Getting approved for life insurance is one of the most important strategies any person can take to look after their family in the case of their unexpected death. After all, taking care of funeral arrangements, in and of itself, isn’t cheap. That’s not counting the cost of living that is going to fall on your household quite suddenly. While you can’t predict the future, it is imperative that you get the absolute best life insurance that you can afford. That’s why you need these tips to get approved for insurance at an affordable rate today.
Tip #1: Utilize Sites That Offer Life Insurance Quotes
There are many, many ways to get an idea of the cost of life insurance for you. One such way is through sites that offer life insurance quotes. The Internet is a handy tool, and in terms of something as important as your life insurance, it can be used to minimize the amount of time that you put into searching for the best policy. Simply go to your favorite search engine, pop in life insurance quotes and you’re on your way to a comparison of the least expensive rates.
However, the least expensive rates are not always the best deals in the long run. You’re going to want to compare the following, as well, to make sure that you get the very best benefits for your money.
·Terms: How long is this policy going to cover you?
·Amount of Coverage: How much money will go to your beneficiaries?
·Level Term: Does your premium, or how much you pay each month for your insurance, stay a fixed rate throughout the term of your loan. Some life insurance premiums rise as they age.
·Term Value: Does your death benefit remain the same as your policy gets older? With some insurance policies, the actual benefit decreases over the years.
Tip #2: Getting a Medical Exam can Lower Your Term Life Insurance Rates
You aren’t always required to get a medical exam when you buy term life insurance. The fact is, however, that if you’re a healthy non-smoker, you stand a chance of being able to get less expensive life insurance by getting this exam done.
You see, life insurance rates aren’t just pulled out of the clear blue sky. They’re based on mathematics and statistics that surround the subject of how long you’ll live. That’s why there’s a discrepancy between how much male and female life insurance costs, as well as a difference between smokers and non-smokers.
So, if you just stick with the going rate, you’re falling victim to a statistic. If your health is poorly, this may not be a bad thing for you. However, if you are reasonably healthy, a medical exam could serve to get your rate lowered.
Tip #3: Avoid Tobacco, Drugs and Alcohol
Again, life insurance quotes are all based on the same statistics. These mathematical equations all revolve around when and how people die. Obviously, those who heavily drink, use illegal drugs or dabble in tobacco are more likely to have adverse health effects, which could also very likely lead to earlier death.
An earlier death increases the chances that your insurance company will have to pay out your death benefit. That increased chance will increase your rate.
The best idea is to avoid these three less-than-healthy situations altogether. That’s not a bad idea if we’re just speaking in terms of your overall health. However, it is also a given if you’re shopping for life insurance.
One word of warning; don’t lie on your life insurance application to get a cheaper rate. Doing so could make your whole claim null and void, and where would that leave your family?
There are many ways to help you to get the lowest health insurance rates possible. The above recommendations are among the best methods to get the least expensive, highest quality life insurance available.