One could write a book on life insurance and its purpose and what kind of policy to purchase, but these five tips should help you get the best life insurance policy for the lowest price.
1) Ask Yourself Why You Need Life Insurance
Start by asking yourself why you need life insurance. The best life insurance for one person could be the worst for another as it does not meet their needs. For example, the best life policy for someone wanting to cover their final expenses is likely a small whole life policy – the kind of policy that you make a payment for a period of time and when you pass the company promises to pay your beneficiary the amount purchased.
On the other hand, for most people, the best life policy is one that covers the risk of them dying prematurely. It covers their mortgage, if they have one, as well as provides cash to supplement what the surviving spouse earns so that they can maintain their standard of living. With the mortgage paid, this can sometimes be a modest amount. The amount will also differ by spouse. Frequently, the best life insurance policy is one that combines both a small whole life policy and a larger term policy. It is much cheaper to purchase a small final expense policy when you are younger, and add a term insurance rider.
2) Find Out How Much Insurance You Require
Find out how much insurance you require by going to an insurance calculation using a life insurance calculator and do calculations for both partners as the amounts usually differ.
3) Decide Between Internet or Private Meeting
Decide whether you want to have an insurance agent come to your home or do it all on the internet. In some situations, the life insurance broker will offer to come to your home and sell you his company’s product claiming he has the best life insurance policy when, in fact, it was the only one he can sell. Put yourself in control by using the internet to get quotes and talk with broker about the quotes. Seldom do people with whom we have conversations with end up purchasing the kind of policy and amount of life insurance they originally got quotes on.
4) Include Your Contact Information
Include your contact information when you get the quote. When the broker calls do they take the time to find out about you and why you are looking to purchase life insurance? Do you feel that they are genuinely interested in helping you find the best life insurance policy or are they more like order takers. Do not go with a bank or insurance company directly as they only sell their own company’s products. The good news is that most brokers can also sell that bank’s products for the same price or lower if that company turns out to be the best life insurance company for you.
5) Be Honest
Be very honest and truthful when answering the questions. It is clearly not the best life insurance policy if the claim is denied because you failed to disclose significant facts. You need to tell the broker if you smoke, have any medical issues or have a bit of a dangerous lifestyle. This will help the broker get you the best life insurance policy for the lowest rate.
You are going to make a purchase that will cost your thousands of dollars over your life and provide the protection for your loved ones. While this protection is not free, it is an amazing value for the amount of protection you can purchase for a relatively small amount. You need to purchase the best life insurance policy to be adequately insured for the protection of your family and an experienced online broker can help you accomplish this in the convenience of your home and in a timely way.