Archive for July, 2010:
5 Easy Ways To Save On Instant Life Insurance
Searching for low cost instant life insurance can be tiresome if you don’t know where to look. Getting a life policy is one purchase vital to the financial health of your family . High cost term life insurance holds people back from actually getting it .
Here are 5 Tips to getting Low Cost Life Insurance
1. Know how much coverage you need
Consumers overlook the importance of the amount of life coverage they need.
Add up the following:
Monthly Rent / Monthly Mortgage
Each Month’s Living Expenses College Expenses
Childcare (if kids are still young)
Take the total monthly costs and extend them out for a 20 to 30 year term (beyond that your kids will most likely be working an no longer dependent on your income)
2. Term Coverage Over Whole Life
Reemphasizing Strategy #1. Is Life Coverage supposed to be permanent ? NO. NO. NO. It is needed to protect the family in the loss of the breadwinner or the income provider . You are protecting the dependents in the family which are the kids / children who are dependent on your income . When they finish college and enter the workforce they can create their own income and there is no longer a need for life ins .
Besides, Whole life Ins is astronomically more expensive . Make sure you do not combine investments with life ins either . Separate investing and life insurance. Never combine them!
Only get Term Life Coverage. It will already cut your premium by 70%!!!!
3. Buy in Tier Amounts
Did you know that there are tiers for life ins? The rate of coverage will go down on higher tiers. You just need to know where they are. For example, for Term Ins, $100,000 to $249,999 you would be paying $1.02 per $1000 of coverage while for $250,000 to under $500,000 you would be paying 92 cents for every $1000 of coverage. Almost a 10% in savings for knowing this !!
4. Do Not Get The “No Medical Term Life Insurance”
There are some companies that allow you to purchase a policy without having you get a medical exam . Sounds dandy but you are limited in your instant life insurance coverage, the premiums are much, much higher AND you are limited in coverage amounts .
In regards to the medical exam you set the time and location for the physical exam and it only takes 10-15 minutes of your time .
5. Compare Term Life Insurance Quotes
There is no question about it . When you comparison shop insurers must fight for your business by providing the lowest life ins rates .
A Life Insurance Company must compete for your business at a comparison shopping site. It is the only time you will get the best life ins rates.
At BaseQuotes we give customers the chance to compare Low Cost Instant Life Insurance Quotes from the top insurers in the US . Being former insurance agents ourselves the only way to savings is to force them to compete .
