Life insurance is one of the most important investments that you’ll ever make for your loved ones. It’s one of the only ways that you can ensure that your family has the protection that they need, regardless of what happens to you. A lot of policyholders will purchase a life insurance plan, and then they forget about it. They know that it’s there, but they never consider looking at the policy to ensure that it’s still the best one for them.
One thing that always tends to fall into the cracks is life insurance protection. A large number of Americans are vastly underinsured, which can leave their family with some serious financial problems in the future. That’s why it’s important that you do a life insurance re-evaluation every several years to ensure that you’ve got the proper amount of coverage and the right type of plan for you and your family.
At LifeInsuranceForAccountants.com, we know that shopping for life insurance will never be a fun task, and once you’ve bought your policy, you want to leave it in the back of your mind, but it’s important that you dust it off every several years. It’s our job to ensure that you’ve got the best life insurance at the most affordable rates.
Major Life Changes
Just like your life changes regularly, your life insurance policy should change with it. There are dozens of different events that could have occurred, and those changes are going to impact how much life insurance you need. There are a few major life changes that will drastically impact the amount of coverage that you need. If you’ve gone through one of these milestones, then it’s time to look at that old life insurance plan.
Have you had your first child or another child since you bought your life insurance policy? The primary goal of your life insurance plan is to give your family the money that they would need to pay off your bills and other major expenses if you were to pass away. If you have had a child, then you have more people that are relying on your income and would suffer financially if you were to pass away, but that’s where your life insurance coverage comes in.
Have you bought a house or upgrading from the home that you were in when you originally bought your life insurance coverage? If anything tragic were to happen to you, your family would be responsible for all of your major expenses, and the biggest one is going to be your mortgage. While they are going through the grieving process, they would find themselves responsible for a mortgage payment as well.
At the other end of the spectrum is the possibility that you might have too much coverage. Maybe you’re getting closer to retirement, and your kids have moved out of the house. If you have fewer people that rely on your monthly paycheck, then you can consider purchasing a smaller life insurance policy. Because you’re probably much older than you were when you originally purchased the plan, you should expect to get much higher rates for your insurance coverage.
There is no set number of times that you should reevaluate your life insurance coverage. It’s vital that you have the insurance coverage that your family will need if something were to happen to you. Make it a habit to look at your policy at least once every year to ensure that it’s large enough or that you’re not paying for way more coverage than you need.
Getting Affordable Life Insurance
Regardless of how much life insurance you need, it’s possible to get cheap life insurance coverage for your loved ones. There are a few techniques that you can use to ensure that you’re getting the best premiums. A few simple changes can save you thousands and thousands of dollars on your insurance coverage.
The first change that you should make is to cut out those cigarettes. Not only is smoking bad for your health, but it’s terrible for your bank account as well. If you’re a smoker, you should expect to pay much higher premiums for your insurance coverage. In fact, smokers are going to pay at least twice as much for their insurance coverage versus what a non-smoker is going to pay for the same sized policy. If you want to save thousands of dollars, it’s time to kick the bad habit once and for all.
The next thing that you should do is improve your overall health. Before the insurance company approves your application, they are going to require that you take a medical exam, and the results of these tests are going to play a major role in the amount that you pay every month for your coverage. If you want to save money, then you need to get in better shape. The two best ways that you can do that are by getting regular exercise and sticking with a healthy diet. Both of these are going to help you lose weight, lower your blood pressure, and reduce your risk of being diagnosed with any health complications. If you want to save money, it’s time to use that gym membership that you’ve been paying for.
The best way to ensure that you’ve got the most affordable life insurance plan is to compare dozens and dozens of plans. If you bought the first policy that you received a quote for, then you’re probably paying way too much for your insurance coverage. Don’t worry, you can purchase a new plan that will save you money, and will give you the additional coverage that you didn’t buy the first time. There are hundreds of companies on the market, which means that you could spend weeks calling different agents, or you can let one of our independent agents do all of the work for you.
Our experienced agents represent dozens of highly rated companies across the nation. We can bring personalized quotes directly to you for all of the best plans available. Working with our agents can help you evaluate your current insurance plan and make sure that you have the lowest premiums.
If you have any questions about your life insurance needs or getting lower premiums, please contact one of our agents today. We would be happy to answer those questions and get you affordable insurance protection.