Purchasing Life Insurance
When should I buy my life insurance?
Purchasing life insurance is actually a very simple process if you have a good agent helping you. The best time to purchase low cost life insurance is right now! Before you get any older than you already are. The sooner you purchase your life insurance the lower the rates will be. Life insurance companies will either use your actual age or your insurance age which is your age closest to your next birthday. Lock in your rates ASAP.
Once you make the purchase, you will have a locked in rate guarantee for the life of the policy. The lower your age, the lower the cost factor will be. The longer you wait the more you will pay for the same policy. Procrastinating purchasing life insurance will always cost you a higher premium. This is due to the simple fact that quoting rates go up as you are procrastinating away. You will be sitting back getting older and taking a chance on your health changing for the worst.
If I decide to go with a Term Life insurance, how long of a term period should I choose?
If you are planning on purchasing a Term Life plan, it is wise to go with the longest term period that the carrier will allow you. You simply don’t know what the future holds in store for you and you do not want to take a chance on cutting yourself short and running out of insurance. You can always cancel the policy if you find you do not require it any longer. Keep in mind that our home page is loaded with very useful information all about this subject.
If you end up buying too short of a term period. You would have to totally re-apply at your current age. Your health history could change which would cost you a higher expense. Keep in mind that if your health history takes a turn for the worst you could find yourself uninsurable. Feel free to use our modern and secure quote engine to review the best life insurance rates.
Should I buy Term or Permanent life insurance?
In many cases it is a good idea to have a combination of Term & Universal life insurance. The term insurance is the least expensive and can be purchased in larger face amounts. This can cover you during the most financially volatile times in your life. The Universal life which is permanent insurance will cover you for the rest of your life. Especially after your Term product drops off.
This is a very important subject due to the fact that many people buy term policies at a young age. A short term period like 5,10 or 15 years can find people without insurance after they outlive the policy. This is very profitable for the insurance companies because they do not have to payout a death claim. When you purchase life insurance you must consider the long range possibilities down the road to play it safe. This is all about purchasing life insurance like a smart consumer.
Carefully plan out your life insurance purchase with an experienced independent life insurance agent.
Always remember the golden rule of thumb, Universal Life is permanent and will last you the rest of your life. Term life insurance is a temporary product that terminates on the anniversary of the last year of the term period. If any of this sounds confusing, just grab the phone and call us. We will answer any of your questions with no cost or obligation. Make sure to get a free Term life insurance quote while you are here.