You can control your cost of life insurance to some extent. Here are some tried and true tips:
- Always get more than one quote for life insurance. Comparing prices is critical to getting the right life insurance at the right price. I recently got quotes on term life insurance for $250,000. Quotes ranged from about $40 a month to over $80 a month. This is a clear case for shopping around. But don't just buy on price - I compared life insurance companies with similar financial ratings (mostly by A.M. Best), and similar policies. Then, I bought life insurance based on the life insurance policy itself and it's price.
- Buy only the life insurance that you need. If you buy more life insurance than you need you will pay more for it - and the chances are in the life insurance company's favor. You are not likely going to collect on that policy. Your chance of being off work for more than 90 days is higher than your chances of dying between the ages of 40 and 64. Keep this in mind.
Thanks for the tips, these helped.
ReplyDeleteThe payment from your life insurance could replace real estate or other assets as inheritance for your children. A tutor should be assigned to manage the funds if the children are under 18 and a trust should be established to handle funds destined for grown children.
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