|
|
|
| |
Many of us
don't like to think about life insurance being such a necessity.
Its the type of insurance we might like to sweep under the
carpet after all we only need it when where dead.
Due to longer life expectancy and medical advancements life
insurance is at its lowest in 25 years.
The majority of us don't need to even think about life insurance
until we have started a family. The objective is to protect and
cover your dependents in case you die while your dependents are
in need of your financial support.
What does Life Insurance Cover/Pay For?
Estate Tax
When your dead the IRS will want a piece of what you were worth,
they call it estate tax.
Estate tax, is a tax on what you own or have equity in. Such as
your home.
Incurred Expenses
Incurred expenses such as funeral costs, possible hospital &
emergency expenses, etc.
Obviously death is a traumatic & emotional time. Life insurance
will at least ease any financial concerns and burdens at such a
devastating time.
|
|
|
|
Paying
Less For Life Insurance |
|
Shop Around
There is no better place to start looking for life insurance than
online.
Many sites today offer to send your insurance details to hundreds of
different companies until they match the best price. Some companies
can sell you life insurance cheaper because they can greatly cut
down on there overheads by only offering life insurance online.
If you would rather a more friendly, face to face situation ask
your local bank or high street insurance company.
No-Commission Policies
Try to find no-commission policies. Such policies have less expenses
& commissions. The place to find no-commission policies is through a
financial advisor who offer “fee only” flat rate work.
Medical Exams
The best life insurance policies require a medical exam.
Life insurance companies request a medical exam as they need to know
how much of a risk you might be. Companies that offer life insurance
without taking a medical exam are often known as “simplified issue”
or “guaranteed issue” life policies. These policies are worth
considering if you don't want to take a medical exam because your in
poor health.
Your Health
Your Health is going to be of your biggest assets to paying less.
If your a smoker you can expect to be paying a much higher premium.
If you think that no one will know if you smoke but then you die
from a smoking related disease. Your life insurance wont be valid.
All your other health matters will be taken in to consideration
also. Your cholesterol, blood pressure, and weight, etc.
Your Lifestyle
Depending on how close to the edge you like to live life will effect
how much you have to pay for your life insurance.
If hand gliding , rock climbing and the occasional game of Russian
roulette is your way of life you can expect a high life insurance
rate.
On the other hand if your happiness is simply, a walk in the park
and a good book then your rate will be low.
Making Changes
If you already have life insurance and recently quit smoking,
drinking or had a healthy diet change. You may wish to retake your
medical exam or resubmit your application.
If you can show a significant improvement in your well being you
will be in titled to a better priced policy.
Fractional Premiums
Paying your life insurance annually can reduce your overall rate
considerably. Paying 6 months or 12 months all at once can save you
10% - 15% which is a lot better than the interest you would make if
the money was just sitting in the bank.
|
|
|
|
|
Other Resources |
 |
|
|
|
|
