How to Get the Best Life Insurance Quotes

2007-03-08 10:33:40

( Insurance )



When you buy life insurance for yourself or for your loved ones, you will be paying a regular amount called a life insurance premium.

Before the insurance company comes up with a life insurance quote for you, it requires you to supply some vital information about yourself. Aside from your personal data, there are other factors which affect the price of the premium.
Life insurance quotes also vary by company.

Your Personal Data

Insurance policies are age-sensitive. There are different price levels for each age group. The younger you are, the lower will be your premium.

Some companies also take your occupation into consideration. The riskier your occupation, the higher will be the price. The company also has the option to accept you as a client or not, based on occupation.

Your health condition and lifestyle also affect the premium amount. Expect to pay lower premiums if you are a healthy, non-smoking individual. Some companies require that you undergo a health examination to determine your state of health, before they will give you a life insurance quote.

Terms of Your Policy

The life insurance quote also depends on the features and terms of your policy, such as the insured amount, type of policy, length of payment period, and additional provisions or features (also known as riders) you might want.

Needless to say, the higher the insured amount, the higher the premium. A whole life policy will also cost more than a term life because of the length of coverage. The annual premium amount may be smaller if you're paying it for twenty years than if you were paying it in ten years. Extra features or riders such as coverage for disability or terminal illness will also cost you extra bucks.

Tips in Buying Insurance

It is never too late to buy insurance. Getting insured at a younger age and while you are still healthy will cost you less since you will be paying the same premium amount for the next few years, as long as you did not terminate the policy. If a whole life type of policy costs too much for you, consider term life or universal life. Some companies may even offer term life policies that can be converted to whole life in the future. Decide what riders you want on your policy and how important they are to you.

To make the annual premium more affordable, you can request to pay it in equal semi-annual, quarterly or monthly installments. Just be sure not to miss any payment as you might incur penalties or even cause your policy to lapse.

You should shop around for the best life insurance quotes. The life insurance quote should not be your only basis. Also consider the company's reputation in terms of size, stability and integrity. It is always worthwhile to regard a life policy as a form of investment that will come in handy in the long run.


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