If you have been thinking about buying life insurance there is no better time to consider it. Term life insurance rates are at historic lows. Life insurance companies are competing for the lowest life insurance rates on the market. But buyers should avoid common mistakes that people make when shopping for insurance. Many life insurance shoppers are afraid they cannot afford the premiums. There are policies for every budget, especially with term life insurance. People often let prices be the only guiding force in buying life insurance but choosing the right product for your personal needs. Health, lifestyle and family history will affect those rates and may put applicants in a higher risk class; things such as high blood pressure, high cholesterol, being overweight or obese or having a parent who died prematurely. But the greater risk if you fall into one of those categories is NOT having life insurance protection for your family. Life insurance is too expensive.
While families with young children do have a need for life insurance, there are other reasons for life insurance. For example, covering costs associated with your death such as funeral arrangements or outstanding debt. If you are a business owner, including life insurance in your business continuation strategy can help ensure the future of your business after you pass away.
Buying life insurance for children guarantees their insurability when they’re young and healthy and into the future with the lowest rate possible. Certain policies might even be paid, not requiring further premiums, by the time they reach adulthood. Should something happen to them, life insurance proceeds can cover the debt of unpaid student loans. Life insurance is one of the greatest gifts you can give to your child or grandchild.
It is true that life insurance does cost more the older you are but that does not necessarily mean it is out of your price range. Would your spouse manage to cover daily living expenses without your help? Even if your children are no longer living in your home, think of covering debts such as a mortgage.
With LifeQuote, you can learn more about the insurance companies we carry by reviewing their financial ratings on www.ambest.com, one of the top insurance rating services in the country. If you have any questions about LifeQuote’s unique processes, feel free to contact our offices. You can also send us an email or call our licensed agents at 1-800-521-7873.
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