Posts tagged ‘cheap life insurance’

Life Insurance Questions Answered

Life insurance often scares people. It can be complicated and people rarely think about what will happen after they die. But life insurance can really pay out to your loved ones if you do pass away, saving them from financial burden.

If you pass away, the insurance company will pay a benefit to your pre-selected beneficiary of a pre-selected amount. Simply, it is taking care of your family from beyond the grave

Like any insurance, life insurance is about assessing risk. Here are some answers to some commonly asked questions.

Are all life insurance policies the same?

Not at all. Life insurance policies vary is length, payout and premium, all depending on your needs.

What type of life insurance is out there?

There are two common types of life insurance, permanent and level term. A permanent policy is less popular because it requires a premium to be paid for the rest of your life. A great advantage to a permanent policy is that is can act like a savings account and you can borrow against it if you need the cash before you pass away. The downside is that the monthly fees can be high and might not be worth it in the long run.

The most common type of insurance is called a level term policy. This type of policy allows you to select a term of coverage (10, 15 or 20 years, most typically) and you would pay a monthly premium throughout that coverage. Think of it like car insurance. Once you stop paying the premium, your coverage is over whether you die or not.

How much money should be policy be worth?

The end payout of your policy depends greatly on your income and what you can afford. Some agencies encourage policy holders to get a life insurance policy about 10 times your annual income. The thought is that if you pass away, the money can be used to continue the running of your household until the other family members get back on their feet.

But experts caution to look past just income coverage. Life insurance coverage should consider covering funeral costs and repaying any debts. Life insurance is not supposed to be a post-life lottery for family members left behind, but as a way to close the gap and ease the burden.

Can I get life insurance through my employer?

Check with your company’s HR department first to take advantage of any risk group deals. Often insurance agencies will put companies in a risk pool. The bigger the pool, the cheaper the premium. Compare these rates with the free life insurance quotes you can get from this website to find which plan works best for you. Remember, cheaper isn’t always better. Look at total coverage and payout to ensure the best plan for your family.

Can I change the beneficiary?

Yes, if you have any big changes (divorce, remarry, etc), you should make changes on your policy immediately. Take time every year to review your policy to make sure that is still satisfies your needs.

How to get a cheap life insurance quote

Life insurance is an important investment for individuals with families. However, many people refrain from applying for life insurance due to their fear of how much it can cost. The cost of life insurance does not have to be a large some of money. Here are six ways an individual can get a cheap life insurance quote:

Maintain a Healthy Weight

One of the first questions most life insurance companies are sure to ask is a person’s weight. The more overweight an individual is, the more their life insurance premium will be. Obesity is linked to so may health risks. And due to these health risks, an insurance company will look at an obese person as high risk.

Tobacco Usage

Another question sure to be asked by a potential insurance company is whether or not the potential customer is a smoker. Tobacco usage can lead to a number of serious ailments such as cancer, strokes and heart disease. Non smokers are more likely to receive a lower life insurance quote that smokers.

Get it while you’re young

Chances are the younger an individual is, the less they will pay for life insurance. People should not wait to apply for a life insurance policy. The earlier an individual looks to purchase a policy, the better impact it can have on how much money has to be paid.

Regular check ups

Regular checks are extremely important for good health. Doctor’s are able to detect symptoms of possible ailments at early stages when their patients visit their office regularly. The better health an individual is in, the more likely they will receive a cheap life insurance quote.

Maintain a Healthy Diet

Research shows that our diets have a profound impact on our everyday health. Poor diets can lead to some serious health problems such as: obesity, heart disease, and diabetes. A healthy diet can go a long way in helping receive a favorable cheap life insurance quote. The proper food types and amounts can give the body the adequate nutrition to function in a healthy manner.

Avoid illegal drug usage

If an individual is engaging in the use of illegal substances, they are placing their health at risk- and possibly death. If an individual is engaging in illegal usage of drugs, there is a good chance they may not get a policy at all. If an insurance company knows an individual is purposely engaging in behaviors that are harmful to their health and life, why would that company want to take a chance on that individual?

As important as life insurance policies are, it’s a comfort to know that customers have control over how much they will have to pay. The better a customer takes care of their body, the better the chances of getting a cheap life insurance quote are.

How to Get Cheaper Life insurance

Life insurance is something that everybody needs but nobody wants to get a return on. Life insurance policies are generally thought of as costly, but with the right techniques and research it is extremely possible to find cheaper life insurance than what is normally advertised to most of the population. There is more to cheap life insurance than just the lowest rate. You also need to take into consideration the amount of coverage provided and the general reputation of the insurance company. Rate, however, is very important, and there are several methods to help you get the lowest rates.

Consolidate Policies

Working with the same company for every insurance policy will save a lot of money. Don’t get a different insurance company for your car insurance, homeowner’s insurance, health insurance, and life insurance. Insurance companies often offer cheaper life insurance rates if you are adding it on top of other existing policies. For any policies already in effect with different companies, just wait until the terms expire before moving the policies to the same company.

Think About Term Life Insurance

This is a cheaper life insurance type that has longer contract terms. A policy can run from a year up to thirty years and more. The idea behind term life insurance is that you will have to stay with that company for the duration of the term, which works for the insurance company because they don’t need to worry that their customers will leave after a month. That’s why they typically offer lower rates, and if you don’t plan on switching anyway you can always take advantage of them.

