Shopping for Masonic life insurance? This article will give you all the knowledge and confidence to make the best choice.
A Note to All Brethren
Even though there is no specific life insurance policy designed only for Masons. You still have an arsenal of great choices from many top rated life insurance companies. As a Mason myself with over 40 years in the fraternity (Hinsdale Lodge #934). I want to make sure all of our brothers in our fraternity know how to secure the best policy for their needs. Purchasing this Masonic life insurance is an important step. It pays to take your time and do your homework.
Having some product knowledge can help you save money
As with any other product you attempt to purchase, make sure you have a basic understanding of life insurance and the various plan designs. You don’t have to become an expert, but you need to understand the fundamentals so you can make an educated buying decision. I have found that many of our brethren search for Masonic life insurance with only price in mind. You also have to pay attention to the plan design also so your properly insured.
Far too many people shop for insurance products and want to discuss the cost of insurance without understanding anything about the product they are planning on purchasing. This is putting the cart before the horse.
The three main plan designs
- Term Life – Term insurance is a temporary form of life insurance that stays in force for a specific amount of time. On average, term plan designs have a period of between 10-30 years in length.
- Universal Life – Universal Life is permanent insurance that lasts for the rest of your life as long as you pay the premiums. Universal life costs more that term but it lasts forever unlike term insurance does.
- Whole Life – Whole Life is another permanent product that keeps building up cash value as the years progress. Whole life is financially not very practical due to its high cost. Many companies do not offer this product any longer.
By far, most people will find that term plan designs will be their best choice due to their low cost. You can also combine term with universal life to create an excellent life insurance portfolio.
What determines your premiums?
This all depends on many important factors such as;
- Your Current Age
- Your Health History
- Driving Record (tickets, accidents, DUI, DWI etc.)
- Your Parents Life longevity (early death, cancer or heart disease)
- Occupational Hazards (dangerous jobs)
- Dangerous Sports or Hobbies
- Height & Weight (overweight or obesity)
- Your Requested Face Amount (death benefit)
- Type of Policy Applied For (term, whole life etc.)
Your time is valuable, so use it effectively!
Some of the ways people consume a lot of time shopping for Masonic life insurance with very little to no success what so ever.
- Surfing from one website to another for days or even weeks on end. They hope to find the best policy only to get more confused each day.
- Reviewing redundant comparisons with the exact same life insurance companies on one website as they have on many others they looked at before.
- Looking at types of policies and plan designs that they have no product knowledge of and do not understand.
- Activating quoting systems and using a health class from the drop-down menu that they don’t qualify for. Many consumers will have serious medical conditions and they are reviewing “Preferred Best” rates.
- Comparing the exact same premiums on many websites looking for the lowest price not knowing life insurance rates are completely regulated by law in each state. Remember that, nobody can sell for less than another, not even by a single penny.
If this looks like your own track record, don’t feel bad you are in the same boat as many others.
Over 85% of life insurance shoppers search the internet daily only to get confused and never end up buying life insurance. They get confused and frustrated because they are afraid to ask questions. Picking up the phone or emailing an agent or broker would quickly answer all their questions and put an end to any confusion. Their families ultimately pay the piper with a financial crisis after they pass when professional help could have quickly been had without any cost or obligation.
With todays technology, you can shop the easy way
Don’t go through all this work yourself. Let an experienced life insurance agent do the work for you. Here is how you can make it easy on yourself when you shop for life insurance.
- Locate and reach out to a knowledgeable independent insurance agent that specializes in life insurance products. There is no cost or obligation so you can’t go wrong. Don’t worry, insurance agents don’t bite! At least most don’t anyway.
- If you have any medical concerns or a hazardous job, make sure you inform your agent right up front. Your agent can run a medical pre-screen if he feels necessary.
- Have your agent explain all the different types of life insurance plan designs you have as options. He should automatically do this even without asking.
- Your agent can review the best online quotes with his quoting software. He can easily help you compare the best life insurance rates from over 40 of the best companies.
- Apply over the telephone and let your agent walk you through the rest of the process.
There is no time like the present to apply
Here is a fact you probably did not know about. Life insurance rates are actually going down because people are now living longer? There also has been a very noticeable increase in applications because of the reduction in life insurance rates. Going to the doctor’s office for annual wellness visits make a big difference when spotting a health condition in its early stages. Life insurance companies appreciate applicants that go in for regular check-ups in an attempt to stay healthy.
If you still smoke, consider giving up this habit before you ruin your health. Giving up smoking and having better diets all play an important role in living a longer life. Keep in mind that the life insurance rates for smokers can easily be 300% or higher than premiums of non-smokers.
Carriers with the lowest rates
There are many excellent life insurance companies you can choose from. The best company is going to be the company that offers you the lowest rates. This will depend on your specific information such as age, health, occupation, and lifestyle. Here is a basic list of some of the best ones to consider.
- Banner Life
- Protective Life
- American General
- Principal Financial
- Lincoln Financial
- SBLI (Savings Bank Life Insurance)
You can now apply three different ways
There are three ways you can apply for your new life insurance policy.
- Paper Applications – paper applications have always been the most time consuming of all applications. Most people don’t appreciate a conventional 30-page application to complete. If your handwriting is not legible or you miss a question, the application will be delayed not to mention writer’s cramp.
- Online Applications – modern online applications are normally much easier for the applicant to complete. The only stipulation is the applicant must have a computer and have some basic internet experience.
- Telephone Applications – The telephone applications are by far the best way to apply for life insurance. They only take about 20-30 minutes and all you have to do is listen to the question and then answer them over the phone. It does not get any easier than that.
Our final word on Masonic life insurance
If you are ready to start comparing plans designs and premiums, complete the form on this page. You can quickly begin comparing the lowest rates from the most competitive companies in your state. A modern quote engine like ours will display rates from over 40 of the best life insurance companies. All of the premiums you see are up to date and accurate. Whatever you do, don’t hesitate to call us with any questions you may have. There is never any cost or obligation for our help.
All the best,
*If you would like to schedule a specific time to get all your questions answered, set up a telephone conversation with no obligation.