Affordable Life Insurance Policy – Tips On How To Compare And Save Money

Author: Dean Shainin
Source: articleage.com

Over the past few years, life insurance premium have been falling by about 3% to 5% per year, unlike the cost of auto and homeowners insurance. The healthier you are, the higher your chances of getting an affordable life insurance policy and get coverage for less than you are paying now. Due to increasing life expectancies, people are living longer and paying for their life insurance premiums longer.
What Factors Have Accounted for Life Insurance Being Affordable Today?
Unlike in the past where most term insurance companies had three classes of insurance; namely preferred, standard and smoker, insurers have now revised the way they assess risk. In the past, even if one is in pretty good health, they would generally pay the same premium as everyone else.
Nowadays, insures are making a more thorough analysis of the health condition of an individual customer, because someone who is not overweight, and who has low cholesterol and no family history of major medical condition is a better risk than an average healthy person. Based on this detailed analysis of individual customer’s health which they do these days, most insurance companies now offer five to seven classes of premium rates. These days, the healthier you are the better rate you get. This new approach in risk analysis which insurance companies use means that you can get an affordable life insurance easier.
It is Important to Take Time to Shop around and Get Affordable Life Insurance
Similarly to any other type of insurance, you should take time to shop around to get affordable life insurance. No single company can offer the best rate for every person, and the premiums can be very broad; hence it is very important to shop around for the best affordable life insurance policy that suits your needs. It is very easy and convenient to compare affordable life insurance policies online.
Term insurance is the optimal choice for most people and unless you think you may want to change to a cash-value policy in the future, most term policies are basically similar. There is every reason to go with the lowest priced term life insurance policy. Because you are either dead or you aren’t, there is no need to worry about claims disputes and customer service like you do with most other types of insurance.
What Should You Consider While Choosing The Right Amount of Life Insurance?
While you are comparing and shopping for affordable life insurance, there are some price points that you need to consider to ensure that you do a good comparison of premiums. When selecting the amount of insurance, companies characteristically lower rates at the amounts of $250,000, $500,000 and $1 million. It is therefore recommended that you round up to one of these three amounts and assess how much your insurance policy will cost.
It is also recommended that you compare the different insurance policies of at least three major insurance companies. This task has been made very easy by online access, and you do not really need to talk to an agent when you start to shop for an affordable life insurance. It is important however to note that before you sign on the dotted line, make sure that you fully understand the terms of your policy.
Dean Shainin offers free online life insurance quotes. For more information, articles, news, tools and valuable resources on life insurance, visit this site: http://life-insurance.deans-knowledgebase.com
Get free valuable online tips for saving money from his: Affordable Life Insurance website.

Saving on Life Insurance: Scoring the Best Deal

Author: Megan L. Mahan
Source: articleage.com

Most people know they need life insurance but are afraid they’ll
have to spend an arm and a leg to pay for it. Truthfully, there
are multiple ways to score affordable life insurance and they’re
much easier than you might have thought.

Getting Started

Knowing what kind of life insurance appeals to you will help
ease you into the shopping process. Generally speaking, there
are two types of life insurance: term life insurance and
permanent life insurance.

Term Life Insurance

Term life insurance covers you for a “term” or certain period
of time. This means a death benefit will only be paid out if you
die during that term. Terms range from five to 30 years; 20-year
term policies are most common, according to the Insurance
Information Institute (I.I.I.). Most policies can be renewed
after they expire, although the premium may increase as you age
and insurers typically won’t renew a term policy after you reach
your 80th birthday.

Permanent Life Insurance

Permanent life insurance comes in four forms: Whole, Variable,
Universal and Variable-Universal, and all of them will pay out a
death benefit whether you die right after you sign the policy or
decades from now. Each form of permanent life insurance has
different characteristics, although most permanent life
insurance includes an added cash value that grows over the
years. Because of these and other benefits, permanent policies
tend to be more costly that term policies.

A Time to Shop

Once you’ve researched the different policy types and found one
that appeals to you, it’s time to start looking.

Start by inquiring about employer-sponsored life insurance.
Group life insurance tends to be less expensive because some
employers subsidize the cost of premiums for their employees.
Another large benefit to employer-sponsored life insurance is
that you’re less likely to have to pass a physical exam.

However, the I.I.I. points out that you should still compare
group rates with individual life insurance to make sure you’re
getting the best deal.

Once you’ve discovered what your employer offers in terms of
life insurance, it’s time to look into individual rates. The
Internet has made this easier than ever, and independent
referral services like InsureMe can provide you with multiple
quotes from insurers to compare free of charge.

In addition to seeing which company can give you the best deal,
you should also investigate the following before choosing an
insurer:

Financial stability. The cheapest policy in the state
won’t do your family any good if the company can’t pay the claim
or becomes insolvent. Rating companies like A.M. Best can give
you this information free of charge.

Customer service. Few people know the value of good
customer service until they’ve had a bad experience. Prevent bad
experiences from the outset and check customer satisfaction
ratings with A.M. Best.

Make sure term policies carry a renewal guarantee. A
renewal clause will ensure that you’ll be able to renew your
policy after your term expires. While you may pay more to renew
your policy (due to your increase in age), chances are that you
won’t have to undergo a medical exam to renew–which will be of
major benefit if your health has deteriorated since you first
purchased the policy.

More Tips for the Road

You can ensure the lowest possible life insurance premium and:

Get healthy. If you smoke or are overweight, you’ll
almost certainly pay more for life insurance–especially on an
individual policy. So put down the smokes and develop an
exercise regimen to see your life insurance premiums fall.

Inquire about discounts. The I.I.I. reports that many
insurers grant discounts for specified amounts. For example, you
may actually pay more for a $200,000 policy than you would for a
$250,000. Ask about these discounts before you sign a policy and
see a reduction in your premium.

Buy young. While younger adults tend to let life
insurance fall by the wayside, purchasing a policy while you’re
young and free of most age-related ailments will help you secure
an affordable life insurance policy for years to come.

Start Planning for the Future Today

While life insurance may seem like just another bill to pay,
remember that it’s an important part of taking care of your
loved ones. But, it doesn’t have to eat up your paycheck–use
these tips to find affordable
life insurance today.

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About InsureMe

InsureMe links agents nationwide with consumers shopping for
insurance. Specializing in health, auto, home, long-term care
and life insurance quotes,
the InsureMe network provides thousands of agents with insurance leads every
year. For more information, visit InsureMe.com.