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Life insurance quotes are based on many things, not just your general health. A person who is in good general health yet smokes may be charged more for life insurance than a person who has some health issues yet does not smoke. Other factors such as the area in which you live, job you hold and the results of a physical performed by a doctor all play into your life insurance quote. You also have to factor in your assets, liabilities and income to determine the amount of life insurance you will need. Age is a major factor when it comes to life insurance quotes. A person in their 20’s will pay less than a person over 40, and the person over 40 will pay less than someone who has hit 60 and beyond. As you can see, quotes aren’t written in stone and each person’s individual circumstances plays an important role. Life insurance quotes are calculated by combining all of these factors and then the amount of insurance you need based on the length of time you will be paying. This can sound confusing, but most insurance companies have an online calculator to help in the process. You simply plug your information in and then let the computer do all of the work. This number is a good starting point to know what you can afford. MyInsuranceExpert.com provides this tool free of charge. It uses your assets, expenses at death, income, and living expenses to calculate how much coverage you need. Included in your expenses at death are the cost of completing your children’s education and college expenses, debt repayment, medical costs, and probate and funeral costs. Your family’s estimated future income is also used as well as your future earning potential. All of these factors combine to give you a good picture of how much your family needs to cover their living expenses if you pass away unexpectedly. As you can see, your family needs the right amount of life insurance to ensure that they can continue on in their lifestyle in the event of your death. No one likes to think about death, but we have to face that it will happen to all of us and sometimes it happens suddenly and without warning. When you are considering life insurance quotes, don’t be fooled into thinking that the cheapest policy is the best. You may save a few dollars each month, but when it comes time to use your policy your family may have to face an unwelcome surprise in the form of inadequate coverage. Funerals cost anywhere from $5,000 and up. Add this onto any unpaid medical expenses and you can see how adequate life insurance is not a luxury, but a necessity for today’s family. Another consideration is the reputation and history of the company you choose. A young company just starting out may offer you cheap rates, but what happens to your money if they go under? It is better to enlist the services of an experienced agent who can find you the right term life insurance policy at the right price with a company that is known and trusted.
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