How to Get The Cheapest Life Insurance?

Are you looking for the most affordable life insurance coverage?

If so, you'll want to consider the following tips to assist you in getting low cost life insurance protection:

• Compare pricing from several of the leading life insurance carriers.
• Buy Life Insurance Now while you are young and healthy, as rates increase with age.
• Consider term life insurance instead of permanent life insurance if you need protection for 30 years or less, because permanent usually costs up to 5-10 times more than term life.
• If you smoke, quit smoking, since smokers pay more than non-smokers of life insurance.
• Exercise, lose weight and eat healthy to improve your overall health and qualify for a better (lower) rate on your life insurance policy.

These are just a few of the tips that may help you to save you some money on your life insurance plan. 

Learn more about how to get the cheapest life insurance coverage.

Questions to Ask When Getting Life insurance?

If you are considering the purchase of life insurance, you'll probably want to think about the following questions before making your choice of coverage.

• What goal do you want your life insurance plan to accomplish?
• How much life insurance protection do you really need?
• How much can you afford to spend monthly on your life insurance policy?
• What type of life insurance is right for you?

These are just a few of the more important questions to ask when getting life insurance.

Learn more about questions to ask when getting life insurance coverage.

 

Is Term Life Better Than Whole Life?

Whether or not term life insurance is better than whole life insurance depends on your specific situation and need for protection.

Since term life is temporary, lasting up to 30 years, it would be better suited for someone who only needs life insurance for a duration of 10, 15, 20, 25 or 30 years.

However, if you need life insurance guaranteed to last your entire lifetime, no matter how long you live, then whole life insurance would be a better option for you to consider.

If you are on a budget and need coverage for 30 years or less, term life offers the most affordable life insurance plans to meet your needs.

Learn more about if term life is better than whole life insurance.

Term Insurance for Home Loans

Can I buy term life insurance to protect my home mortgage loan?

Yes. In fact, many people buy term life insurance to pay off their home mortgage loan in case they die.

You can name your spouse, partner or family member (you choose) as beneficiary to receive the proceeds from your life insurance policy, and the beneficiary may use the money to pay off the remaining balance on the mortgage so they can remain in your home after you die.

You'll want to select a duration of coverage that matches the number of years of your mortgage loan, and an amount of insurance that matches the outstanding balance on your mortgage.

Learn more about life insurance for mortgage loans.

Top Life Insurance Ratings?

A.M. Best is the most experienced rating agency for insurance companies, having been in business since 1906.

Its Financial Strength Rating is recognized worldwide as the benchmark for assessing and comparing the financial stability of insurance companies.

The Top Ratings for Life Insurance:

1. A++ and A+ (Superior) — Assigned to companies that have, in A.M. Best’s opinion, a superior ability to meet their ongoing financial obligations to their life insurance policyholders.
2. A and A- (Excellent) — Assigned to companies that have, in A.M. Best’s opinion, an excellent ability to meet their ongoing financial obligations to their life insurance policyholders.

Learn more about the top ratings for life insurance companies. 

How are Death Benefits Paid?

The death benefit from a life insurance policy is most commonly paid out as an income tax-free lump sum, unless the beneficiary of your insurance policy chooses to take the benefit as an annuity, or in installment payments. 

Life insurance death benefits can also be split: the policyholder can designate more than one beneficiary, for example, by dividing the benefit equally (or not) between the insured’s family members.

When to Purchase More Life Insurance?

When is a good time to buy more life insurance coverage?

There are many major life events that may give rise to a need for additional life insurance protection.

Some of the most common reasons for buying more life insurance may include:

• Getting married.
• Expecting a baby.
• Buying a new home.
• Getting a promotion at work.

These are some of the more common reasons people choose to buy more life insurance protection.

Learn more about when to purchase more life insurance protection.