Cheap Term Life Insurance
How Can I Get It?
Term life insurance is one of the most popular forms of life insurance because it usually comes with low premiums. Increased competition from online companies has only served to lower rates further, making it so that you can get discount life insurance coverage that you can protect your family for years. With some research and some understanding of how the insurance system works, you can take these inexpensive rates and get them reduced even further, saving you even more money without lowering your coverage.
Buy Your Policy While You're Still Young
One way to get discount term life insurance is to buy your policy while you are still young. The younger you are, the lower your rates will be. In addition, if you are younger, you are more likely to be in good health, and good health helps to keep your insurance rates low. And don't forget, these rates are good for the entire duration of your policy, so you will get these "youth and health" reductions for the whole time you own the policy.
Pay Your Premiums Via Electronic Funds Transfer
Your company may also offer a premium reduction if you agree to pay your premiums through electronic funds transfer. This means that the insurance company will simply deduct the amount of your premium directly from your bank account every month, quarter, or year. This saves the company the time and money they spend processing paper payments, and it keeps them from having to deal with bounced checks and collection fees.
Things to Watch For
Another important point when comparing term life insurance rates is not to buy more coverage than you need. The higher your coverage, the higher your premiums, and the whole point of getting cheaper life insurance is to keep your premiums low. If you figure out how much your family will need to live on if you die-a figure that experts place anywhere from two to ten times your income-you are less likely to overpay.
You also don't want to choose a longer period than you need. These policies can cover your family from five to thirty years, and it may be our instinct to give the most coverage possible, but think it through carefully. If your children are already teens, and you want to make sure they are supported through college and into their twenties, that still means only a ten or fifteen year duration of life insurance. Do not go directly to the highest number of years, or you may lose any premium redection
How Do I Apply For It?
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