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Learn About Life Insurance Before You Buy

Apr 1
 
 
Life insurance is a big purchase and a big decision. You should weigh the different possibilities carefully before you commit to a particular insurance package. Ahead of time preparation is particularly important for life insurance because you will not get a second chance at selecting your policy; it is your family members that will deal with the consequences of your choices.
 
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Disclose any high-risk jobs or hobbies. While you may end up paying more money, you can avoid the hassle of becoming ineligible for full coverage as a result of your failure to disclose this information. It might be considered fraud if you withhold the information.
 
Certain insurers could offer premiums approximately 40% lower than other ones. The Internet is your best option to compare various quotes from different insurance companies. Just be sure that you select a service whose options include quote adjustment per your particular medical history.
 
You may be able to save a significant amount of money on your life insurance by paying your premiums annually instead of monthly. Insurance companies often have extra fees for customers who pay every month instead of just once a year. Ask your insurer if you can switch to an annual payment.
 
Before purchasing life insurance, make yourself aware of what you need from your policy. There are online calculators that can help you figure out what it would take to cover your expenses associated with that of your surviving spouse or children, when they either finish college or reach adulthood, whichever comes first.
 
Do not go with a 'guaranteed issue' policy unless you are out of other options. Guaranteed life policies are targeted towards individuals with some sort of pre-existing health condition. Although you will not need to worry about having a medical exam to get this insurance, you will be bothered by limited choices in face value and high premiums.
 
Life insurance is actually cheaper if you chose multiples of $250,000 in coverage. So, if you want $230,000 you will actually have to pay more then just rounding it up to $250,000. It is never a bad thing to save a little money, and you can use that savings for something else.
 
It's important that you understand that term life insurance is only for protection and not for investing. There is no savings component in term life insurance, so your best bet here is to simply pay for this type of insurance and invest elsewhere. Your policy payments aren't collecting interest or anything.
 
When going in for your medical exam, it's important that you appear to be as healthy as possible. Now, no one is suggesting that you game the system, but you need to understand what you're in store for. Don't eat any junk or drink or smoke before going into this exam. It could ruin your chances.
 
If at all possible, you should try to avoid start-up companies and there life insurance policies. You just never know when a new company is going to bite the dust and take your investment with it. The insurance market is very unpredictable and there is a chance however small that you could be a casualty.
 
Choose a term life policy. This form of life insurance provides the best coverage for most people from the age of 20 until 50. It is simple to understand and acquire, but it still gives your family what they need in terms of monetary security in the event of your death.
 
Renew your whole life insurance policy every year. Many companies automatically renew policies yearly, but you need to verify the specifics with your own insurance company. A lapse in policy coverage will drive up your insurance rates, and will not pay in the unlikely event that something should happen to you.
 
Know how your life insurance policy will cover your home in the event of your passing. Your benefits will first go to cover your outstanding debts and a mortgage could easily engulf the potential benefit for your family. Check with your insurance company to make sure your policy is sufficient.
 
Make sure you pay your life insurance premium payments on time. While most companies allow a grace period for late payments, consistent late payments can reduce your available cash value or result in policy cancellation. Depending on your age and health, getting a policy reinstated or finding a new one could be much more expensive than your original policy.
 
Make sure you have detailed health history information with you when you go for your life insurance medical examination. Often, you must provide details about prior surgeries, accidents, medication and dosage, existing conditions or other medical conditions. Having the information on hand makes the process quicker and simpler both for you and the examiner.
 
Because you are providing for your dependents in case of tragedy, you owe it to your family to do your research when you buy life insurance. Life insurance only pays out in tragic situations. You can help ameliorate the pain by learning all you can about life insurance and ensuring that your beneficiaries feel satisfied by the policies you select.
 
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