|
Looking for a good deal on life insurance? Want to know how to get the best life insurance rate? Here's a step-by-step guide that shows you how. 1. Decide What You Really Need If you were to pass away today, how much life insurance would your spouse and your children need until they could get back on their feet? Even if you're not a working parent, you may need insurance because your spouse will probably need someone to take care of your children when you're gone. Sit down with your spouse and figure out how much money he or she will need to pay for future living expenses, mortgages, car payments, credit card bills, car insurance, health insurance, burial and other expenses. Most financial consultants recommend having at least five to ten times your annual income in life insurance to protect your family. However, if you're single with no dependents, or are married and your spouse works, you may only need enough to pay for your funereal expenses and your debts. 2. Get Term Life Insurance There are two basic types of life insurance: 1. Term life which is pure insurance, and 2. Cash value life insurance (whole life and universal life) which is life insurance with an investment account attached. Term life is much less expensive than whole life or universal life because you're paying only for insurance, not an added investment. Term life is offered in increments of 10, 15, 25, and 30 years, during which time the premiums are guaranteed to stay the same. Your insurer cannot cancel your policy as long as you pay your premium. When figuring how much insurance you need, match the term to the amount of time you'll need insurance. For instance, if you're young and have children, you may need a 30-year term policy. If you're older and your children will be independent soon, you may just need a 10-year term policy. The good news is term policies have come down in price in recent years. For example, a healthy male who doesn't smoke can buy a $500,000 term policy for less than a dollar a day. 3. Find a Company With the Best Rates Premiums for the same amount of coverage can vary dramatically from one company to another, so to get the best rate you need to shop rates from different companies. Visit http://www.LowerRateQuotes.com/life-insurance.html or click on the following link to get the best life insurance rate quotes from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section, and get answers to your questions from an insurance expert by using their online chat service. The author, Brian Stevens, is a former agent and financial consultant who has written a number of articles on how to get the best life insurance rate.
Related Articles -
best, life, insurance, rate.,
| 
