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Life insurance is one of the most important purchases that you’ll ever make for your family. It’s vital that you have the insurance coverage that would give them enough resources to recover if something tragic were to happen to you.
Finding the right policy can be a long and difficult process, but it doesn’t have to be that way. If you’re looking for the most affordable life insurance coverage, term insurance is probably the best option. These policies tend to be the least expensive way to give your family the coverage that they deserve. There are several ways that you can ensure that you get the best rates for a term life insurance policy.
We’re going to find out how to get the cheapest term life insurance. But before we begin this hunt, you need to decide that Term Life Insurance is what you want. You can learn how to make that decision by referring back to some of my previous blog posts on the different types of life insurance such as with Banner Life and read my article titled low cost term life insurance.
If you’re new to the life insurance search, you may not know, but there are several different types of policies. There is term life insurance, which we are going to discuss in this post, whole life insurance, and several other types. All of them have their own advantages and disadvantages that you have to weigh to determine which one works best for you.
Ok, now you’ve decided term life insurance is the best product for your family. The first step to finding the cheapest term life insurance is speaking with a licensed agent that you trust. Once you find your agent, now here are some things you can do to keep the cost low:
Look for term life insurance that requires a medical exam, especially if you are healthy: Without a medical exam, your risk of death will be averaged with everyone else, including those that are very overweight, smoke, have risk of heart disease, etc.
Even if you aren’t in excellent health, finding a policy that requires medical underwriting can save you thousands of dollars. These medical exams aren’t as scary as they sound. They are actually quick and simple. For example, if you have a condition such as diabetes and you’re searching for affordable life insurance for diabetics, we can help you find the coverage you deserve.
After you finish the initial paperwork, the insurance company will send out a paramedic to complete the medical exam. The medical exam will consist of a questionnaire, a blood sample, a urine sample, measuring your blood pressure, heart rate, and taking your weight. The results from the medical exam are going to play an important factor in calculating how much you pay every month for your coverage.
Be honest when you answer questions: Simply put – if you’re caught you’re going to pay. And most likely, you will be caught. Tell the truth about tobacco use, health issues, risky hobbies, everything. Not only can this save you money, but it will also save you time and trouble. Additionally, if you lie about any of your health conditions, and your death is related to one of those conditions, there is chancel that the company can avoid paying out the policy because of your deception.
Because just about every policy is going to require a medical exam, there is very little point in trying to lie anyways. Save yourself the trouble, be honest.
Calculate your total risk: Include your salary, but also remember to consider mortgages, auto loans, childcare, elder care, credit card debt, college tuition, and any other major costs. You should also think about how many people rely on your salary and how much longer are those people going to rely on your income. Are there going to be any significant changes soon? Don’t just think about your current situation, try and look into the future and see how your situation is going to change.
Ask your agent every question you think of: What hidden fees are there? How stringent is the term of the policy? Five year increments? Or, can you name a specific number of years that fits your family’s specific needs? Can you convert the policy to permanent if you choose to? What about the company – how are they rated? What are their financial strengths?
Shop diligently for your policy…and repeat shopping every few years: If you’re under 50, you’ll probably be able to continue to find better coverage at a lower cost. Rates are often reduced by companies in an effort to remain competitive.
Additionally, it’s important that you compare rates from dozens of different companies before you pick the plan that works best for you. Each company is different, they are all going to look at your application differently. This is why it’s important that you receive quotes from multiple companies, you could receive drastically different quotes for the same policy from two companies.
Do it now – don’t wait: You may think, “I’ll look for the cheapest term life insurance just as soon as I quit smoking, or lower my cholesterol, or begin my exercise regimen, or lose 15 pounds…”. Remember that when you wait, you are putting your family at risk. There are options for life insurance for smokers, I would recommend checking those out, rather than putting your family at risk. Also, remember that as we age…term insurance rates can increase. The older that you are, the more you’re going to pay for your policy. If you want to get the most affordable coverage, it’s important that you do it sooner than later. Again, don’t wait. The other reason is simple – there is no promise of a tomorrow. Do it now.
If you were to pass away tomorrow, your family would be left with all of your debt. Your family would have to find a way to pay off your mortgage, car payments, credit card bills, etc. that’s not exactly the legacy that you wanted to leave with your loved ones. For a grieving family, all of these add expenses, on top of funeral expenses, it can be extremely difficult for a family to pay for. This is one of the reasons that life insurance is so important.
The other purpose of life insurance is to replace your income if you were to pass away. If you’re one of the main income earners in your family, they would probably struggle if they no longer had your salary. Life insurance gives them the resources they need to find a way to permanently replace that lost income without experiencing any financial strain. There is no “perfect” number when it comes to replacing your salary, but most financial advisors suggest getting around ten times your annual income. This will give your family and loved ones plenty of time and resources to get back on their feet after your passing.
Every year, we hear dozens of stories about families that lost a loved one unexpectedly. While struggling through that loss, they found themselves under a mountain of debt with no way to pay for it. Don’t let your family become one of those stories.
As I mentioned earlier, it’s vital that you get quotes from several companies before you choose a policy. Instead of wasting your time, calling different companies, let us do all of the hard work for you. Fill out the life insurance quote form on the side with your information. We will send you all of the lowest quotes from the highest rated companies near you.
I hope that reading this blog gave you many reasons to get started on finding the cheapest term life insurance for your family. If you have any questions about life insurance coverage, any of the different types of plans, or ways to get the lowest premiums, feel free to contact me at any time. I would be happy to answer those questions and help you make the best choice for your life insurance coverage. Your life insurance policy is one of the most important purchases that you’re going to make for your family. It’s vital that you make the best choice to protect them in case thing tragic were to happen. Don’t’ wait any longer, contact me today to get started at www.goldsmithinsurance.com or call me toll free 877-400-0484.