Purchase Life Insurance with Best premium Rate Available in Market

LIFE INSURANCE
Shop around for the cheapest and best life insurance quote!
When it comes to life insurance it always pays to shop around. Shop with us, BuyInsurance.com! We will provide you with several competing life quotes from the top life insurance providers for free. Life Insurance premiums can vary widely. Thanks to the Internet, it’s now easier than ever to buy premium life insurance. Try one of the many life insurance companies that can provide you with free, instant life insurance quotes. Make sure the life insurance company you shop from takes into consideration the factors in your medical history that can affect the life insurance premiums.

Never buy more life insurance coverage than you need.

The key to purchasing the right amount of life insurance is to have just enough life insurance coverage to meet your needs. If you have more life insurance than you need, you’ll be paying unnecessarily for higher life insurance premiums. On the other hand, it’s important not to have too little life insurance coverage, resulting in your life being underinsured.

The healthier you are, the better the life insurance rates.

It’s true – healthy people get better rates on life insurance. You will be asked to pay a higher life insurance rate for anything that shortens your life expectancy (e.g., if you smoke, take medications regularly, are overweight, or have a bad driving record).

Buy life insurance sooner rather than later.

If you’ve been putting off purchasing life insurance because you don’t want to pay the life insurance premiums, you may be doing yourself a disservice in the long run. The younger you are when you purchase life insurance, the lower your life insurance premiums will be.

Realize the importance of periodically reviewing your life insurance coverage.

Any life change will signal the need for a review of your overall life insurance and financial plan. When it comes to life insurance coverage, you’ll want to make sure that a major life event (e.g., birth of a child, children are grown) won’t leave you underinsured or over insured.

You don’t necessarily have to pay a life insurance commission.

One of the reasons for higher life insurance premiums is that most life insurance policies pay commissions to the life insurance agent/broker. However, you may be able to purchase a no-load life insurance policy through an insurer that sells no-load policies directly to life insurance consumers. Click Here to Get a Life Insurance Quote Now!

You may be paying more for monthly life insurance premium payments.

You may not realize it, but you may be paying more for your life insurance if you pay your premium in monthly installments. Many life insurance companies charge extra fees if you make monthly life insurance premium payments instead of paying the annual life insurance premium.

Don’t rely solely on the life insurance offered by your employer.

Many employers offer their employees some sort of group life insurance. But this amount of life insurance coverage is usually not enough to adequately meet your life insurance needs. In addition, group life insurance policies are not portable, meaning that if you leave your job, you can’t take your life insurance coverage with you.

Be honest on your life insurance application. Tell the whole truth and nothing but the truth on the life insurance application.

If you’re thinking about lying on your life insurance application, think again. If your life insurance company finds out that you lied about a health-related condition or your lifestyle (e.g., smoking habit), they may be able to terminate your life insurance coverage.

Buying more life insurance is sometimes cheaper.

Life insurance usually costs less per thousand dollars once you get into higher life insurance coverage amounts (e.g., $250,000). If the numbers work out, you may be able to pay a lower life insurance premium while increasing your life insurance coverage.

LIFE INSURANCE

What is the difference between term life insurance and cash value life insurance, otherwise known as permanent life insurance?

There are two basic types of life insurance: Term Life insurance, which provides life insurance coverage for a specified period of time (the term), & Cash Value (permanent) life insurance, which combines a death benefit with a cash value component. Cash value insurance offers lifetime protection, while term insurance may be the most affordable option if you’re buying life insurance mainly for the financial protection it offers, and your need for life insurance is temporary (until your children leave the nest, for instance). Some term policies (called “convertible”) will permit you to exchange the term life insurance policy for a permanent one at some point.

How much life insurance coverage will I need?

The amount of life insurance protection you should buy depends on how much income your survivors will need, how much you own and owe, and the amount of other life insurance available to you. If you’re married, both you and your spouse should consider buying life insurance. One of the easiest ways to estimate how much life insurance protection you should buy is to use a life insurance needs calculator.

How long is term life insurance offered?

