a “savings account” meaning that if you live, you get back some of, and oftentimes more than, what you paid in premiums by cashing in the policy or by borrowing against it.
• Which type of policy is best for me?
Term Life is the cheapest and simplest option for most people. It is a much more affordable option than whole life insurance since the only benefits that it pays will be if you die during the term of the policy. The old saying goes, “Buy term and invest the rest”.
• You need to shop around if you want to get cheap life insurance
Get quotes online. All it takes is a little of your time to go to websites like Accuquote.com, efinancial.com and LifeInsure.com and request quotes.
• Take care of yourself
If you smoke, quit. Shed those extra pounds and eat right to lower your cholesterol and blood pressure if they are high. All of these things can help to get you a better rate and may save you thousands of dollars over the life of the policy.
If you have a health issue, it may be possible to save money even after you buy your premium if you improve your health. If you can establish a history of lowering your cholesterol, blood pressure or any other controllable rate increasing factor, many companies are willing to reevaluate your premiums if you ask.
• Pay Annually
Most companies offer you the options to pay monthly, quarterly, semi-annually or annually but they may also charge a fee for monthly billing. The general rule of thumb is the fewer payments you make over the course of the year, the less you’ll pay overall.
• Do your homework
Spend some time on the internet reading up on life insurance advice on websites like those mentioned under “Shop Around” to make sure that you get not only the right life insurance coverage for your family but also at the right price.
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