No matter your life situation, it never hurts to be prepared.
We know, it’s not the most pleasant topic. But life insurance is about security, peace of mind and a legacy that lives on well after you do. So how do you find life insurance that is both effective and affordable?
Here we’ll give you the basics of life insurance and how to find an affordable option that suits you and your circumstances.
Understand Your Needs and Options
To start, it’s important to understand your motivation for needing a life insurance policy as well as your life insurance options, as the different types vary both in cost and coverage.
Carefully consider why you may need life insurance as this can help determine how much coverage you will need. Do you want to make sure your family isn’t left with any bills after your funeral, or would you like to help your family pay off a mortgage or other debt? Even leaving an inheritance or funding education for your kids or grandkids may factor into your motivation.
Next, consider that there are two main types of life insurance; term and whole life insurance.
Term life insurance provides coverage for a set period of time, typically anywhere from 5 to 30 years. This type of insurance guarantees a death benefit payout if the policyholder dies within the coverage period. The monthly premium on term life insurance varies depending on the amount you select as a death benefit payout – the higher the payout, the higher the premium.
Term life insurance is an excellent option if you’re looking to cover funeral expenses, a mortgage or other debt, but make sure you calculate all the expenses you hope to cover with this payout before selecting a payout amount.
In a whole life insurance policy, there is no term period. As long as you’re making your monthly premium payments, your coverage stays in effect, which is one of the reasons that whole life insurance is also referred to as “permanent life insurance.”
Similar to term life insurance, whole life insurance provides a death benefit payout for beneficiaries, making it a multi-faceted and highly effective option, but keep in mind that this type of insurance tends to carry higher premiums.
Shop Around for Life Insurance Quotes
Now that you know how different types of life insurance can affect the cost, it’s time to put your bargain-hunting skills to good use.
As a general rule, it’s wise to shop around and compare life insurance quotes from a number of providers before you settle on one. Different insurance companies have different coverage offerings, so even if one offers you an amazing rate, it may not be the best value if it doesn’t have all the coverage you need.
To get a quote from an insurance provider, most require the following information:
- Your age, weight and height.
- Medical history.
- Family medical history.
- Current medical conditions.
- Income and assets.
- Lifestyle (i.e., level of activity, smoking, etc.)
It’s easy to apply online for life insurance policy quotes, and most may not even require a medical exam. If you have specific questions that need to be answered by an agent, you may prefer to call to get a quote. However you choose to do it, assemble multiple quotes and compare them side-by-side before you make your decision. This will give you a clear picture of who can offer you the most coverage at the best price.
Work with a Trusted Agent
Lastly, one of the best ways to find affordable life insurance is by working with an agent that you trust. Americo Senior Life insurance agents are trained to know the ins and outs of life insurance. No matter what type you’re looking to purchase, an Americo agent will be able to help you find a life insurance policy that fits with your goals and finances.
Apply online and within minutes you can be approved for a term or whole life insurance policy with affordable premiums, outstanding coverage and the benefits you need to provide for your loved ones. Americo offers a number of options for term life insurance, along with additional services that return the money you paid if you never use your coverage. Americo’s whole life insurance policies provide rates that never increase over the span of the policy, and offer lifetime protection so you don’t have to worry about coverage expiring.
Get in touch with an Americo Senior Life agent today, and see how you can sign up for affordable life insurance that works for you.