Buying life insurance is not like buying a shirt or a computer.
You will probably own your insurance and pay for it for 1 to 30 years (or more), so do not & # 39; Do not rush in without reading these critical tips.
I've been an agent for a long time. These are the tips I would give my own mom.
# 1 – Stick With Term (Almost) Every Time
Forward insurance is the right choice for most people.
It offers low cost protection for a specific period such as 10, 20 or 30 years.
You can use the term life insurance to:
- reimburse your family income if you pass
- pay off debts such as a mortgage or credit card debt [1
.. . and more!
When you hear the radio ads announcing that you can get $ 500,000 in coverage for $ 24 a month, they quote you on life insurance.
For an absolute lowest price anywhere, get a quote from AIG Direct. (Best prices usually require a medical examination)
If you want to skip the test, get a quote from Bestow.
How about the whole life insurance?
Very few people need coverage for their entire lives (it is usually only needed for property planning) and permanent plans cost 10 to 20 times as much. So stick to the term!
# 2 – Use an "Independent Authority" for ALL Special Circumstances
Some companies have an ideal clientele and you may not be their ideal client.
For example, say you smoke marijuana or smoke cigars or a pipe …
Most companies charge you smoking prices (costs 2-3 times as much as non-smoker prices).
But not all…
This is where you need an independent agency. They have access to several companies and a good agency gives you the right company and saves lots of money!
You have to talk to an independent agency ABOUT:
- You are EXTREMELY healthy – As in, you can run a mile for 8 minutes and have zero health problems
- You have medical conditions – All from asthma, diabetes, heart health, obesity, high blood pressure or cholesterol and
- You are over 70 years old
- You smoke marijuana or some form of tobacco
- You have a history of familial illness such as cancer or heart disease in either parent or siblings
- You travel or work outside the United States
- You participate in dangerous activities such as diving, racing, hang gliding, skydiving, rock climbing, etc.
If any of these apply to you, you must be VERY careful which company you buy life insurance from.
You can pay too much by 25% to 50% easily if you do not use an independent agency.
The best independent agencies:
One of our favorite independent agencies is AIG Direct. Click here to get a guote from AIG Direct.
If you have excellent health (you eat well or maybe do yoga or run or cycle), Health IQ is the special company for you. They have a special life insurance for the conscious.
# 3 – Taking a Medical Examination Can Actually Harm You
Most agents will tell you that the best way to get the lowest price is to take a medical examination.
19659002] Think about it …
If the company has your blood and your urine, they know a lot about your health. It makes you less risky so they can charge you less.
What happens if you think you are healthy but something happens 'behind the curtains'?
That was what happened to me the first time I bought life insurance. I had super high cholesterol (even though I was 27 and felt good). I took a survey and stopped paying 50% more because I took the test.
Taking a medical examination can have the same negative effect on you.
Get some "no survey" "Coverage on site first.
As long as you are healthy as far as you know, you can usually qualify!
It costs a little more (usually 10% to 20% more) but it is super fast and convenient. You can buy it online from Bestow in minutes.
Once you have it in place, there is nothing to stop you from trying to replace it with a lower cost policy that requires an investigation.
Unless you have any of the special circumstances I mentioned in # 2 above, get a policy from Bestow before attempting a "low cost" policy that requires a degree.
# 4 – It pays to shop a little  This is how I look at it:
You can pay on your life insurance for 30 years or more. A monthly difference of only 5% can save hundreds or even thousands of dollars for the entire life!
The solution is simple …
Get more than one quote!
Here are our three best companies:
- AIG Direct – Best for the absolute lowest prices or with health conditions
- Bestow – Best for plans without a degree up to 55 years of age
- Health IQ – Best for health conscious  I've been an agent for over 15 years now. During that time, I have worked with (and reviewed) MANY companies. Believe me … you will be in amazing hands with any of the three above.
# 5 – Do not sleep on life insurance "Rider"
A rider is an extra insurance feature that you usually have to pay a little extra for.
In the post-Covid world, some of these are extremely important.
Some of my favorites:
Guaranteed Insurance Driver – Some plans allow the owner to purchase additional coverage without the need to show insurability. In other words, no medical guarantee is required. For example, under Covid, people who were sick could add some coverage even if they had the virus!
Waiver of premium – Many people pay for a waiver of premium drivers without even realizing it. If they become disabled or very ill, they can exercise this driver and put a break on their premium payments. In the event of a lifelong disability, they may never have to pay another life insurance premium.
Child Rider – If you have children, you can usually add coverage to them for up to $ 10,000 (some companies go higher) without the need for a medical examination. It is really cheap and most companies that offer it charge the same amount no matter how many children you have. So if you have 10 children, you pay the same as your fruitfully challenged neighbor who only has one!
Accelerated Death Benefits for Chronic or Terminal Illness – Many companies allow you to take out a portion of your life insurance death benefit while you are still alive (aka, "accelerate" the death benefit) if you have a chronic illness or are limited to nursing homes or needs care at home.
policies with these features.
When you shop online and only buy the first thing you see, many of these companies do not offer these.
It's worth getting a quote from an agency like AIG Direct so you can talk to an agent about placing yourself with a company that may have some of the drivers above.
* While doing our utmost to keep our site up to date, please be aware that "timely information on this site, such as quotation estimates or relevant company information, may only be accurate from the last day of editing. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Please contact your own legal or tax advisor.