Life insurance is extremely important for protecting your family from financial losses after your death. Life insurance can help your family members pay off the house, cover your medical bills and funeral expenses, and can even help put your kids or grandkids through college. Because of how important life insurance is, you need to make sure you get the best deal which will give your family excellent coverage at the cheapest price.
Term vs. Whole Life
The two types of life insurance that you can get are term and whole life. Term is cheaper and only offers life coverage. It means that when you die, your beneficiary will get the face value of the policy. Whole life, on the other hand, is more expensive but it will provide a greater amount for your family. That is because it provides basic term life insurance as well as an investment portion that grows throughout the course of your life.
How to get the cheapest life insurance quote
There are a number of things that you can do to get the cheapest life insurance. Here are a few quick tips that can help you get the cheapest life insurance quote:
– Purchase the insurance when you are still young and healthy, particularly when considering term life insurance because premiums will go up as you get older.
– Dont use any smoking or chewing tobacco products, as these push your premium way up.
– Have any required physicals done as early in the morning as possible because your blood pressure, stress levels, and cholesterol are naturally lower in the morning, which will give you a better chance at scoring a lower premium.
– Apply near the end of the year or the quarter because life insurance companies are trying to reach their sales quotas at those times and will often offer lower rates.
– Shop around for quote online. By comparison shopping between several different companies, you can see which companies offer the best coverage at the cheapest price. There are a number of websites that offer you unbiased quotes from some of the top-rated life insurance companies and that also provide you access to professionals that can answer any questions you might have.
Which life insurance company to choose
There are a number of life insurance companies out there, and not all of them are created equally. Its important that you find a company that has been in business for a long time, and that has a high rating. This is important because while a newer company may offer an incredibly cheap rate, a newer company doesnt have the stability of an established one, and if it goes out of business, you and your family will be left hanging.
There are two places to check the rating of life insurance companies:
A.M. Best will give you ratings based on the ability of companies to pay their claims and stockholders, and their overall credit rating. You can find out more by going to www.ambest.com
Your states Department of Insurance should also have a website where you can go to see the list of complaints that have been filed against various life insurance companies. This is a good way to see which companies are not listed and therefore dont have complaints filed against them, and which ones are there frequently due to not paying their claims or other issues.
Keep in mind as you are choosing a life insurance company that its a big decision that youre making, so its important that you take some time to make the right one so that you can provide for your family after youre gone.
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