1) Select what is best for your needs
Term life insurance is a policy with a set term limit on the coverage period like 10, 20 or 30 years. When it expires, it is up to the policy owner to decide whether to renew the term life insurance policy or let the coverage end. Often times, this policy offers a fixed death benefit and premiums that are typically lower than whole life insurance.However, whole life and universal life policies can offer benefits that term life policies don’t have. The best way to figure out what’s right for you is to meet with your agent and get all of your questions answered.
2) Buy it now and buy in bulkInsurance companies consider age and health conditions as you apply for coverage, so it is better to buy the policy now that you are younger to lock in a good rate.
Also, buying life insurance with a higher face amount or death benefit amount will give you a favorable cost-to-benefit ratio. This is because once you buy more coverage, its cost-per-thousand dollars of face amount will decrease.
3) Take the life insurance medical examWhen applying for life insurance, it’s pretty likely that the company you’re applying with will want you to take a medical exam. The exam aims to assess any health conditions that could negatively affect an applicant's life expectancy. Companies may offer life policies that don’t require a medical exam, but the rates will be higher. If you want to get the lowest rates, you’ll need to prove that you’re healthy.
4) Know your options and shop aroundDifferent insurance companies offer varied insurance products and policies. It is best to shop around, get quotes from various companies and carefully determine which of them would give you your money’s worth. Although advertisements are quite persuading, it is important that you decide which one to choose based on your insurance needs.
There may be other factors you should consider when buying life insurance, so get an independent life insurance agent in your corner who can do the shopping for you. Vianca's Insurance and Financial Services can help you with your insurance needs through excellent customer relations and providing you customized insurance at lower rates. Contact us today at (619) 799-9443 or visit our office. Click here to get a free quote.