How do you understand life insurance?
I'm sure you understand the basic principle of :. if you, your family receives money when you die
If you read this blog, watching YouTube channel AccuQuote or opening our emails, you are probably better educated than 0% of your peers. You may know the advice I am about to share, but even if that is the case, they deserve repetition. This stuff is so important!
Not Shop
Each life insurance company has a variety of products with different features and costs. If you do not compare companies to ensure you get the right cover to right price , you probably are not getting be .
instead of doing all the research yourself - or simply that of your parents are insured - AccuQuote, it is quick and easy. We do the research for you! Our submission software checks for products from more than a dozen highly rated insurance companies to find the most affordable rates. Our customers save up to 70%!
You might be surprised by how much coverage you can get on your budget.
Do not prepare for the exam
to get the best rates, you must prove that you are healthy. This means taking a physical. Your activities in the days before the exam have a major impact on results.
Fortunately, there are specific steps you can take to "put your best foot forward." The video below explains what you can do.
If you do not take the exam tips seriously, you might be hitting a class lower rate than you would normally qualify for. This could cost you thousands of dollars.
for example, imagine a man of 45 years applies for $ 250K, long-term policy for 20 years. he does not smoke and he is healthy enough.
Imagine it goes too far coffee and chips the night before the exam. his blood pressure might go enough to ruin his chances of getting a preferred rate class. It can end up with a standard tariff class. He would have to pay $ 52.68 / month for its policy instead of the month $ 34.39 / she had to pay if he had followed the advice of the video above. That is $ 219.48 / year ... $ 4389.60 over the term of the policy.
waiting too long
Let the man of the example above decided to wait 5 years to buy his politics. Instead of paying $ 34.39 / month, now he must pay $ 50.50. This is an additional sum of $ 193.32 per year ... like paying for an additional 5 bonus months each year.
And that's assuming that his health does not decrease within 5 years ...
Jump Your Policy Reviews
This is a good idea to check with a professional once a year the life insurance. A few minutes on the phone will help you ensure that your policy is maintained with any life changes you experience.
You may need more coverage if you are married, have new children, earn more money, bought a new home, etc.
you may not need as much coverage if you are divorced, your children become financially independent or you wiped the debt (like a mortgage).
The best way to ensure your coverage still "is" is to review your policy. You can call us at 800-589-0465 for a review of the free policy even if you have not purchased your policy to us.
When is the last time you reviewed your policy?
not guaranteed premiums Last Level
In most cases, you will not want to make "balloon payments" on your life insurance. Make sure your policy WARRANT your premiums will never go up. permanent life insurance policies Most term and can be structured in this way.
Not Buying Life Insurance
This error does not cost you , but it could be devastating for your family.
The final check you will ever give your family will come to your life insurance company. If the lifestyle of your family depends on the money you make, things are tight when the money stops coming in.
Dying can be expensive, too. A funeral, medical bills, etc. can put a lot of extra financial pressure for your family. Life insurance may cover these costs and give your family resources to maintain the lifestyle you want them to enjoy.
Not Buy Enough
When talking with people about how much life insurance to buy, one of the questions I often ask is, "How long do you plan to be dead?" If you're only going to stay dead for a few years, your life insurance only to replace the value of a few years back.
If your death is likely to be permanent, your policy should reflect this.
(sarcasm Intentional above!)
How many years of income you want to provide for your family? Our super-easy life insurance calculator can help you determine how much life insurance is enough to properly protect your family.
Questions?
We are here to give you all the information you need to make informed decisions about life insurance. Give us a call 800-442-9899 we will help you avoid these and other mistakes that could cost you thousands of dollars and avoid unnecessary stress on the long term.
You can get your life insurance quote for free here. It only takes a minute or two.
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