Tips On Getting The Best Life Insurance Rates
The first and foremost tip one can give on getting the best life insurance rates is this
. Do your homework before talking to any company about insurance policies. There are basically five different kinds of policies to choose from, term, whole life, variable life, universal life, and universal variable life. Each has it's own benefits, as well as draw backs, and the only way you are going to know which one is right for you is to really look at what each one covers, and what it doesn't.
This is really important, because unless you know what you are looking for, an insurance company may try to sell you a policy that is more in their best interest, rather than yours. For example, if you are an older person, and may not have a lot of time left, don't get sucked up into a policy that collects cash value over a long period of time. What you want is a policy that is going to cover your loved ones when you die, help pay for funeral expenses, as well as having something left over to cover day to day life for awhile. If you get sucked up into a policy that accumulates cash, if you die quickly, (God's forbid,) your loved ones won't get anything extra, because not enough time has transpired. A term policy is simple, as well as the cheapest, so this is something to consider when you are on a tight budget.
Just like any other kind of insurance, life insurance companies vary greatly, so you really need to shop around. This is a lifetime commitment, and once you get into a policy, changing to some other company is not as easy as changing auto insurance companies, or health insurance companies. You really have to do your home work when it comes to different companies, checking each one carefully. You want to find out how long they have been in business, what kinds of investments they make with your money, and what your options are when it comes to what and how much you can withdraw or borrow against.
To many people are disappointed when they put so much into paying their premiums only to find out that there really isn't a lot of money saved, or the insurance company didn't invest it properly and you lost this savings. One way is to get a policy where you are in control of your investments, where you money is going through your accounts etc. While this is a good idea, if you don't know what you are doing, you run the same risks of losing as with a company that has poor investment practices.
Another way to find out what the best rates, and life insurance companies is to talk with your friends and relatives about which company they are using, and get advice from them. There are also other ways to get the best rates as well. If you are a smoker, quit smoking. If you are a non smoker, your costs for rates will come way down. If you are someone who is not in the greatest shape, maybe it's time to think about getting fit, because this will greatly effect the amount you pay in premiums.
by: John Kurtz
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