How To Save On Term Life Insurance
The main answer to the question how to save on term life insurance is simply buy it when you are young and healthy. Often people feel they don’t need life insurance when they are young. While your financial needs may be lower at a younger age, the rates are also substantially cheaper when you’re young. Remember, the goal is to cover assets like your salary and house so that if something were to happen to you, your beneficiaries would be able to survive financially. In other words, to make sure that your family continues to live in the style they were accustomed to, or as close as possible to it, during the time the main breadwinner was alive. The best advice is to lock in as much protection at a young age while your health and the life insurance prices are still good. Click LIFE INSURANCE NEEDS CALCULATOR and find out how much life insurance you will need to purchase in order to address the financial risks that your family may face in the event of your untimely death.
Be Aware Of What “Age Nearest” Means In Life Insurance
While some companies raise their prices based on your actual age, most companies increase the price of their policies six months before your birthday. It’s called “Age Nearest” in the life insurance industry. That half-year price increase could really add up over a 20-year term life policy. What this means is that if you are about to purchase life insurance and your birth date is also approaching, be aware that you want to buy the policy inside the first 6 months of your, lets say, birth calendar. Meaning, if you were born in May, then you want you buy the policy before November. As above, the quicker you purchase your policy the better.
Select the Right Length of Term Life Insurance Coverage
Everyone has different needs, and not one size fits all when it comes to Term Life Insurance. While it may make sense for people in their 30’s and 40’s to secure a 20-year term length, a 10-year term might be more appropriate for someone nearing retirement. People who are trying to quit smoking, for example, might be best suited purchasing a shorter term policy and then replacing it with a longer term policy when they qualify for non-tobacco prices. Lastly, individuals who have 30-year mortgages might want to consider a 30-year term policy to ensure that the house is protected throughout the period of the loan. As so on. The term, or maturity of the policy should meet the personal and financial needs of the prospective insured.
Check for Term Life Insurance Policy Price Breaks
Companies often offer “price breaks” at certain coverage amounts (e.g., $250,000 vs. $225,000). The truth is that many people can actually pay less money for more coverage. Check how little your prices increase when you increase coverage to $250,000, $500,000, or $1,000,000. Click on QUOTE ENGINE and do your own research to find find how much a life insurance policy will cost you. Experiment with different face amounts and maturities. Or call our Toll Free Number (888) 980-8376 and we will help you calculate the right amount of life insurance you should purchase and the policy the fits your personal and financial needs.
Buy the Right Amount of Term Life Insurance Coverage
The purpose of life insurance is to “indemnify” (replace financial loss), and what most people should be looking for is income replacement for their beneficiaries. Independent financial planners recommend the following: purchase an amount of coverage equal to 6-10 times your annual gross income. Some folks purchase Term Life Insurance to mature around the time they retire, perhaps at 65, assuming that by then children would have been on their own for a while and there would have been sufficient time to build a retirement fund and, if so, life insurance would no longer be needed. At least not as much as first acquired.
The Right Hobby With the Wrong Insurance Company Could Cost You
People who participate in high-risk sports or activities (such as hang-gliding, skydiving, mountain climbing, scuba diving, and racing), or even those who like to have an occasional cigar could very well pay more money if they don’t pick the right life insurance company. Every company looks at risk factors differently and some are more liberal in certain areas than others. Speak with a licensed insurance expert and make sure they have all the underwriting criteria at their disposal and match you with the right company. If you participate in high-risk sports or activities call our Toll Free Number (888) 950-8376 and we will work with you to find the life insurance company that meets your personal and financial goals.
Next, A Popular Way As To How To Save On Term Life Insurance
While purchasing a life insurance policy through your employer is convenient, it may not be the best deal for you. Work policies are often based on a composite profile of the employees you work with. If you are healthy, you probably helping pay for the policies of many of your co-workers who may be less healthy than you, or who have other underwriting factors that might drive up rates. Work life insurance policies also expire if/when you leave the company at which point you will find yourself without life insurance and facing the reality that a policy obtained at that time will be substantially more expensive tha if you had gotten it when you were younder.. Inexpensive Term Life Insurance polices that cover your dependents until they can live comfortably on their own are often a better alternative. Use our QUOTE ENGINE to compare how much your own term life insurance policy would cost you vs. the company-provided policy.
Check Out Your Payment/Billing Options with Term Life Insurance
Many life insurance companies offer discounts to consumers who pay their premiums annually, or who pay monthly by electronic funds transfer (EFT). Do not ignore this. Life with any other consumer products, as you can see, you can always learn how to save on life insurance.
Review Your Term Life Insurance Policy Often
Call your agent (US!) to do a review of your life insurance policy a minimum of every three years, but preferably annually. Rates may be lower, and/or your circumstances may have changed, necessitating more or less protection. If you are replacing a policy, make sure you allow enough time to get your new policy in place so coverages won’t overlap or lapse. Call our Toll Free Number (888) 950-8376 and we will do a free policy review for you.
Do Not Overspend On Life Insurance Protection
Term Life Insurance is the most affordable and cost-effective pure protection available, It is typically much less expensive than a comparable whole life policy. The old axiom still rings true: “Buy Term and invest the difference”. Although this may not hold for all folks, do look into it. Most people feel that they only need life insurance until they are ready to retire. At this time in their life, a) hopefully, the children are already financially independent; b) a retirement fund is in place; and, c) the mortgage and all other significant financial obligations have been settled and there is no longer a need for life insurance…perhaps a small policy to cover final expenses.