So you are in the market to purchase a term life insurance policy and you are wondering how to obtain affordable term life insurance quotes. You definitely have come to the right place I know I can help point you in the right direction.
Currently, there is so much noise on the internet right now you might be thinking to yourself how do I obtain affordable term life insurance quotes from a quality company with good rates and carriers. In the following paragraphs, I will briefly give you some hints and tricks to obtain the best most affordable term life insurance quotes from the nations top rated life insurance carriers.
Don-t spend weeks or months on a trying to get the best most affordable term life insurance quotes
You see you will most likely get quotes from some online retailers that quote you the lowest rate possible. When in fact only 10% of the population will actually qualify for the best rates possible so don-t get to caught up in getting the best rate class. Find a trustworthy hones Agent and give them all the facts of your current health and you will most likely get the most affordable term life insurance quotes available.
Beware of Captive Life Insurance Agents
Now, let-s clarify something here, there is nothing at all wrong with captive life insurance agents at all. What I-m saying is though they will typically try and sell you there primary companies plan first, which will most likely not be the most affordable term life insurance quotes available. So what I recommend is too simply (if you like and trust the agent) ask them if they represent other term life insurance carriers or if they are allowed to a broker. The bottom line is most captive life agents understand that no one company will solve all their clients’ financial planning issues, so they are typically appointed with a number of top rated carriers and can give you affordable term life insurance quotes also.
Avoid buying more insurance than you really need
People use term life insurance for many different reasons. For example, to protect their family, to cover a home mortgage, to fund a business buy-sell agreement, to pay off debt and to settle estate taxes. The amount of term life coverage you need will vary depending on the purpose of your policy. A general rule of thumb is 6 to 8 times your annual income will provide your family with adequate protection. This tip will help you obtain the most affordable term life insurance quotes due to the fact you wont be paying for term life coverage that is not needed.
Estimate the number of years your insurance is needed
Predicting your future is not always easy to do. However, calculating a number of years you desire term life insurance protection is a key to determining which insurance products best fit your needs. You will maximize your insurance savings by choosing the policy that has the least expensive outlay over that period of time. This tip will help you obtain the most affordable term life insurance quotes by not buying a term life length longer than you actually need. The example is buying a 20-year level term life insurance plan compared to a 30-year level term life plan if it is appropriate for your situation, this will save you a great deal of premium over a number of years.
Avoid a big mistake
A natural reaction when buying term life insurance is to focus on which policy has the lowest first-year price… Be careful of this trap… some policies start out with low first-year prices and drastically increase… sometimes even by 5 to 10 times more in the later years. You see what happens is you get a first few years which are the most affordable term life insurance quotes available but then a few years later the premiums skyrocket up. This type of policy is referred to as a non-guaranteed contract.
Read the fine print on policies offered through your work
Typically group policy prices increase every 5 years, so your costs become extremely expensive the longer you have the coverage. Not to mention, if you ever leave your employer or get laid off, most companies don-t allow you to take your policy with you. There is something else you may not be aware of. Group rates are based on the total health of all the members of the group. Smokers are mixed in with non-smokers, and people with poor health are priced equally with those in excellent health. If you are generally in good health, you can almost always find better rates than those offered through a group policy.