Term life insurance is usually offered for periods ranging from 1 to 30 years. Consider choosing a term that matches your need for life insurance protection. For instance, if your main reason for buying life insurance is to protect your 7-year-old twins until they’re out of college, you’ll want to buy a policy with a term of at least 15 years.

How much will life insurance cost?

How much you pay for life insurance will depend on a number of risk factors, including your age, your health, whether you use tobacco, your family health history, and the type and amount of life insurance you’re buying. Keep in mind that the premium you’re quoted initially will increase later. For instance, when you buy term life insurance, rates are guaranteed only until the end of the term (annually for annual renewable term or at the end of a specified number of years for level term). While most life insurance policies can be renewed at the end of the term, you’ll pay a higher premium for life insurance coverage.

What should I look for when I shop around for life insurance?

When comparing life insurance quotes for life insurance, make sure that the life insurance coverage you’re comparing is similar. And remember, any policy that you buy is only as good as the company that issues it. Find out what rating the company has received from major ratings services, such as A. M. Best or Standard & Poor’s. These companies evaluate an insurer’s financial condition and claims-paying ability. The company giving you a life insurance quote should provide you with this information. You can also contact your state’s department of insurance to find out more about an insurer’s record.

What does a life insurance application consist of?

Once you’re ready to purchase a life insurance policy, you’ll fill out a life insurance application that contains questions about your current and past health history and lifestyle. You’ll generally be required to take a medical exam, arranged and paid for by the insurance company. The answers you give on your application, along with the results from the medical exam and your past health history, will help the insurance company determine whether to offer you a policy, and if so, at what price.

What should I look for while looking over a life insurance application?

A life insurance contract isn’t exciting, but read it anyway. Policy provisions, the amount of benefits, the premium, and other charges you’ll pay will be listed along with other important information such as the beneficiaries you’ve named and the premium guarantee period. Make sure you understand everything in the policy. Under the laws of your state, you may have a “free look” period (typically at least 10 days) during which time you can cancel the policy without penalty.

How much life insurance coverage do I need?

Many people purchase their life insurance policy with the intent to replace income, and experts recommend that you purchase 5-10 times your current annual income. This is a thumb that does not take into consideration current assets and any special needs you and your family may have. Only you can determine what you would want your family to have. For this reason, and because life insurance is very affordable when purchased intelligently, many families choose to carry generous amounts. We recommend you consider the following:

  • The amount of yearly income needed
  • The number of years this income will be needed
  • The average annual percentage of interest your investments will earn
  • College education expenses
  • Funeral and burial expenses
  • Retirement needs
  • Special needs for children or other family member

How do I request a life insurance application?

Once you run a life insurance quote, you can then select a company that meets your needs and request an application online. We will need a minimum of personal information to process your application. You can also contact us via email. Our insurance advisors will assist you with the process and make it as easy and simple as possible.

What type of Medical Exam is required for obtaining life insurance?

Generally a medical exam required for most life insurance companies. This process can be completed at your home or any other convenient location. The exam takes about 15-30 minutes and is conducted by a licensed paramedical or medical doctor. An exam generally involves a blood and urine specimen, blood pressure reading, height and weight measurement, and sometimes a series of questions regarding your medical history.

When does my life insurance coverage begin?

Most companies provide temporary and conditional life insurance coverage at the completion of the medical exam provided a premium payment is made when the application is mailed. This coverage is subject to the conditions outlined in the conditional receipt.

NOTE: If you are replacing an existing policy, it is very important to continue coverage until a new policy is approved at a satisfactory premium.

When do I make my first life insurance premium payment?

You may make your first premium payment with the application if you would like conditional coverage during the time your policy is being underwritten. Coverage will begin in most cases after the medical exam is completed.

How can I be sure I am purchasing Life Insurance from a credible Life Insurance company?

Again, all reputable life insurance companies are rated by independent financial rating services such as A. M. Best, Standard & Poor’s, Fitch, and Moody’s. Insurance companies are evaluated on their overall financial strength and liquidity, and are assigned a grade such as A, A+, B, or C. Each rating service maintains their own specified rating system.

