Most people find life insurance to be an annoyance throughout their entire life. However, by following a few tips, you can make the job of finding the right policy easier and less costly.
A good place to start is to discover what the policy excludes. Often, customers focus solely on what a policy covers. They ignore the exclusions. However, being fully informed can save you hassle if you have to file a claim. Read the policy for yourself and have your agent explain it to you. Then you can discuss whether upgrading to include specific exclusions is in your best interest.
When your life insurance policies come up for renewal each year, you should review any changes in your needs from the previous year. Your life insurance needs to keep pace with life events which can alter the amount or type of coverage you need. Most insurance agents will not bring up the subject until you do, so you may need to do some of your own research.
Don't get carried away by rock bottom prices! Keep in mind the old wisdom that you usually get what you pay for. Not all life insurance policies offer the same benefits. They can actually be widely disparate, so do extremely careful comparisons to check whether you're getting the same coverage where the price of two policies is the same. That affordable term life insurance quote is an entirely different animal than the more expensive whole life policy. Be especially cautious if you see that one insurer is asking far less than anyone else for supposedly similar coverage.
Depending on the company and the type of insurance you are looking for, you can save 15 to 45 percent by shopping for your insurance policy online. Several excellent insurance sites are available online. Use a comparison quoting service to help you get the best value for your money (which isn't necessarily the cheapest life insurance quote you receive). Such services can provide you with quotes from several major insurance companies, allowing you to compare premiums and coverage available from many different insurers.
If you decide to switch life insurance providers before your insurance comes up for renewal you'll have to pay a penalty which is based on how much time is left on the existing policy. It's always best to change providers when a policy comes up for renewal.
You should also not switch life insurance companies too often because you'll land up paying more. Establishing a long-term relationship with one insurance company can earn you discounts and over time these discounts can be substantial. So do change insurance companies if there is a good reason, but don't do it on the fly.
Of course, never omit important details and don't lie when applying for life insurance! For example, telling your insurer that you are a non-smoker when you actually smoke (even if only a few cigarettes) will result in a denial of your claim should you file one so you'll really be the one to lose and not the insurance company.
When you receive your new policy, be sure to look it over thoroughly to ensure that your coverages are correct. If you have any questions or concerns, or if something looks to be incorrect, call your agent for assistance.
Finding affordable term life insurance just got easier.
