Nowadays, the process of buying a life insurance policy has been simplified dramatically. By calling up an insurance company of your choice, an agent will get the process started within a few clicks. However, although the purchase process may advance more speedily, it does not guarantee the most affordable life insurance plan premiums or benefits. Nevertheless, with a bit of research and leg work, you can receive a higher level of security and overall confidence in your upcoming purchase.

Timing your life insurance policy purchase is one of the best ways to lock down a more affordable rate. Since life insurance premiums are based on age and overall health, you are better off shopping around while you are younger and healthier. By delaying this purchase for one or two years, you risk developing a severe health problem or even an unexpected death.

Deciding between Term or Whole life is another way to save over a more extended period of time. Term policies may be purchased at 10, 20, and 30 years, with 20 years being the most popular. Term life insurance remains the most affordable option for younger individuals but comes with an expiration date. If you decide a Term life insurance policy fits your needs, ensure it can convert to a Whole policy later on. Whole life insurance, on the other hand, features a constant face value and a cash value that slowly grows over time. Therefore, should you borrow against the Whole policy, the face value will decrease accordingly.

When you begin applying for a life insurance policy, you are required to fill out a questionnaire. By ensuring you answer these questions truthfully and accurately, your beneficiaries are poised to receive the highest level of proceeds possible. These questions often include health history, personal health, family health, hobbies, and more. Of course, the insurance company will also look at your medical records to verify input data, especially the past ten years’ worth of prescribed medicines and more.

The overall amount of coverage purchased will also influence your premium. If you are trying to stay on a budget, you are more likely to enjoy a policy that remains in force for a more extended period for optimal coverage. Depending on your needs, you can adjust the amount required for spousal support should your untimely death leave school-aged children behind. The most typically suggested amount of coverage is ten times your annual take-home pay.

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About Kathy
Kathy Hollingsworth
Licensed Agent Federal Educators of America