- Clearly define your needs when searching for affordable life insurance: Before engaging an agent or broker, it is important that you decide why you need life insurance; as an example for mortgage protection or final expense planning. If you don’t know what you want, then it is going to be hard for a anyone to assist you. Nobody knows your financial situation better than you, so by going in unprepared you leave yourself vulnerable to an agent persuading you to get more coverage then you actually need.
- Use an Independent life insurance broker to shop for affordable life insurance: Most customers aren’t aware that independent life insurance brokers don’t charge fees, they are free to use. They get paid directly from the insurance companies, so there is no harm in utilizing them to get you free quotes. Also, brokers shop multiple carriers to insure the best rates from over fifty companies. Captive agents like those at Globe Life will only quote you Globe Life Insurance Rates, they have the best interest of their employer at heart, not yours. Always work with someone independent like the brokers at GIA!
- Know the differences between Term and Whole life insurance quotes:
Term life insurance is a policy designed to last a specified number of years ranging from one to thirty. Term policies are comprised solely of a death benefit, which is paid to a specified beneficiary if the policyholder passes during the term. Whole life insurance policies are a combination of term life and a cash accumulation component. The premium that you pay is guaranteed for the entire policy. Whole life insurance policies can be for tax free accumulation and distributions can be taken tax free unlike an IRA. It is important to be aware of the differences between term and whole life policies. Whole life insurance is going to be more expensive because it is guaranteed for life and has a cash accumulation component.
- Compare rates and do your homework: A consumer shopping for the best deal on life insurance should utilize an independent broker. By making one call to an independent broker, you will get multiple quotes from the top life insurance companies to insure you are being quoted affordable life insurance. Homework isn’t fun, but the good news is when you speak with an independent representative who works with a lot of companies, they also know who to avoid like Colonial Penn Life Insurance. When looking for an insurance solution, its just as important to know who to avoid as it is who to buy from. As an example:
- Get in Shape: I know what you’re thinking regarding getting in shape, easier said than done. However, taking steps to improve your health can not only add years on to your life, but also save you tens of thousands of dollars on life insurance. Smokers are almost always charged twice as much as non-smokers when purchasing life insurance. Some steps that can be taken to get you the most affordable life insurance includes: quitting smoking, losing weight, and lowering blood pressure and cholesterol. Although, you can still obtain affordable life insurance if you are a smoker, so don’t let that stop you from getting the coverage you deserve!
Affordable Life insurance is an essential part of every financial plan, and working with a bias adviser is risky. If you are in the market for life insurance or want to review how good your current plan is, a captive agent like New York Life Insurance or Prime America (primerica) is not in your best interest. Do your research and find an independent life insurance broker to help you find affordable life insurance.