The most valuable tip I can give someone is buy your life insurance when you’re young. Life insurance is extremely low in cost when you purchase it at a young age. When I say young, I mean in your twenties or even thirties preferably. If you wait like many people do, the cost will go up considerably with your age .
Not only does life insurance go up when you’re older, your odds of having a medical condition that could drive up you rates also increase with each passing year. The medical conditions alone could cause your life insurance to become unaffordable. Many people wait too long and find they cannot afford life insurance or else they have to settle for a much lower face amount than they really need.
If you are young or not, here are some purchasing tips that will help you to find affordable life insurance.
Connect with an experienced life insurance agent so you don’t waste any time looking for low cost life insurance when you don’t fully understand what the life insurance market is all about. Life insurance can be very confusing for the consumer as well as the insurance professionals, so don’t feel bad. Your agent can run Term life insurance quotes from many carriers at the same type on his quoting engine and direct you to the best plan design and carrier to apply with.
Permanent life insurance such as Universal life insurance quotes can also be displayed on the quote engines also. If you have any medical conditions your agent can help you pre-screen them so their are no surprises later.
Term life insurance is the most affordable plan design but if you need a term period longer than 30 years you will also want to look at Universal life insurance also.
If a person who is 30 years old for example and purchases the maximum term period which is a 30 year term life insurance policy, it will terminate when he is 60 years old. At that point in time the person would outlive the policy and all the premiums would have been consumed and the insurance company will be the winner. The wise avenue to take would have been to purchase a 30 year term life insurance plan along with a Universal life plan with a smaller face amount.
This would always keep the person insured for the rest of his life. The Term plan would drop off at age 30 and the Universal life plan would continue on. This example would have the individual properly insured for the rest of his life without the problem of becoming uninsured.
If you want the best life insurance rates, do not smoke! Life insurance for smokers could easily cause the rates to be double or triple of a non-smoker.
Term life insurance for smokers is going to carry a much higher premium which will make a big decision on what you could afford when you are looking for affordable life insurance. Many people find that life insurance products with the additional percentage of a smoker’s rate will be costly to buy especially if they are in their 40s, 50s or 60s. Not only does the tobacco ruin your health, it also inflicts high life insurance premiums. If you are planning on purchasing life insurance and you use tobacco products, your agent can pre-screen your request with several companies to see who will offer the lowest premium.
If you purchase Term life insurance or Universal life for that matter, pay annually if you can afford it.
Paying annually will enable you to pay the least amount of premium dollars. If you pay monthly, quarterly or semi-annually, your premiums each year will be a little higher. If you are in good health don’t purchase a simplified issue policy otherwise known as a Non-Med policy which means no Paramed nurse coming over for the dreaded blood sample and minor physical examination.
These Non-Med policies are quick and simple to apply for but the cost will be quite a bit higher than a conventional Term or Universal life insurance. Nobody likes to take these basic physicals but the cost savings of a standard life insurance type application will outweigh the difference.
Our website has two quoting engines which will display life insurance quotes side by side within minutes.
We utilize over 40 life insurance companies so we can make sure we have all your options covered. This enables us to find the lowest rates so you don’t have to spend any more money for premiums than you have to. Feel free to contact us for any questions you may have 7 days a week. Thank you for reading our blog post, Simple Ways to Save Money on Life Insurance.