- Personal Finance»
How to get a good life insurance quote
Get a good life insurance quote
When you are part of a family or are a couple, you should consider obtaining life insurance. This will protect your family in the event of your death financially so that they can afford to carry on their lives. While we don't want to consider our own demise, you should take precautions to safeguard our lives, our childrens lives and our partners lives in the event of an untimely death.
It is worth getting life insurance quotes online but it is worth knowing some tips on how to get the best life insurance quote from the right company.
Here are some tips to help you:
The internet will make it easier for you to compare quotes from multiple insurers. Also many internet websites will have deals with life insurance companies to provide lower quotes which will in turn lower your costs.
Decide on the reasons why you need life insurance coverage and for how long before you start looking for quotes. Use a life insurance calculator to calculate the coverage that you will need.
Use multiple websites to get the best quote, it can take time but the results will be worth it. Life insurance can be a long term investment, taking the time now will save you a lot of money over the coming years.
Check the financial rating of the insurers you are considering. You should choose from insurers with the best financial rating for the best policy.
Check the insurance quote thoroughly before you agree to one. If you are taking a Level Term Life insurance policy you will need to ensure that you will be able to pay the agreed premium each year to keep the policy valid. You will need to keep paying if you of your beneficiary need to claim your policy on a death.
If you outlive your insurance term your policy will expire, you won't get anything back but if you want to purchase another policy the rates will be affected by your age and health.
When comparing policies, go for a different range of coverage values, an extra $50,000 on the policy may not cost much more and could be worth considering.
Your age is an important factor, try and buy coverage as early as possible but the rates are on a sliding scale, if you are in your early twenties your policy will be much lower than if you are in your late thirties.
Review your payment methods, they will charge interest if you pay monthly. If you can afford to pay in full annually you will save money on interest charges.
Try and get guaranteed rates so that your rates are not increased annually, that way you know exactly what you will pay each year.
Aim for a guaranteed death benefit that will be the same value during the whole term of the policy.
There are plenty of things to remember when choosing a policy, take your time and find the right one that you can afford and will cover your family.