Quite a few folks from Louisiana have been asking us how to find the lowest life insurance rates. Comparing Louisiana Term life insurance quotes is now a very quick and simple process. If you are contemplating applying for low cost Term life insurance in the near future. The information you will find in this article will definitely help you become a smarter life insurance shopper. Having some knowledge about life insurance will help you find the best life insurance rates.
Working with an independent agent (broker) that specializes in life insurance is the best way to purchase individual life insurance.
Many people get confused when reviewing online life insurance quotes. Even the agents can get a little confused with all the many different plan options and carriers on the market. The answer is contacting an independent agent that specializes in life insurance.
I am going to go over exactly what you need to know to successfully apply for life insurance and spend at least money as possible. We will start with the initial quoting process and then moving along from there. You will be able to compare the best online life insurance quotes quickly and easily.
You can now compare online life insurance quotes from all the most trusted companies within minutes.
We will move step by step all the way to the final application process. You can then be confident that the plan you apply for will provide you with the lowest rates possible. The end result will be receiving the best Term life insurance for your specific needs and budget.
Having product knowledge is very important due to the fact that life insurance is a very important purchase. You want to make sure the policy you buy will be best for your dependents. Especially if something happens to you and your income suddenly comes to a screeching halt. Let’s jump in and go over the most professional way to successfully purchase life insurance.
Reach out to an experienced independent agent that specializes in life insurance. There is no cost or obligation for their service.
If you have already been researching the life insurance market. You know by now that shopping for life insurance is not as simple as you probably thought. It can get very confusing with all the different plan designs to choose from all the many carriers out there. Also, having serious medical conditions can place you in a high risk life insurance market. The cost factor could go up quite a bit. You need an experienced agent to go over the various plan designs that would work the best for your specific needs.
Independent agents and brokers are the key to finding the best life insurance rates.
An independent agent unlike captive agents that work for State Farm or Farmers have the advantage of utilizing many companies. The captive agents can only show you one choice and that is for the one company they work for. Being able to shop the entire market will enable you to choose the company with the best life insurance rates. The more companies to compare the better it is to secure the lowest premiums.
Did you know that Louisiana Term life insurance quotes are going down due to people living longer?
I was just reading a life insurance publication a few days ago. The article showed a very high rate of new life insurance applications in Louisiana. This is due to the fact that rates have been going down because of people living longer lives. Whenever the risk factor goes down, the best life insurance companies can afford to reduce their rates. Life insurance is one of the few forms of insurance that can go down in price. This is mainly true for individual life insurance. There are new plan designs people can choose from with excellent benefits referred to as life insurance with living benefits.
Some of these new benefits are for Long Term Care coverage. Also Chronic and Critical illnesses such as heart attacks, Cancer, kidney failure, strokes and many others. Some of the Louisiana cities with the highest amount of new applications are New Orleans, Baton Rouge, Shreveport, Lafayette, Lake Charles, Bossier City, Kenner and Alexandria.
The main choices you have to consider is low cost Term life insurance and permanent Universal Life.
Most people consider the price of the life insurance as the deciding factor on what plan design to apply for. Term life insurance has the lowest possible premiums. They give you the advantage of having the higher death benefit while still keeping the plan affordable. As I mentioned, low cost Term life insurance is just a temporary form of life insurance. They terminate at the anniversary of it’s specified term period designated in the policy.
Be very careful so you don’t apply for too short of a term period. One day the policy could terminate when you still need life insurance. These term periods usually are offered in increments of 5, 10, 15, 20, 25, and 30 years. You can review instant life insurance quotes on our free quoting system.
No Medical Exam Life Insurance is a great choice for people with medical conditions.
You can also purchase another effective plan design which is No Medical Exam life insurance. These plans do not require a physical exam and utilizes a very short application. Many people that do not like Para-Med nurse visits will appreciate this design. These types of Term insurance can be approved in just 24-48 hours. The only drawback is the No Medical Exam life insurance plan designs can cost more than fully underwritten type policies. We use a very competitive No Medical Exam life insurance plan from the Lincoln National life insurance company.
Many people are not aware of Universal Life being another good choice to consider.
The other choice you have is Universal Life which is the permanent form of life insurance. They do not expire at any specific date as long as you keep paying your premiums. Protective Life and also Banner Life have some excellent plans offered for this form of permanent life insurance. Universal Life does cost more than Term but it will last the rest of your life. Quite a few people want life insurance for the rest of their lives for the peace of mind alone. They cannot afford to have a gap in coverage like Term when it terminates by it’s time limitations.
A money saving option is to combine Term and Universal Life to have the best of both worlds.
A very wise move is to have a combination of Term life insurance for the most financially volatile times. This is when you have mortgage payments and college tuition to pay for example. A smaller Universal Life plan which will still remain in force for the times when your liabilities are lower. Purchasing a smaller death benefit in Universal Life will work out great.
