If you have a family and you want to rest easy, you need to have life insurance. This will make it possible for your loved ones have no financial problems in case you die unexpectedly. If you have a family that depends on you, life insurance should be a priority for you. Life Insurance is not expensive and if you follow these three guidelines you could actually save quite a bit.
1. Get the Right Coverage
Make sure to get the right amount of coverage to ensure that your family is protected. When coming up with the correct amount always look at how much income you bring home. You will want to multiply that by 7-10. Your family will need income replacement.
Next take a look at your debt. What you want to do is make sure that your loved ones is freed from debt. This will allow them to stretch the life insurance for a longer period of time. Your policy should be sufficient enough to cover any outstanding debt you may have. Also when choosing the right coverage, you may want to consider any children’s education.
2. Shop Around
Shopping around can save you a lot on a life insurance policy. Teaming up with an independent agent will ensure you see all the rates. Independent agents represent all the top companies and do the shopping for you. You will want to make sure the insurance carriers have top ratings to ensure they can pay out claims. When shopping around also look for strong customer service. This could come in handy if a problem ever arises.
3. Change in Health
Most life insurance carriers require that you get a physical exam. This is a requirement before you get approval from the carrier. The exam is done to get a picture of your overall health.
To give yourself a better chance at the lowest rate, I have laid out some things you can do:
- If you smoke, quit it. Smoking raises rate by about 40% across the board.
- Its best not to be overweight. Insurance carriers have weight guidelines that they use
You now know the 3 tips to finding low-cost life insurance!!