Save Big on Life Insurance Term Coverage
If you understand the importance of Term Coverage for your family your next step is to find the best deal you can on this type of term life insurance.
Here are several strategies on how to save big on Life Ins Term Coverage:
1. Skip the "No Medical Term Life Insurance"
Recently, insurance companies have made this type of option available where when you apply for term life coverage you can choose to opt out of having "No Physical Exam" also may be labeled "Instant Insurance Life Quote Term".
You may be insured much faster without having to do the exam but you are paying a dear price for this convenience. Don't skip the Medical exam for life coverage. If the "No Test Life Insurance" option is taken you put more risk on the insurer who will then increase your premiums because of this AND they will limit your term coverage amount as well.
The Medical exam is quick and simple:
Appointment time / location is decided by you
Medical Specialist will visit you
Discuss your Application details
Take your Pulse
Small Sample of Blood Taken
Will Need Urine Sample
Only takes 10-15 minutes
1 Medical Exam and that is it
2. Check How Much Term Coverage Is Needed
Add Up Your Monthly Expenses to determine how much term life coverage you really need:
Monthly Expenses:
Water / Gas / Electric / Food
House / Rent Payments
Auto Loans
College Expenses / Education
Additional Future or Monthly Expenses
Calculate the total for these expenses over 20-30 years. Now you will be able to see a realistic total amount of term life ins that you would need.
It is important not to buy over or under the amount of life ins you actually need. Not enough coverage will set your family back when they need it.
If you purchase too much coverage you will be throwing money away. It would be better to save that money for your daily expenses or invest it.
3. Purchase Life Insurance Amounts in Tiers
Insurance companies set the cost of coverage within tier amounts.
Example: For a tier between $100K-$249K the cost per $1000 of insurance would be $1.02/$1000.
By purchasing $250K your cost for every $1000 worth of coverage drops to $0.92 per $1000! Do you see the immediate difference? Almost a 10% drop right away!
Taking this into account always buy your term life coverage within $250,000 amounts:
$1-$249,999
$250,000-$499,999
$500,000-$749,999
$750,000-$999,999
$1,000,000-$1,249,999
4. Take Advantage of Comparing Life Insurance Rates Online:
Hands down the best way to find discount life insurance!
Force Life Insurance Companies to compete among other insurers. Again, hands down the way to save. These companies cannot intimidate you and must provide their lowest term quotes. They will lose a lot of business if they don't.
Individual life ins agents have a vested interest in providing you with only one option: a life ins policy with the company they work for.
Inexpensive Term Coverage is not hard to find if you follow the strategies above.
BaseQuotes.com, created by former insurance agents is an insurance quotes comparison site focused on helping consumers find savings. Compare term coverage from several insurers and choose the policy that best fits you and your family!
Evan Povich is a representative of BaseQuotes.com Insurance Comparisons Site.