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1.
Shotgun Approach. We have given
you a wonderful tool in that you can
quickly run multiple
term life instant quotes
while changing your parameters (term
length, amount of coverage, health
class). Pick your ideal term life
length/amount and then test amounts
higher and lower from there. Write
down the rates from across the range of
quotes and find your happy medium.
2.
Be conservative on
health class.
Your basing your decision on cost
(assuming with a good carrier of
course). It's best to get good
news after underwriting in the form of a
better health class than the reverse due
to a change in health class offered by
the carrier.
3.
Nail the paramedical. A big part
of the carriers consideration is the
result from your
paramedical exam. Read
our article on performing your best for
the paramedical in order to improve your
odds and ultimately, your term life
insurance rates.
4.
Don't Wait! With life insurance,
every year you wait means you pay more,
not to mention that it's one more year
that you have no protection. The
cost of waiting
is high!
5.
Price Shop current coverage. Don't
assume you have the best rates and you
will not do better. Term life
insurance rates have been under
tremendous pressure and it's best to
double-check.
6.
Have access to multiple carriers.
I would be wary of a broker that only
presents 1-2 plans. We let you
quote 100's of plans and our quoting
engine will present the best priced
plans by carrier strength.
7.
Stay within your budget but consider
future dollars. It doesn't make
sense to buy too much life coverage.
If you can't afford the premium and
lapse the coverage, it's money thrown
away. On the flipside, due to
inflation, $30/month now will likely
feel like $15/month 10 years from now.
Find the middle ground.
8.
Honest and Accurate. Make sure to
present all your information during the
application process. The intended
piece of mind derived from purchasing
life insurance is only as good as the
accuracy of your supplied information.
9.
Understand the the value of
term life
versus whole life insurance. It's
a tired of comparison of term being like
renting a house and whole life like
owning. This would be equivalent
if rent was $1000 and a mortgage for an
equivalent house was $10,000! We
think you can find something else to do
with that $9000.
10.
Take advantage of the help offered by a
licensed,
term life professional
agent.
There's no difference in rates or
coverage. You get a third party
that can help you with the selection,
enrollment, and ongoing policy servicing
of your term life insurance plans.
By the way, that's us!
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Term life insurance
