The Best Life Insurance Quote

The best life insurance quote can be obtained by creating an honest personal financial assessment, and by conducting basic research to determine what policy best meets personal needs, and what company is the best choice to provide the policy.  Sometimes, the best life insurance quote can be obtained using print resources, local agencies,  online resources that scour the internet to compare policies, or by working with an insurance broker who effectively performs the same function but might have access to special rates and terms.  However, most of the time some legwork is going to be required in order to ensure that the absolute best life insurance quote is obtained.

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What Type of Life Insurance is Needed

For individuals that need permanent life insurance and can afford to pay fixed premiums for the rest of their life, a whole life insurance policy is the most likely choice.  Whole life insurance guarantees that a benefit will be paid to designated beneficiaries when the insured dies.  Furthermore, whole life policies such as traditional, universal, and variable whole life builds tax deferred cash value that can be invested, borrowed against, or withdrawn.  There are variations on all of these types that may offer further savings and investment benefits.  For this reason, people interested in a primary or additional savings and investment vehicle would do well to purchase a whole or permanent life policy.

When insurance is only needed for a specific period of time, term life is almost always the answer.  Term life provides death benefits as long as premium payments are made for the duration of the contract.  When the term expires, the benefits and premiums expire as well.  Term life is straight life insurance without any of the additional riders or features that whole life policies offer.  Because of this, and because of the fact that term life policies are for short periods of time, premiums for term life insurance policies tend to be very inexpensive when compared to whole life. 

Life Insurance and Age Factors

Obtaining the best life insurance quote involves the consideration of many factors.  Age is a major factor that insurance companies use to calculate the cost of premiums, and will also be a major factor when getting life insurance quotes.  The older a person is the more risk they will represent to an insurance company by statistically being more likely to die during a covered term.  However, age does not dictate what particular type of insurance a person will need.

A healthy, single male in his twenties with no dependents may need to purchase term life insurance to cover his debts and final expenses in case he dies while finishing graduate school.  A 60 year old man may need to buy term life insurance to provide protection for family while he cares for dependent children when one or more of the parents have become disabled or unemployed long term.  While there may be a 40 year difference in age between the two, the policies they will obtain will probably be identical except in the cost of the premium. 

As another example, a 70 year old man in good health who recently won money in a lottery would be wise to buy a whole life policy.  Conversely, a 21 year old woman with a bright future in the entertainment industry may which to purchase a whole life policy for the lifetime benefits of life insurance and the accumulation of tax free cash value.  While the reasons for purchasing the whole life policy were different, the age gap between these two example policy holders had no effect on what type of policy they purchased: the policies were obtained based upon need, and not upon age.

Life Insurance and Other Factors

When searching for the best life insurance quote, issues such as health and lifestyle often come into play.  Naturally, people who are in excellent health will have an easier time qualifying for a policy, and will receive a less expensive premium than someone who is in average or poor health.  This can be controlled by exercising, losing weight, eating a proper diet, and most importantly, by quitting tobacco products.  Doing these things will reduce the chances of potentially fatal illnesses and diseases, thus posing less of a risk to the insurance carrier; less risk = less premium.

Lifestyle issues affect the amount of life insurance premiums as well.  People that take part in dangerous occupations such as military of merchant marine service, rescue services, police work, or firefighting will pay higher premiums.  Likewise, people who participate in risky activities like base jumping, skydiving, or travel to underdeveloped countries will also pay increased premiums.  Credit histories and driving records also play a part in determining premiums, so anything that can be done to change these behaviors or activities could help to reduce premiums and maintain more favorable medical records.

Tips to Get the Best Life Insurance Quote

First, do not buy any life insurance policy unless you know for certain that you will be able to maintain the premiums for the entire term of the coverage.  Read the entire policy documentation, and question anything that is unclear, does not make sense, or seems unnecessary. Don’t lie or stretch the truth- doing so will only hurt beneficiaries when the insurance company denies benefits based upon misrepresentations made in the application or renewal process.  Consider for inflation when determining how much coverage is needed or how long the insurance must be held to be considered a profitable investment.  Finally, review the policy every few years to ensure that it is still the policy that best suits life insurance and savings needs at the time.

Always investigate and thoroughly research the insurance carriers you intend to do business with.  Consider working with an experienced life insurance broker, who may be able to offer professional insight into policy types and the insurance providers that offer them.  Research consumer reviews, Better Business Bureau reports, and evaluate the information offered by companies that examine and rate insurance and annuity companies by clicking on the following link: Insurance Company Ratings.

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