- Listed: January 2, 2015 6:55 am
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Taking a step into the unknown land of life insurance for the very first time might feel a tad daunting, but by keeping the helpful tips listed below in mind, you will soon find yourself being smarter with researching and purchasing the best life insurance policy for you and your family.
If you are between the ages of 20 to 50, term life insurance is the simplest and most effective type of insurance. Cash value insurance truly makes sense for those who are wealthy and over the age of 50. A cash value plan may be tempting, but it won’t be as effective.
Be the early bird when it comes to purchasing life insurance. One way to save money on life insurance is to purchase it early in life while one is still in good health. Insurance premiums can be quite high for those who wait too late or until health problems are emerging.
When pursuing a broker to give you options for your life insurance policy, you should never accept a one-meeting recommendation. This is because after just one meeting, a broker has not analyzed your situation very carefully and considered all options for you. Therefore, you should not accept the offer and continue researching on your own.
Buy the right amount of life insurance to cover all of your needs. Skimping on life insurance is not a good idea. Term insurance, especially, is very affordable, so make sure you get as much insurance as you need. For a rule of thumb, consider buying insurance that equals approximately 6 to 10 times your income.
Most life insurance companies require you to take a medical exam before they give you coverage. They look at blood pressure, cholesterol levels, an EKG of your heart rate activity, and many other indicators that reveal the presence of any type of disease or risk factors. You can perform better on the test, even put yourself into a higher rate class, by eating low-fat foods for the two days before your test. Drink extra water to maintain hydration, and avoid alcohol for three to four days ahead of the test. Also, make sure you get plenty of sleep for the week leading up to the exam.
To get a good life insurance rate, purchase life insurance while you’re still young. Rates are lower the younger you are, and you can keep paying the same rate as time goes on. You may not need life insurance now, but you’ll need it in the future. Being proactive about your life insurance will help you get a great policy for a low cost.
People under the age of 50 may want to opt for term life insurance as opposed to whole life insurance. Once you’re 50, the rates are fairly steep and hard to keep up with. Under 50; however, and the term payments are reduced significantly and the policies are much easier to carry.
Think about getting term life insurance. It will give you the highest coverage for the least amount of money. While there is no saving with this type of plan, you could just invest the savings on your own, and earn more than you would have with the insurance company save it.
If meeting with a live broker, always watch to see if they’re recommending a policy to you after only one meeting. If so, you can bet that they’re only in this to make money and aren’t accurately addressing your particular needs. You should just walk away and choose another broker instead.
If you want to ensure you have cheap life insurance premiums, you should purchase a term insurance plan rather than a whole life plan. A term insurance policy is purchased for a specific amount of time; therefore, because of the smaller risks, the premiums will be cheaper than a riskier whole life plan that lasts for the entire life of the policy holder.
For the most life insurance coverage at the lowest price, choose a term policy instead of whole life insurance. The high costs of whole life are due to the investment aspect and the fact that these polices result in a cash value, but it really is better to keep your investments separate from your insurance.
To make your life insurance premiums lower you should improve your health. Losing weight, quitting smoking, and exercising frequently are a few things you can do to make you healthier. Those who are in bad health will pay higher premiums, so if you improve your health, your premiums will drop.
As mentioned before, finding a life insurance policy that is right for you can be challenging. If you are prepared with all the information, you need to make an informed decision, finding the right policy for you can be easy. Using the above tips provided, you will be sure to have all the information you need to decide.
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