Most people purchase 20 year Term life insurance policies than any other plan design in the state of Louisiana.
As an example, you can have a 20 year Term plan along side a smaller Universal Life policy. This is so you have the low cost of Term insurance and the peace of mind of a permanent policy. Having two policies can be very cost effective and then provide an excellent life insurance portfolio. Especially with never having to worry about gaps in coverage while you still need the coverage.
Keep in mind that Term life insurance is convertible. This means you can convert your Term plan to Universal life at a specific point in time. The new premium for the Universal Life version at your given age may be too expensive to do so. That is why it is very important to purchase all your life insurance at the youngest age possible. Then you will be able to receive the lowest life insurance premiums. Unfortunately most people end up waiting until their older and the rates are higher. Many young people don’t realize that now is the time to secure the best life insurance rates.
Medical conditions or hazardous occupations and sports can all have a considerable impact on your final rates.
This is probably the most important information concerning the purchase of life insurance. Medical conditions can have a serious effect on your rates. Keep in mind that any kind of medical conditions or a high risk occupation can increase the cost of your life insurance premiums. A dangerous sport or hobby that you are involved with can increase your final rates. This would include drag racing, skydiving and scuba diving. Even boat or motorcycle racing and skydiving among many others can increase your final rates of your new insurance.
Comparing life insurance is now a very simple process. Complete the form on the right and compare over 40 companies to see for yourself.
The most important concept when shopping for Term life insurance is to compare all the possible choices you have. Good agents will do all this homework for you and present you with a quote sheet with all your options. Using the most applicable company for your specific health history and lifestyle is the most important part of the application.
This is definitely the most important step in the application process. Normally the best companies offer the best life insurance rates. All of the life insurance companies underwrite their applications differently. That is why choosing the correct company is so important. Many consumers do not realize this is so critical. They usually don’t pursue looking at rates much beyond two or three companies.
Running a medical pre-screen before you choose a company to apply with. Can save you hundreds of dollars a year in premiums.
If you have any simple or serious issues with your medical history, a medical pre-screen can indicate what company will offer you the best life insurance rates. An insurance broker normally has access to all the best companies available on the market. They can find the correct life insurance company quickly and efficiently due to their continued training and experience. Life insurance companies such as Transamerica, Prudential, Banner Life, Protective Life do a great job and have very competitive rates.
Term life insurance and Universal Life remain as the two most popular plan designs consumers apply for.
The Term policies should always be considered temporary life insurance plan designs due to the fact they have term lengths from 5 – 30 years. You can also purchase these plans with a no medical exam version with very fast approval times if you choose. If your main goal is to purchase low cost life insurance, Term will definitely be your best option. The most popular modern plan design in the United States is low cost Term life insurance.
I have found that the percentage of people applying for Universal Life is going up. The premiums on the permanent plans are actually going down. This is due to the fact they are not utilizing the cash build up feature. This is common on the majority of the newer plan designs.
Universal Life is great for people that want to be covered for the rest of their lives.
Building up a cash value on life insurance is a feature that is fading away. They still exist on the Variable Universal Life plans that have a interest rate based on the stock market. With this and the peace of mind that your Universal Life plan will never expire. This is a feature most people are looking for in a new life policy. This is a good example of how times are changing even with life insurance. The common plan design in the past was Whole Life, but now it is no longer cost effective.
The main concept to remember is Term insurance policies terminate after the stated time period designated on the policy. The good part is if you need a high face amount otherwise known as your death benefit. Term life insurance will cost the least so you can have a high face amount at a very affordable premium. It is always a good idea to make sure your life insurance premium will easily fit your budget.
Your final rates are determined after the underwriting process has been completed.
The most common misconception consumers have is they usually believe that the agents and brokers control the rates and nothing could be farther from the truth. The agents and brokers will generate an estimated premium quote based on the information at hand. The underwriter sets the final rates after all of the application information has been processed. A standard fully underwritten policy could take 1-2 months normally. No medical exam life insurance take just 1-2 days to be approved.
Your agents job is to place you with the best company that will be able to offer you the lowest rates and best health class you can qualify for. With this said, your agent plays a very important role in making sure you receive the lowest premium possible. Remember that no insurance premium is ever reduced for discounts or sales promotions like most other products are. Life insurance rates are regulated by law for your protection.
Don’t hesitate to call us to get immediate answers to all your questions.
The more knowledge you have concerning Louisiana Term life insurance quotes the better off you will be. This is especially true when shopping for the best plan for your specific needs and budget. Thank you for visiting our website and taking the time to read this blog post. Feel free to call us with any questions you may have 7 days a week. We are always here to help you. Visit our About Us page to learn more about us and our business.