Is it really possible to find affordable life insurance or is it all sky high? Let me ask you this, “are you single or married?” Do you have any kids? What is yourcurrent age? What type of work do you do for a living?
Do you have hobbies that would be considered risky or even dangerous to most people? These could be anything along the lines of scuba diving, skydiving, pilot, mountain climbing, race car driving, ect?
These five tips could help you find affordable life insurance.
#1. Don’t take part in dangerous activities. Think about this for a moment. Would you want to provide life insurance coverage for YOU if you continued to engage in these types of high risk activities? Life insurance premiums are determined by using average statistics of others like yourself. One of these is the mortality rate of a certain amount of people in your age group.
Most people do NOT engage in high risk behaviors. In other words, you may not be eligible for life insurance because of your dangerous activities. Excluded means that this activity is not insurable.
#2. Maintain a healthy lifestyle. In other words, eat good foods, work out regularly and get eight hours of sleep. Watch your stress and spend time with those you care about. You can’t hide your bad habits for long. This means sex with one partner, stay in shape and stop smoking. You’ll not only save from not buying smokes, but also on your insurance premiums after one year.
#3. Consider Buying Term Insurance. Term life insurance policies are by far the least expensive. You can buy Term for a specific period of time such as “Ten Year Term” or “Twenty Year Term” if you are approaching retirement age and the majority of your major bills will be paid off by then. You may want to invest in Guaranteed Renewable Term life insurance instead of Whole Life. “Guaranteed” Renewable means that once you buy it, you’ve got it for as long as you want it, as long as you maintain the premium payments.
#4. Don’t take the first thing that you find. Take a little time and talk to a few different qualified agents first.
Sit down after speaking to three or four companies and determine which policy is right for you. Ask any questions that you may have before signing any policy. Once you buy, review your policy closely through the thirty day “grace” period. Go through it with a fine tooth and comb and make certain that everything that you discussed with the agent is included in the policy. Look to see if the policy has been “Modified” or if anything has been “Excluded”.
Do it right now because once you’re gone, you’re gone and your beneficiary is left with the consequences. Make certain that they are secure by taking the time to read the policy front to back and get on the phone with the insurance company and insist that they explain it to you thoroughly.
#5. Sit down and go through every expense that you have now and expect to have in the future. You’ll be able to figure out apx. how much insurance you’ll need to buy by doing this. This list should have every personal and household expense that you have, all the way down to dry cleaning.
I hope that these tips have given you some ideas that will get you on the right path to finding affordable life insurance. Good luck!