A life insurance policy is crucial for every family, but it doesn’t have to cost a fortune.
Purchasing life insurance can sound like a daunting and expensive task, but it can be quite the opposite. A life insurance policy is vital for every family because it will protect your children if an unexpected tragedy happens to you or your significant other. If you were to pass away, the life insurance policy will give a payout to your beneficiaries to help them pay off your debts, pay for your funeral, pay their bills, or anything else that you wish. It’s essential to research and discover the most affordable term life insurance quotes for you and your family, but it can be challenging. Take a look at these tips to help you understand how you can go about purchasing the right coverage for you at the most affordable price.
4 Tips to Find the Most Affordable Term Life Insurance Quotes for You
- Purchase a Policy When You are Young
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In most cases, people with dependents or those who are married purchase life insurance — but policies can be more affordable the younger you are, no matter if you are married or have dependents. When you purchase a policy, there is a health exam that has to take place in most cases. At a younger age, you are less likely to have health concerns that would force you to pay high premiums — high cholesterol, high blood pressure, and diabetes are examples. When searching for affordable term life insurance quotes, keep in mind that your premium will not increase over time. So if you are purchasing your policy while you are young and in great shape, you’ll be able to pay that price for the extent of the coverage.
Another reason that having life insurance at a young age is beneficial is that you probably have some sort of debt. Whether the debt is a business loan, student debt, a mortgage, or credit card debt, a life insurance policy will ensure that no one else has the burden of them when you die. You can take out your policy so that the co-signer of your loans is not left to pay the rest of your debts off if you pass away.
- Speak With an Independent Insurance Agent
An insurance agent is there to unveil the details of the insurance industry. One person can’t research and understand the ins and outs of the industry on their own, and that person may be missing out on an essential piece of information to give them an affordable rate. Along with that, an independent agent is not tied to a single life insurance company. Instead, they are contracted with multiple carriers and can compare plans between them to find out which company and plan suit you best.
- Buy a Policy that Requires an Exam
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As mentioned before, some policies will require the potential policyholder to take a medical exam. It probably sounds enticing to choose a plan that you don’t have to take a trip to the doctor’s for a medical exam, but it may end up costing you. If you are healthy, you should have no problem taking the medical exam. Purchasing a no-medical exam policy will give you higher premiums since it is a higher risk for the insurance company. The medical exam is simple, and in some cases, you can schedule for the examiner to meet you at your home or office.
- Choose a Term Life Insurance Policy
There are plenty of life insurance policies, and it can be confusing to understand which is right for you. The most common and the most affordable is a term life insurance policy. Not only is a term life insurance policy more affordable, but it’s also much easier to understand. When you buy a term life insurance policy, you choose the amount of time you want to have the coverage for — usually between 5-30 years. Once the plan expires, the coverage is gone, and you can buy another term life insurance policy, switch to a whole life insurance policy, or decide not to purchase any insurance.
A whole life insurance policy is more complicated because it has the added cash value aspect to the plan. When a person purchases a whole life insurance policy, they now have that coverage for the rest of their lives as long as they pay the premium. A part of that policy builds up over time, and a policyholder can invest that money or take it out and use it as cash while still alive. Because of this cash value, it can increase the premium of whole life insurance immensely.
Finding the most affordable term life insurance policy quotes can become a hassle if you aren’t taking the correct steps. If you are using Fabric, finding the most suitable life insurance coverage will be a breeze for you and your family. The Fabric app is your one-stop shop for your family’s financial needs, to find affordable insurance, and to even write your will. Download Fabric and learn how to simplify your family’s finances.
