When you’re shopping for life insurance, one of the most important decisions that you’ll have to make is which kind of plan works best for you and your family. There are several different kinds of policies that you can choose from, and all of them have different pros and cons. Every family is different and each person has different life insurance needs.
Life insurance is one of the most important investments that you’ll ever make for you loved ones. It’s one of the few ways that you can guarantee that your family will have the money that they need, even if something tragic were to happen to you. This article is going to help you make the best decision for your loved ones by exploring the advantages of term life insurance and ways that you can get cheaper premiums for your plan.
One of the main advantages of term life insurance is that you can buy a plan in just about any length of time. You can buy term plans that range from 1 year to 30 years. Every family is different and at different stages of life, which means that all of them are going to need different lengths of life insurance coverage.
The main benefit that most applicants are concerned with is that term policies are going to be more affordable than a whole life insurance plan. Because term policies are only a temporary form of coverage, they are going to be much cheaper than a whole life insurance plan. Term plans are going to be about half as expensive. If you want to get the cheapest type of coverage on the market, term plans are the best option.
Usually Easier to Buy
Because whole life insurance plans are permanent, the insurance companies are going to make you go through more hoops when you apply for one of these plans. With a term policy on the other hand, it’s going to be much easier to get life insurance. In fact, with some companies like Haven Life, you can get accepted for coverage in a matter of hours with no exam.
Invest the Rest
One of the main arguments of whole life insurance plans is that they build cash value. That cash value can be used to pay the premiums, invest, or secure a loan in the future. Sure, the cash value component of whole life insurance policy is nice, but it comes with an added cost.
Instead of paying the higher premiums to get the cash value, you can save the cost of the premiums and invest the additional money. You’ll get higher returns on your money by putting it in an IRA versus what you would get if it were in a whole life insurance plan.
Not Paying for More Than You Need
Life insurance is one of the most important safety nets that you’ll ever buy for your loved ones. It’s one of the only ways that you can protect your family, but there may come a point in which you no longer need life insurance. There are some groups of people that have money saved up and don’t need insurance coverage, and these people would be wasting money on life insurance premiums. Instead of wasting money on whole life insurance plan that you won’t need in the future, you can buy a term policy to meet your current needs and save money in the future.
Saving Money on Term Insurance Policies
If you think that life insurance is an expensive purchase, you couldn’t be more wrong. Our clients are usually surprised to see how affordable a plan can be. There are several ways that you can secure lower rates from the insurance company. Making a few simple changes can save you thousands of dollars every year.
The first thing that you should do is quit smoking. If you’re a smoker, you probably know that you’ll pay more for your life insurance. Smokers have a higher chance of being diagnosed with cancer or suffering from a heart attack, which means that the insurance company is taking a greater risk to get your life insurance protection. They are going to offset that risk by charging you premiums that are double what a non-smoker would pay. Kicking those cigarettes to the curb can save you thousands of dollars every year.
Another way that you can save money on your term life insurance policy is to improve your health through diet and exercise. Both of these can help you lose weight, lower your blood pressure, lower your cholesterol, and much more. If you’re overweight, then you’re going to get premiums that could be 50% higher. Slimming down your waist is not only good for your health, but it’s also good for your wallet.
Because every insurance company is different, all of them are going to offer you different rates based on their underwriting or rating system. That means that you could end up getting drastically varying rates depending on the company that you contact. Because there are hundreds of companies on the market, you could spend days calling companies to find the lowest rates. Instead of wasting your time, let one of our independent insurance brokers do all of that hard work for you. Unlike traditional agents, we work with dozens of highly rated companies across the nation and we know which ones will give you the best plan for you. Use our quote form, or give us a call, and we can bring all of the best quotes directly to you.
Buying Term Life Insurance
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance coverage that your family deserves. If something tragic were to happen to you, and you didn’t have insurance protection, then they would be left with a massive amount of debt and other final expenses.
If you have any questions about term insurance or you want to get the process started, please contact one of our agents today. We would love to answer those questions and ensure that you’re getting the best policy available. At LifeInsuranceForAccountants.com, it’s our mission to ensure that you’re giving your family the protection that they need.