Many Americans cite cost as the main reason for not purchasing life insurance, but expense should not be an obstacle. Life insurance, especially term policies, aren’t as expensive as some people think. The coverage is vital, especially for those with homes and families. Below are some tips to save on this all-important coverage.
Opt for a Term Life Policy
For most customers, term life coverage is adequate. A term life insurance policy covers the insured for a set amount of time (typically 10-20 years), with a predetermined death benefit and a fixed premium. The premium on a term life policy is usually less than that of a conventional policy, and a thirty-year term life insurance policy should be sufficient to cover the mortgage and childrearing years.
Buy Early
There are certain advantages to buying life coverage as soon as it’s needed or even earlier. Buying while one is younger results in significant savings, and the buyer can lock in a low rate that may be inaccessible should they develop health issues as they age.
Buy Coverage in Bulk
Buying a higher-value policy from Insurance Offices in Texas can give the consumer more value for their money. When more coverage is purchased, the cost per $1000 in face value goes down. For instance, buying a single $500,000 policy costs less per $1000 in value than buying two $250,000 policies.
Get a Medical Exam
Many life insurance companies offer simplified and guaranteed issue policies, which give coverage with no medical exam. That may seem convenient, but such a policy typically costs more than one that’s underwritten. By filling out the application and getting a pre-coverage medical exam, the customer can save on the premiums they pay.
Compare Prices
As with other types of insurance, the easiest way to save is to comparison shop. Get a Life Insurance Quote from different insurers, and compare coverage levels. Don’t make a decision based on an advertisement, and know what’s covered before buying.
The Life Insurance Quote a customer gets is only one consideration. The customer should ensure that the company they choose is financially able to pay claims. By checking a company’s Standard & Poor or A.M. Best rating, the customer can determine whether they’ll be able to receive the full face value of the policy when it’s time to cash in. For more information visit Iotx.com. You can also connect them on Facebook for more updates.
