If you have been kicking some tires lately and contemplating purchasing life insurance, keep in mind that there is no better time to apply for affordable life insurance than right now. With the heavy competition between the many carriers, the premiums are looking great for perspective life insurance shoppers. Procrastination is very common with people because in their mind there is always that chance that they will live outlive their financial liabilities and save on paying premiums through the future years. The statistics show different and clearly indicate that over 92% of the average American population will expire in a sea of financial debt.
If you don’t make the decision to invest in life insurance you are opening the door for a financial fiasco for your dependents not you.
Many folks don’t consider that the target to feel the ill effects of your income loss will be your spouse and your dependents, not you at all. If you purchase a standard life insurance policy, you will in reality be purchasing this policy to create a secure financial future for your dependents. If you purchase one of the modern Term life insurance plans with living benefits you will not only be protecting your dependents financial future, you will also be protecting your own at the same time. Most consumers never even heard of living benefits built into a life insurance policy. There are many low cost life insurance policies that offer benefits if you are alive or deceased which gives these plan designs a ton of value.
Always remember that the older you are the more expensive the purchase of a life insurance policy will be.
Life insurance companies either go by an “insurance age” rating which is your closest birthday or an “actual age” rating to underwrite your age classification. No matter how you look at it, kicking the can around and becoming a tire kicker will cost you increased premiums once you do apply. The whole game plan is to purchase the amount of life insurance that you need at the lowest possible cost.
It is very common for people to finally decide to apply but the cost of the premiums will now be more expensive than they can afford. Usually when they run into this scenario they are aggravated at everyone else for the high cost but usually never point the finger at themselves for procrastinating for over the last 20 or 30 years. Many consumers request quotes for Term life insurance on a yearly basis but when the smoke clears, they go uninsured and allow their dependents to possibly falling into financial jeopardy which could change the course of their lives.
As you get older, health conditions can force you into a high risk life insurance rate class drastically increasing premiums.
This is one of the most important reasons to purchase life insurance as early in life as possible. Just having high blood pressure or high cholesterol can have an impact on your rates. If you have the misfortune of having a heart condition or one of the other conditions such as Cancer, ALS, Parkinson’s Disease, Alzheimer’s and so forth, your application could be declined and your only choice could be guaranteed issue life insurance which is extremely expensive. All of this can be easily avoided by purchasing affordable life insurance when you are young or at least not waiting until you are in your 60s or 70s like many people do.
If you are planning on purchasing life insurance keep in mind that tobacco rates can over triple the premium.
Life insurance for smokers can be very expensive and create a financial problem in affording the premiums that you would have to pay as a tobacco user. The cost of life insurance for smokers will cost more than for non-smokers in any age category. The only way to get around this is to never smoke or if you do smoke quick as soon as possible. The most important factor is preserving your health which smoking destroys. Premiums at this point are going to be the least of your worries. The life insurance companies charge a considerable amount more for smokers due to the fact that the statistics clearly indicate that smoking can and normally will reduce your lifespan.
Feel free to contact us 7 days a week with any questions you may have.
We are independent brokers that work for your behalf and not the life insurance companies to make sure you get the very best plan design for the lowest possible premium. We use over 40 life insurance carriers to insure you will get the lowest rates possible.
All the information provided in this article was contributed by Jack Venturi of BestChoiceLifeInsurance.com.
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