Helpful Hints for Life!
Top 10 Life Insurance Purchasing Tips:
- Don’t wait till you REALLY NEED the coverage! By that time
you’ll be that much older, you’ll be sick or you will have
encountered a health issue that will cause your premiums to be
significantly more than you anticipated. That is of course if
you can even qualify for the coverage.
- The highest financial rating doesn’t necessarily mean
better coverage. The important thing is to at least be looking
at an “A” rated company. There is little, if any difference
between one company’s term policy and another, so basing a
decision solely on ratings won’t always get you best deal. The
highest rated companies tend to be more conservative in their
underwriting and attaining the “best available” with them will
be a bit more difficult.
- Shop online first before you
meet individually with an agent! Many online life insurance
brokerage companies can be a useful source of information and
can save you up to 75% on your premiums. The reason is of course
because they are impartial and are not driven to sell you only
one company’s product.
- Pay annually if you can afford it. Paying annually can
save you up to 20% with some companies versus monthly, quarterly
or semi-annually.
- Don’t smoke. If you are trying to save
money than being a smoker won’t help your cause. However, if you
do smoke, most companies will let you re-apply for nonsmoker
rates if it has been at least 1 full year from your last usage.
- If you have cholesterol or blood pressure issues get
it controlled with medication. Insurance companies don’t like to
see health issues go unattended. If you are doing something to
control it they will likely look at that favorably and give you
the benefit of the doubt when it comes to approval time.
- If you are considering buying $90,000 of coverage, buy
$100,000 instead. Many times it will cost less, the same or just
a tad more for additional coverage. Insurance companies give
breakpoints at $100,000, $250,000, $500,000, $750,000 and
$1,000,000.
- Read the “Prepare for the Medical Exam” section on my
Life quoting site before completing your exam. Eating a few
Twinkies or calling your stockbroker a half hour before your
exam will surely turn your lab results sour and cost you big
time!
- Obtaining coverage through your company’s plan may be
a good alternative…in the short-run. Many employer’s
plans however are not portable and won’t let you continue your
coverage if you leave. If you need coverage then, you’ll have to
apply for an individual policy anyway. Don’t leave it to your
employer to take care of you!
- If you’re 30-½ years old, you’re as old as 31 in the
eyes of the insurance company. Most insurance companies round up
when determining your age and because premiums increase with age
that can make a big difference. So, if you’re approaching 30-½
and you have thoughts of applying, don’t wait!
Thoughts on Life
- Price isn't the ONLY factor
- Ways to get discounted prices
- How much and when to buy
- How to get the best for the ($) dollar