No one ever wants to think the unthinkable. Leaving your family behind to cover your funeral expenses seems like a bizarre hypothetical that isn’t worth the stress.
But families experience unexpected setbacks every day. When it comes to life insurance, an ounce of prevention is worth a pound of cure.
Take a look at these 7 tips to getting the best life insurance quotes.
Table of Contents
1. Bite Off Exactly What You Can Chew
Let’s be clear. Life insurance agents are salesmen.
Make no mistake that you’ll be presented with all types of products when you express interest in life insurance. These products will sound foreign and just beyond your understanding.
Be sure that any prices you’re quoted match the budget you requested. One red flag with an insurance agent is getting pricing that shows they weren’t listening to your needs.
If they missed the most important you gave them, they may have missed other items as well. Skip this insurance pro and move on to someone who respects your financial limitations.
2. Don’t Play Games
You know going into a life insurance presentation which offers are completely off base. Don’t sit through an hour-long spiel on a 10 million dollar policy if you’re a recently divorced retiree with adult children.
You may be curious about all the options but be kind to your insurance agent. Let them know what you’re interested in without kicking the tires on every deal.
Respect the agent’s time by narrowing down the policies that seem most reasonable based on your lifestyle.
3. Research Jargon
One way to get caught up when buying life insurance is with information overload. If you’re just hearing the phrase term life insurance for the first time, you’ll be still digesting its definition when the agent goes on to explain payout.
This information overload isn’t the best state of mind to be in when deciding how your family will be cared for in your absence. Now is the time to know all the details and understand what you’re signing up for.
Research life insurance basics so you can have an intelligent conversation with the agent when the time comes. The jargon won’t throw off your ability to make a sound decision as you choose between a variety of policies.
4. More is More
There’s no avoiding it. You’ll need to wade through more life insurance quotes to find the best deal.
There’s no magic bullet to locate the perfect policy for life insurance without taking the time out to go through potential offers. But there’s an easy way to make these quotes happen in just a few seconds.
Use a life insurance comparison tool to locate hundreds of policies at once. You might still choose to meet with a broker, but at least you’ll have an idea of pricing before starting your conversations.
5. Know When to Skip
Life insurance isn’t for everyone. Some people don’t need to shop for a policy because their employer offers a basic policy that covers their needs.
Other people don’t need a policy because they aren’t the primary breadwinner in the family. Life insurance aims to replace the income of the person who’s financially responsible for the family.
If this isn’t you, you might not need to pay high fees in life insurance. You might still opt for basic coverage to cover funeral expenses but you won’t need to sign up for a big policy because your spouse can afford to cover costs without you.
The same is true if you don’t work at all. Your policy might need to be basic if you’re not already covered by a spouse’s policy.
Depending on your spouse’s benefits package, you might have a policy in place that helps cover costs if you were to pass away. Ask your credit union, alma mater, and any other association you’re a part of whether you already have some kind of policy in place.
Many labor unions and groups offer supplemental life insurance already. If it’s been years since you signed up, revisit your membership benefits to learn what comes with your account.
Supplemental life insurance isn’t a lot but it’s a start towards saving money on your quote.
6. Term Life Insurance
Term life insurance is the way to go if you’re looking to save money. Term life insurance is different than whole life in that it only lasts for a specific period of time.
For example, it’s possible to get a term life insurance policy for a term of 10 years. This means that if you pass away within a 10 year period, you’ll get the full payout of your policy amount.
If you don’t renew your policy after the 10 years, you don’t receive any benefit. Term is helpful because it’s renewable in most cases.
Unless you have a preexisting condition, term is a major cost-saving because you’ll be paying only a fraction of what it costs to have whole life insurance. Whole life insurance pays out the same amount no matter when you pass away.
7. Get a Medical Exam
Skipping your medical exam sends a red flag to insurers that you might be at high risk. Opt for life insurance policies that offer a medical exam.
These exams prove you’re in good health which means you’ll get a low monthly premium. Guard against skipping out on your physical for fear of having to get shots.
The exam usually only lasts minutes and includes a blood and urine test.
Affordable Life Insurance Quotes
Life insurance quotes are as affordable as you make them. If you’re searching beyond the bounds of your needs, expect a random assortment of quotes unrelated to your lifestyle.
Keep track of your top priorities in a policy so you can narrow down the best information for your family. For more information and tips, visit our blog for updates.