Life insurance is a good investment to make. It protects you or your loved ones from financial ruin in the face of untimely death. Finding affordable health insurance is just as important as having life insurance in the first place. Your workplace may also offer a life insurance plan and there are countless commercials advertising a life insurance policy. But how can you find the best bargain? If you’re trying to find the best life insurance for you—at a price you can afford—read on.
Know what you want from your life insurance.
Before you shop around for a life insurance policy, consider what you want to get from it. You’re going to pay extra to include coverage for your children. That’s an unavoidable expense. You need to draw the line somewhere, but avoid additional riders and other insurances. If you don’t need it, don’t buy it. You should also think about what kind of life insurance you want: term or whole life insurance.
Term life insurance provides coverage for a certain amount of time; if you don’t die within that term, your insurance company won’t pay a death benefit. Whole life insurance covers you until your dying breath. When you pass away, your spouse or children will receive a death payout. Although whole life insurance typically has higher premiums, the price stays the same over time. Term life insurance policies become more expensive as you age, and if you wait too long, you might not be able to afford one.
Compare quotes and shop around.
When you’ve decided what you need to get, don’t settle for the first deal that you see. Get several quotes from an array of insurance agencies; after all, quotes are free. Taking the time to look around can lead you to a better deal. Sometimes, you can even bundle health insurance with your pre-existing auto or health insurance for a lower price than buying a standalone policy. Once you find a policy you like, make sure the insurer is financially reliable. The whole point of life insurance is to provide stability to your loved ones after you die. What will your loved ones do if your insurer can’t pay out your death benefit?
Buy early and buy healthy.
The older you are, the more you’ll pay for life insurance. The best time to buy life insurance is while you’re in your twenties. Unfortunately, most young adults don’t take advantage of these low premiums because they are less prone to diseases that afflict their seniors. Older buyers can’t do anything about their age or preexisting conditions that may prevent coverage, but they can change unhealthy habits. Try to quit smoking or lose weight before buying a life insurance plan.
Other unchangeable factors that affect the cost of life insurance include your family history, career, and sex. You can’t change the fact that cancer runs in the family and you shouldn’t leave your career just for life insurance. However, you can stop engaging in high-risk hobbies.