- Listed: December 31, 2014 6:13 am
- Expires: This ad has expired
Following a healthy lifestyle doesn’t guarantee that you will live a long time. You’re not immortal, after all, and fatal accidents or terminal illnesses happen to everyone sooner or later. Life is unpredictable. You can’t tell what will happen next.
When it comes to Life Insurance, purchase it when you are young. Typically, a younger person is in good general health, so you will be able to lock in a great rate for the length of the policy. As a person gets older, they start to present more of a risk to an insurance company, and not only will the premium be more but, you may be denied coverage entirely.
Life insurance will help out your loved ones that are left behind if you pass away. Funerals these days are expensive, and if you have life insurance, it won’t leave the ones that are still living an astronomical bill to pay. It can also help pay for your children’s college, if you are not around to do so.
Compare prices between numerous companies prior to getting life insurance. Premiums can vary around 50% from the different providers, so try using online comparisons to find the cheaper quotes. Before you start comparing quotes, you should be sure that your medical history has been taken into consideration.
When purchasing term life insurance, consider how long it will be until your children are financially independent and your debts are paid off. The point of life insurance is to protect family members such as children who are totally dependent on your income. Take a policy that will outlast the period of your children’s dependence and any long-term loans such as a mortgage.
Always be truthful when applying for life insurance. Disclose all of your information truthfully, so that your insurance company has no reason to contest your coverage. Upon your death, the insurance company will review your policy information. Any withheld details could cause the insurance company to deny your insurance claim, which will deprive your remaining family from any insurance proceeds and defeat the purpose of all of your insurance payments.
Make sure you understand any exclusions or limitations before purchasing a life insurance policy. Some policies contain exclusions for pre-existing conditions – if you have any of those conditions – the policy would not pay out should you die as a result from one of them. Exclusions can vary from policy-to-policy, so make sure to review all details.
Before purchasing life insurance you should determine the amount of coverage that you need. The easiest way to do this is to take your average yearly salary and multiply it by eight. There are also a number of simple to use online calculators that will help you figure out how much life insurance you need.
Take the time to update your existing life insurance policy when any relevant changes in your life take place. This includes providing for additional dependents if you get married, have children or start caring for an elderly parent. It also includes reducing your coverage if you get divorced or after your children graduate from college. If you’re at an age where your previous dependents are now self-sufficient and you have enough saved for retirement, you can cancel your life insurance policy altogether.
When it is time to purchase life insurance, try to educate yourself on the many products available on the market, so that you can make a wise choice. Read your entire policy carefully and ask your insurance representative to explain everything that you don’t understand. If you are uncomfortable with the policy, it is typical to have a ten day cancellation period, so that you may cancel the contract without penalty.
If at all possible, you should try to avoid start-up companies and there life insurance policies. You just never know when a new company is going to bite the dust and take your investment with it. The insurance market is very unpredictable and there is a chance however small that you could be a casualty.
As you have seen, life insurance policies, while various, share many fundamentals. They mostly, just vary in terms of prices and coverage. All it takes to decide between them is some research and common sense, to find the best and most affordable policy that will work with you, your budget, and your family.
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