Over the past 10 years, term life insurance rates have been dropping steadily. The reason for the lower rates is that the national average life expectancy rate continues to climb. The U.S. Census Bureau has stated that people in U.S are living 7yrs more for men, and 10yrs more for women.
A term life policy basically only provides coverage for a term or certain period of time. On the death of the insured it pays the face amount of the policy to the named beneficiary or beneficies. Usually the younger you are, the higher the term life amount, and you can buy term for periods of one year to 30 years.
Today, I am writing about 5 steps you should do to get the best life insurance rates, and how to save on your life insurance premiums.
- Buy Term Coverage- A term life policy will provide you the maxiumum amount of coverage you can acquire at lowest possible price.
- Find The Best Policy Quotes- You can find the best insurance premiums on sites like Accuquote,
- Find A Broker- Instead of finding insurance coverage, you should look for an independent insurance agent(fee bases only) who can help you find the best rates and make the process much easier.
- Find The Best Ratings- Before you choose your life insurance package, you should consult with your agent and ask them for their ratings. Your agent should point you to Fitch, Moody’s S&P, and AM Best to find the best ratings.
- Buy enough coverage- Do you really know how much life insurance you need. You can check out Netquote.com
and use their free calculator tools to determine how much coverage you need. The coverage will be base on your age, current salary, and your characteristics(smoking, alcohol, overweight)…etc. You can recalculate your insurance needs if and when you income increases significantly, or children are off to college.
ENWYLC I want to say – thank you for this!
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