Life insurance is no different than any other product or service when it comes to paying for it. Nobody wants to pay any more than they have to. This is just human nature and common sense. You can look at life insurance as a product even if you cannot physically hold it in your hand. As a life insurance agent I want to pass along several good ways to purchase life insurance that will perfectly fit your specific needs while spending the least amount of hard earned premium dollars for it.
These are tried and proven ways that will work very well for you and take a lot of the mystery of what actually happens during the application process. The more you know the smarter of a shopper you will be.
Locate and work with an experienced licensed life insurance agent or broker who is a seasoned veteran in the business.
Trying to find the perfect life insurance policy for your needs and receive the lowest possible premium is going to need an experts help. When I say an expert I am referring to an actual licensed agent or broker who actually specializes in life insurance as his or her main product line. Financial Planners, Bankers and the self-proclaimed experts that claim to be experts in financing, debt reduction, investing and tax preparation are usually a group of blowhards when it comes right down to their actual knowledge of life insurance.
You need an independent life insurance professional that helps people save money and secure the very best life insurance products on a daily basis.
I have seen some of the life insurance product that consumers have purchased from the advice of these weekend warriors and it is a shame to say the least. One of the best ways to locate a good insurance agent is to always get referrals from close friends or relatives who had great success with a specific agent’s assistance. Always remember the basics where if you are in trouble with the law you go into a courtroom with a lawyer not an auto mechanic or if you have chest pains you see a doctor not a plumber. This is the same way when you go to purchase life insurance.
Purchase your life insurance as soon as you can! The longer you wait, the older you get and the rates are primarily based on your date of birth.
I would have to say that this is the number one situation that causes people to have to spend more money than they should. They simply waited too long when they could have purchased their life insurance years ago when their rates would have been much lower and their health was at its very best. I talk to people just about every day that want to buy affordable life insurance who are in their sixties and seventies and are in bad health.
These same people had the perfect opportunity to purchase it years ago when they were financially and physically able but kept putting it off. Whatever you do, don’t make that mistake it can very costly or you could find you’re unable to purchase your life insurance because of poor health reasons. Make sure to complete the quoting form on this page and run our quote engine so you can see the best life insurance quotes from over 40 of the highest rated companies displayed side by side.
Try to purchase your low cost life insurance as a one shot deal without having to buy more at a later date.
If you work with a good agent and you are at a relatively young age you can work up a life insurance portfolio which will be sufficient for the rest of your life. This can be a life insurance package that consists of Term life insurance with a higher face amount for the most financially volatile years of your life when you have the highest financial liabilities and when the Term life insurance drops off by its term limit you will still have a permanent plan such as Universal life which will carry on for the rest of your natural life.
If you have to purchase more life insurance at a later date, you will be running into that same situation where you are older and your health may be failing which could possibly prevent you from ever buying life insurance again. Working with a savvy agent will help you develop a professionally designed insurance portfolio which will eliminate any future headaches down the road and also cost you the least amount of money.
Comparison shopping by means of comparing rates from multiple carriers displayed side by side is very important.
Comparing rates from multiple life insurance companies to a total must if you are planning on receiving the lowest rates possible. When you work with an expert life insurance broker this will be a given. Most good brokers know which company will have the lowest rates by just looking at your age, smoking status and health history. Our quoting system will display over 40 of the most competitive companies in the nation.
All good brokers know this is an important step and will automatically comparison shop for you without asking. These are the types of advantages you have working with a true professional. Being able to locate the lowest life insurance rates takes experience and knowledge of the life insurance market. This is where the life insurance agents help comes into play.
Consider Term life insurance as a product which will allow you to obtain higher face amount which you may need with an affordable premium you can comfortably afford.
There are three basic forms of life insurance which are;
• Term Life Insurance
• Universal Life Insurance
• Whole Life Insurance
Term life insurance quotes will always be the lowest cost life insurance you can buy. Keep in mind that there is a term period that will eventually cause the term policy to terminate and come to an end. There are conversion options for Term plan designs that will allow you to covert the Term plan to a Universal life insurance policy which will last the rest of your life. Term policies are great for covering you during the years of your life where you need the highest face amount without having to pay excessive premiums to get it.
Don’t sell yourself short when choosing your term period. You would be better off purchasing a longer term such as 30 years vs. 20 or 10 years when you really don’t know for how long your life insurance will be needed. The Term period is something your agent can easily help you to decide.
If you smoke, consider quitting as soon as possible. Life insurance for smokers can easily cost double, triple or even more than what a non-smoker would pay for the same exact life insurance.
With the high cost of life insurance with a smoker’s rate, you will probably have to sacrifice the face amount to a much lower number due to the fact the premiums for the face amount you really need will not be affordable. Many people will apply for life insurance late in life which is going to be expensive enough without having to add a smoker’s rate to the life insurance rates.
Smoking is just bad for your health and is a very expensive habit to maintain. Term life insurance for smoker’s is another case in point where your agent is going to have to run a pre-screen to see who will offer you the lowest rates for whatever form of tobacco products you use. Some of the life insurance companies will be more smoker friendly than others and this will reflect in their premiums.
Know what your recommended face amount should be before you apply so you don’t purchase more life insurance than you really need.
Our website has a face amount calculator you can use which will point you in the right direction when considering how much life insurance is really needed for your specific needs, everyone is different. Many times a consumer’s face amount is going to be determined by their health history and age which is going to have a direct impact on their premium. Sometimes people cannot always afford the amount of life insurance they actually need due to cost.
If you currently have life insurance and your health has improved, you can ask for a rate re-evaluation.
This can work out well if you were originally rated higher for a medical condition you had at the time of the application. Many consumers do not know this. For example if you were overweight or had high blood pressure or high cholesterol and exercise eliminated these conditions or you even smoked and stopped smoking you can ask the life insurance company to remove the rate-up you originally received. You are going to have to maintain these health improvements for at least a year before they would consider lowering your life insurance rates.
Paying your life insurance premium on an annual basis is going to save you money right from the get go.
Naturally this is a great way to save money but it will depend on the policy owner being able to afford an annual bill instead of semi-annual, quarterly or monthly. Monthly will always be the most expensive billing mode. Many people like the monthly invoice to be taken out of their checking account and they never have to worry about forgetting to pay the premium or at least having to keep track of it. If you already have life insurance and it is not being billed on an annual basis, you can change it and experience a lower premium.
If your mission is to pay the least amount of premium dollars for your new life insurance plan, go with the fully underwritten process.
Sometimes people want to eliminate the Para-Med visit with the blood test and elect to have a simplified issue policy which could be approved within 24-48 hours. This idea really sounds great but the drawback is going to be higher premiums straight across the board. Anytime a life insurance company reviews a simplified issue (Non-Med) application, they will be working off very limited information which will force them to have to charge more because they might miss important health background information that will reveal potential medical problems that could escalate down the road.
The simplified issue policies are great if you are in a bind for time such as for a court order or a commercial loan but the applicant is going to have to pay for this convenience. Applying for low cost life insurance can be very time consuming and sometime people get frustrated with the process but you have to just sit back and wait until the process is complete and it will all be worth it.
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About The Author:
Jack Venturi is the founder of BestChoiceLifeInsurance.com. Jack is an independent life insurance agent/broker who helps people from all over the United States purchase low cost life insurance over the phone and online. Jack has over 20 years’ experience in the life insurance field.