Age Matters

Understandably, there are often different rates offered depending on age. A person in their late twenties will almost always get cheaper life insurance than a person in their mid sixties. The reason being that, well, the twenty-something year old is more likely to live longer, meaning that the insurance policy will not have to be paid out as soon as it might with the sixty year old. While not the most subtle method of doing business, it does make sense, so if you are young you can always take advantage of this fact by purchasing life insurance sooner rather than later.

Compare Rates

Without a doubt, the easiest and most effect method of finding cheaper life insurance is just to shop around. Getting a detailed quote from different companies allows you to compare the rates and the levels of coverage and make the most informed decision. The internet has really made it much simpler to make a quick comparison.

Simply by putting your zip code into the search box above, you’ll be able to get a list of all the life insurance policies available to you in your area. By having all the quotes in one place, you can compare, make a decision, and get on with your life without that one extra worry hanging over your head. The search tool saves the time and hassle of finding each individual quote all by yourself.

What is the Cheapest Life Insurance?

There are many life insurance options available for buyers in the insurance market, but for consumers today it is important that they find the cheapest life insurance. Without a doubt the cheapest life insurance plans available are term life insurance plans. Another way to keep rates down is to evaluate your needs when determining the amount of insurance to buy because not paying for too much coverage is a great way to save money on premiums. In addition, it is important to get the best rates by comparing lenders.

Why Term is the Cheapest Insurance

Term life insurance is the cheapest insurance because it is temporary insurance. Term life insurance was created for individuals on a budget, just a smart choice for many people regardless of the cost or the amount of money that they have to spend on life insurance. Term life is affordable because it is purchased for a predetermined length of time and the insured individual is not paying above the cost of premiums. This is because a term life insurance doesn´t have a cash value that accumulates like whole life insurance.

Evaluating your needs

One way that many consumers overpay for their life insurance plan is by paying for too much coverage. There are many ways to evaluate your needs and there are even worksheets that can be found online or provided to consumers by the insurance and they can also be obtained by an insurance agent. Determining the amount of life insurance that is necessary to fit your family’s needs, before purchasing a plan can help lower the amount spent on premiums.

Shop Around

To get the cheapest life insurance, consumers need to shop around for the best rates. Insurance rates can be found online using many sources. Consumers can locate specific insurance companies online by searching for them by name and then following the prompts online to receive a quote within moments. There are also companies that provide comparison quotes for multiple insurance companies at one time in an online search and evaluation.

Use an Agent

Another way to find the cheapest life insurance is to use to an insurance agent. Insurance agents are able to provide quotes as well and often times they can provide comparison quotes for multiple companies. In addition they are available to answer questions and assist with the application process if the person decides to purchase a plan. Insurance agents are free to the consumer because they are paid by the insurance company. As a result, using an agent does not affect the premiums or the rates, the policy owner will pay the same amount either way.

Finding the cheapest life insurance rates is a top priority for many people. People want to protect their families and most are finding that they are performing a balancing act between coverage and their budget. As a result, it is really important to consider term life insurance and use comparison engines like the one provided above.

Is Term Life Insurance Necessary?

Term life insurance is a life insurance product designed to help policyholders obtain life insurance at a lower premium rate and for a predetermined temporary length of time. When deciding if term life is a necessary product that will fit an individual family´s needs, it is important to understand what term life is. In addition, it can be helpful to understand what the benefits are and when it may be necessary. Furthermore, it is important to know the concerns as well.

What is Term Life Insurance

Term life insurance is a life insurance policy that is purchased for a predetermined length of time, with options ranging from one year to 30 years. Term life is a less expensive option than other life insurance plans. Term life can also provide a helpful way of customizing insurance coverage, to prevent policy owners from paying too much for excessive coverage. Term life is quite simple to understand; the term life policy is only paid for the duration of the specified amount of time and the policy pays the death benefit if the insured passes away during the time of the policy.

Why Term Life Insurance is Beneficial

Term life insurance is beneficial for a few reasons. It provides consumers on a budget with the opportunity to protect their families by having a life insurance plan. Term life also allows an insured individual to purchase a certain amount of coverage for a specified amount of time, such as the time in which they are paying on their mortgage. Because of the flexibility that term life insurance offers, those seeking insurance can customize the policy to more accurately fit their needs.

When Term Life Insurance is necessary

Term life insurance is necessary coverage for individuals who cannot afford whole life insurance and would otherwise be without coverage. This is  important to many people while their children are small and while they owe payments on large loans, such as mortgage loans. Term life also provides available provisions that can allow the policyholder to have the option to convert the plan to whole life without having to prove insurability at that later time.

What to be Aware of with Term Life Insurance

Term life is temporary coverage so it is absolutely important to understand what your policy says about renewing and converting the cover. It is possible to add a rider allowing the insured to renew the policy without having to prove good health and also to allow the policy owner to convert the policy to a permanent policy. The reason why this is so important is because if an insured person sustains a life threatening condition during the time of the term insurance policy, they may not be considered insurable at the time the policy matures. Additionally, policy holders may be denied future coverage.

Term life is a temporary policy that offers individuals life insurance to protect their families for a specific amount of time; this is quite necessary for many customers. Term life is an inexpensive way to buy life insurance and it is important to policyholders to have coverage. Understand term life and determine if the benefits fit your needs and be aware of the policy provisions stated at the end of the policy.