How to Get the Best Term Life Insurance Rates
Term life insurance is an affordable way for you to protect your family in the case of your untimely death. Term policies are for individuals who do not need life insurance coverage for more than a 30-year period. The term and amount of your policy determines the expense of the coverage. However, make lifestyle changes before taking out an insurance policy to get the best possible rate.
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Instructions
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Take out coverage as early as possible. The younger you are, the less you'll pay for term coverage.
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Visit your doctor for your regular checkups. Treatable conditions like high cholesterol can affect your term life insurance rate. Get any medical problems treated before applying for a policy. Keep your weight under control as well since being overweight or obese affects your coverage rates.
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Stop smoking. If you are a smoker, quit the habit for at least a year before taking out a term life insurance policy. This can drastically reduce your annual premiums.
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Estimate how much coverage you require. Calculators like the type provided by Bankrate.com (see Resources) help you estimate the level of coverage you need based on burial expenses, the number of years you wish to replace your income, your current net income and any large expenses you desire to be covered such as college tuition or weddings. If you know how much you need, you'll get a better rate since you can avoid having an insurance salesman convince you to take out a higher policy.
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Decide how many years you wish to retain coverage. Term life insurance policies cover a specific term in your life. For instance, if you have children in their teens and you only wish to provide for them financially through college, take out a 10-year policy versus a 30-year policy.
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Compare quotes through multiple agencies. Ask a broker to collect quotes from multiple firms on term life insurance rates. Look for any policies the agencies may have that affect you getting the best rate possible. For instance, some agencies may penalize you if you have a family history of heart disease or cancer.
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References
Resources
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