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Finding a deal on cheap life insurance rates is just as easy as getting a deal on cheap auto insurance or cheap dental insurance. The key is to know what type of life insurance to get, when you are getting the best prices and how to evaluate the companies.
There are a ton of different types of life insurance. Anyone who is not familiar with the different options can easily feel that the life insurance companies are muddying the water in order to keep the average consumer from being able to determine on their own what type of life insurance they need. If you are in the market for cheap life insurance there is really only one option; term life insurance. Term life insurance is the simplest form of life insurance in that there is no cash value. To put it simply when you buy term life insurance you are only buying insurance. There are no investments or managing of money. This allows the rates to be cheaper because you do not have to pay any fees for management of the account.
It's important that you understand the other types of life insurance. Getting the right type of insurance coverage is one of the most important decisions that you’ll make. There are several types of polices that you’ll need to compare and contrast to ensure that you’re getting the right type of plan. Yes, term insurance is going to be the cheapest, but that doesn’t automatically make it the best decision.
The other main type of coverage is a whole life insurance policy. These policies are a permanent form of coverage, which means that as long as you continue to pay the monthly premiums, you’ll have life insurance coverage. These plans are a great option for anyone that doesn’t want to worry about reapplying for life insurance in the future. Because these plans will never expire, they are going to be more expensive than a term plan, but if you’re worried about losing coverage in the future, then these may be a better option. Another unique advantage of whole life plans is that they build cash value inside of them. The longer that you pay the premiums, the more value is built up, which you can borrow against or use to pay premiums for the plan.
Another type of life insurance is a no exam plan. These plans are exactly what they sound like, life insurance without the medical exam. If you’re wanting to get life insurance but don’t want to go through the health tests, a no exam plan can be an excellent option for you. On the face, no exam plans seem like the best option for coverage, but there are a lot of disadvantages to these plans.
The most notable advantage to no exam life insurance is obvious, there is no medical exam. That means that the insurance company won’t be able to use your current health against you. If you have severe pre-existing, then it could cause you to be declined for life insurance coverage, but with a no exam policy, the life insurance company won’t get that information, which could give you a better chance of being approved.
Another advantage is that you can be approved much faster than you can with a traditional insurance plan. With a normal life insurance policy, you could wait several weeks to get approved for life insurance, in some cases, you could wait a month. With a no exam plan, you can be approved for coverage in a matter of days. Some insurance companies will get you approved in as quickly as 24 hours.
Some of the disadvantages of no exam plans can cause a serious problem when you’re trying to find the best plan. The most notable pitfall is that they are going to be more expensive than a traditional insurance policy. Without the medical exam, the insurance company is taking a great risk to give you life insurance, and they are going to offset that by charging you higher premiums.
Another drawback of these plans is that you’re going to be limited on how much insurance coverage you can buy without taking a medical exam. Most insurance companies will only sell you around $250,000 without taking the health test, which isn’t enough coverage for most families. Not having enough life insurance is one of the worst mistakes that you can make for your loved ones.
Those are the main types of life insurance that you can choose from, and it’s vital that you look at them all to decide which one is going to meet your life insurance needs the best. If you have any questions about the types of life insurance above, please contact one of our agents today. We would be happy to answer those questions and connect you with the best plan available.
Getting the lowest cheap life insurance rates is as simple as getting a set of free quotes. You can get those quotes from this site by filling out the form on this page. If these quotes are at all confusing just head over to our page for understanding term life insurance quotes. There are tons of sites online that will give you a set of quotes. What makes our quotes some of the best is that we shop over 50 different life insurance companies. Since term life insurance is so competitive you are going to get the best rates by using our widget.
Regardless of which company that you choose, there are several ways that you can trim down your monthly premiums and keep more money in your pockets. Making a few simple changes can save you thousands of dollars on your life insurance policy.
The first thing that you should do is cut out any tobacco that you currently use. If you’re a smoker, you’re at a much high risk of being diagnosed with severe health complications like cancer or having a heart attack, which means that you’ll pose a much greater risk to the insurance company. They are going to offset that risk by charging you higher monthly premiums. In fact, smokers are going to pay around twice as much for life insurance versus what a non-smoker is going to pay for the same sized coverage. If you want to save thousands of dollars on your life insurance, it’s time to kick the bad habit once and for all.
Another way that you can get lower rates is to improve your overall health. Before the company will give you life insurance, they’re going to require that you take a medical exam (unless you buy a no exam policy) and the results of those tests are going to play a major role in how much you pay every month. If you want to get lower premiums, you’ll need to get better results from the health tests. The two best ways that you can do that are by getting regular exercise and sticking to a healthy diet. Both of these can help you lose weight, lower your blood pressure, lower your heart rate, and reduce your chances of being diagnosed with health problems. Being in a healthy weight range can lower your monthly premiums by 50%. If you want to save money, it’s time to lace up those running shoes and hit the gym.
Once you find a couple of companies that are the cheapest for your specific needs. The key is to make sure you have a company that is reliable. When you look at your term life insurance quotes all you need to look at is the A.M. Best rating in those quotes. A.M. Best is a company that measures the financial health of insurance companies and then assigns them a letter grade similar to what you would get in school. The highest grade is A++ and the lowest is F. If the A.M. Best rating is A- or better then the company has at least an excellent rating. To make sure you are getting a good company just pay attention to the letter grade next to your cheap life insurance rates.
At TermLife360.com we are dedicated to helping you find cheap life insurance rates. If you ever have any questions or if there is any way we can serve you please let us know.