Knowledge is power! The more information you have on life insurance, the better equipped you are to go out and get the best deal.
For anyone who has loved ones, you thought is to protect them and reduce their hurt when you die.
Read the following to help you make a right choice.
1.
The earlier you buy your life insurance, the better for you.
Do not wait until you mid-life crisis or a terminal illness before you think of life insurance.
A 40 year old stands a better chance of lower rates than a 50year old.
And so on.
2.
A healthy person also stands a better chance of lower rates.
Some insurance companies would not want to insure people suffering from life threatening diseases.
They consider them high risk insurance because they have to spend a lot of money on claims.
Those who agree to insure such patients would do so at very high costs.
3.
Check self destructive habits like smoking and excessive drinking.
Non- smokers and teetotalers (people who abstain from alcoholic drinks) would definitely live longer and free from diseases than those who indulge (all things being equal).
Insurance companies know and agree with the fact that smokers are liable to die young that is why most of them give non-smoking discounts.
4.
You have to review your coverage to ensure that at every point in time, you are adequately covered.
Neither over-insured nor under-insured.
5.
You do not necessarily have to pay commission.
You buy what is known as no load insurance.
But you must understand the ins and outs of life insurance to be able to do this.
Remember that agents are paid commissions to help hold your hands and guide you through the decision making process.
If you are still unsure of some facts of life insurance, please get an agent! 6.
You will be surprised how much price difference you'll find if you take time to shop widely.
There are lots of on line insurance companies.
This makes your shopping easier so please avail yourself of the internet and save some good money!