Tips That Will Find you Affordable Life Insurance


by Joe Stewart - Date: 2007-03-20 - Word Count: 587 Share This!

Does affordable life insurance really exist? Well, this depends on a few different things such as, are you married or are you single? Do you have any kids? What is your current age? What line of work are you in?

Do you have "risky" or unsafe hobbies? These would be things considered "out of the ordinary" by most people

Here are five tips that could assist you in your search for affordable life insurance

#1. Avoid the risky activities mentioned above. Think about this for a moment. You wouldn't sell a life insurance policy to yourself doing those activities would you? You see, life insurance companies base the cost of your insurance policies on a few different sets of criteria. They come up with your premiums by looking at statistics from other people your age over the previous year.

Most people do NOT engage in high risk behaviors. This means that you may be excluded from buying life insurance or have to pay an extremely high premium, because of your dangerous activities. Exclusions could be placed on your policy, which means that you would not be covered if your death was caused by an "excluded" activity.

#2. Maintain a healthy lifestyle. In other words, eat good foods, work out regularly and get eight hours of sleep. Watch your stress and spend time with those you care about. You may not think that bad living habits show, but it is a proven fact that they do. In other words, sex only with protection, eating right and working out and putting cigarettes down for good. This alone can make a substantial difference in the amount of your premiums after one year and then again after three years.

#3. Buy low cost Term Life. Term life insurance is substantially less expensive than Whole Life or Endowment policies. You can buy Term for a specific period of time such as "Ten Year Term" or "Twenty Year Term" if you are approaching retirement age and the majority of your major bills will be paid off by then. You may want to invest in Guaranteed Renewable Term life insurance instead of Whole Life. This means that as long as you abide by the rules of the policy, and maintain the premium payments, then you can continue to renew it regardless of the condition of your health.

#4. Don't jump right into anything. Check different companies, speak to different agents and compare them all.

Sit down with your significant other and go through the paperwork thoroughly. Don't be afraid to ask questions either. A 30 day review is standard with any new life insurance policy. Check it out thoroughly.
Also make certain that there are not any unexpected "Exclusions", "Waiting Periods" or "Modifications" within the policy that you don't understand.

Do it right now because once you're gone, you're gone and your beneficiary is left with the consequences. Make certain that they are secure by taking the time to read the policy front to back and get on the phone with the insurance company and insist that they explain it to you thoroughly.

#5. Sit down and go through every expense that you have now and expect to have in the future. By doing this you can come up with a good "ballpark" figure of approximately how much life insurance you'll actually need to purchase. Everything goes on this list, food, house payment, clothing, pet care, ect,.

I hope that these tips have given you some ideas that will get you on the right path to finding affordable life insurance. Good luck!


Related Tags: premium, life insurance, term life insurance, whole life insurance, premiums, guaranteed renewable term, the life insurance guys, endowment insurance, policies policy

Joe Stewart is a Webmaster and former Life And Health Insurance Agent. Life Insurance Really Isn't So Complicated. You can read detailed explanations about life insurance at his website TheLifeInsuranceGuys.com or by clicking on Affordable Life Insurance

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