subject: 5 Ways You Can Ensure The Cheapest Term Life Insurance Rates [print this page] 1. Shop and Shop Some More!:
Before you commit to any important purchase, you want to be confident that you are getting the best rate. Although one may prefer, and find it easy, to breeze through the life insurance process, taking an eager approach will not provide the cheapest rates. It would highly benefit the consumer to take the time to shop, shop, and then shop some more. Many different carriers out there will offer many different rates for the same product. It is worth it to shop around and find the cheapest rate. These carriers are not in cohorts with each other (trying to trick consumers), carriers differ on what they specialize in, thus are able to provide better rates to certain ages or health classes. When shopping for quotes, you don't have to apply for any policies. Thanks to the internet, all the shopping can be done at the comfort of your own home. Websites, like www.wholesaleinsurance.net, provides consumer with instant and free access to quotes from over 100 life insurance carriers. All you have to do is supply some basic information about yourself and retrieve quotes.
2. Review Company Ratings:
Just because a carrier offers the cheapest rate, it doesnt mean you should do business with them. Good rates doesnt always translate into good business practices, in fact many life insurance companies are not financially stable. Luckily, for consumers, company ratings are provided. Independent financial-rating operations, such as A.M. Best, Moodys, and Standards and Poors, have provided consumers with a detailed and regularly updated rating system. These independent companies rate life insurance carriers by assigning them grades, very similar to school grades, based on a companys financial strength. Most life insurance sites will offer these ratings with your quotes when you shop for your policy. It is recommended that you only apply to carriers with ratings of A- or better, in order to ensure you are purchasing a sound policy from a sound company.
3. Be Honest and Clear:
Quotes You quote you apply for, may not be the rate you end up with. The quote you shopped for is only an estimate, which was provided to you based on your needs, which was based on the information you provided. As you can see, it is important to provide the most accurate information when comparing quotes. Be as precise as you can when providing information, especially about your health. A quote is not your final rate, there is still an application process that you will have to go through, therefore starting out with a misleading quote will not benefit you at all. A cheap quote will not guarantee you a cheap rate.
4. Be Detailed on your Application:
Once you get to the application part of the life insurance process, it is crucial for you to be detailed on it. The best life insurance policy is one that will pay out if it is ever needed. If a claim is ever filed, the insurer can go back and review your information to ensure you provided accurate information. If a claim is filed within the first two years of the policys start date, and if the insurer finds a significant inaccuracy in your application, the claim could be resisted and even denied. However, if the claim is filed after the 2-year mark, your benefit will be paid no matter the circumstances.
5. Use an Agent"
Working with an agent isnt as scary as it may sound. You do not have to pay to work with an agent and your rate will not even be affected. The agent is paid directly from whichever life insurance carrier you end up purchasing a policy from. Because of this, the independent agent can help you shop many carriers and will not push you towards any one carrier or any one product because of their commission. The agent is actually your best friend during this whole process. They work closely with many different carriers, so they are very familiar with the carriers and products. Therefore, they will be able to help you find the cheapest rate for your circumstances. They know which carriers will favor your particular needs and they know how to help you get the best rates when applying. Working with an agent is worth the phone call.
by: Angela Rosas
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