BuyInsurance.com carefully monitors the financial strength of each company we quote and represent. Each company we quote is required to have a rating of A (excellent), A+, or A++ (superior) by A. M. Best, the nation’s leading independent evaluator of insurance companies since 1899.

Do I need life insurance coverage on my spouse, dependents, and/or children?

You may want to consider having coverage on your spouse even if they are not currently employed. In addition to the emotional burden, the financial pressure on a family due to the premature death of a spouse can be significant. It may be necessary to cover various expenses associated with the loss of a spouse such as medical or burial expenses, or counseling. The surviving spouse will often take time off from work or make other career adjustments to deal with these issues, or to spend more time with children or other family members during this difficult period.

Life insurance coverage for children is available to cover final expenses and also can be provided to guarantee insurability for the child’s future.
You can get a life insurance quote and apply online for your spouse or dependents at the same time you get a quote for yourself. We will ask you during the application process if you desire coverage for your spouse.

What is my “Health Class” and how is a resulting life insurance rate determined?

Each company uses their own criteria to determine which health class you belong to and your resulting life insurance rates. In fact, it is entirely possible for the same person’s health class to rate as “Standard” with one company and “Preferred” with another! Also, some factors such as smoking can have a direct impact on determining your health class. Here are some health class rating guidelines for non-smokers.

In order to receive “Preferred” rates, you must be in excellent overall health and lead a healthy lifestyle. Each company determines limits on weight to height, cholesterol, blood pressure, and you must not have any significant personal health issues. Family health history is also a factor used in qualifying for low preferred rates. You cannot use tobacco of any type. You must not have a history of alcohol abuse or drug use. You may not be involved in hazardous activities.

Because there are so many factors, determining your own health class can be complicated but we make it simple. We constantly update information for dozens of leading carriers to provide you with the most accurate health class information possible. Please note that all insurance carriers require a simple medical examination prior to determining your actual health class and resulting rate. This determination may differ from the initial health class or rates you were quoted during the application process.

What if I smoke cigarettes or use other forms of tobacco? How will it affect my life insurance coverage and life insurance rate?

It’s a fact; due to the increased health risks, life insurance rates for smokers are higher than those for non-smokers. To qualify for non-smoker rates, most companies require that you be a non-smoker for at least one year. Some companies will even offer a special rate to healthy smokers who hope to stop smoking within one to four years. The individual agrees to re-qualification at the end of the period to maintain these low rates.

In many cases, life insurance companies view other tobacco products (cigars, pipes, chewing tobacco) in the same rating as cigarettes. However, several companies allow pipe, cigar, and chewers to qualify as non-smokers.

Can I protect my life insurance coverage if I become disabled?

A rider called a “Waiver of Premium” will provide payment for life insurance premiums after six months of a disability. Payments for insurance premiums will continue as long as you are disabled, or for a set period of time if stated in the terms of the policy. This rider is available up until age 55 from most companies at additional cost. Coverage usually ends at age 60.

Can my life insurance policy ever be canceled due to health or other reasons?

No. Once a life insurance policy is issued, the life insurance company cannot cancel it during the policy period for any reason including changes in health, providing the required premium payments are made and information on the application was not misleading or inaccurate. You will not be asked to provide evidence of insurability during the period of the policy. NOTE: As a policyholder you may choose to stop paying premiums at any time.

What will my life insurance cost after the guaranteed period?

Each life insurance policy, if renewable, has a guaranteed maximum renewal premium, which is explained and illustrated in the policy. The amount is the most you will have to pay to renew your life insurance coverage. After your initial guarantee period ends, you can reapply for new coverage with the same or a different company. If you qualify, you can begin a new period of guaranteed rates. This process is called “re-entry” if you qualify with the same insurance company.

Since your future good health is not guaranteed, re-entry is not guaranteed. In the event you cannot qualify for a new, competitively rated policy, many policies carry a conversion privilege. This feature allows you to convert your existing term policy to permanent life insurance coverage (a whole life or universal life policy). Conversion periods and terms vary from company to company.

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