Reasons to consider replacing your life insurance
Life insurance prices have dropped
If you bought your insurance over ten years ago, you may miss out on cheaper premiums. Life insurance rates are the lowest they have ever been.
Even if you have aged, the premiums for a new insurance policy may be cheaper than what you are currently paying. It's free to apply for a new life insurance policy to find out.
The rates for life insurance policies are unlikely to be too much lower, so apply now and see if you can qualify for cheaper rates. If the insurance company comes back with premiums that are higher than what you pay now, you do not have to accept the insurance.
Be sure not to cancel your current insurance until a new insurance has entered into force.
Your Coverage Needs may have changed
When you first bought a life insurance policy, what was the reason for the insurance amount you chose? Did you buy a large nominal amount because you had many responsibilities, such as a mortgage, raising children and consumer debt?
Are these obligations still relevant? Maybe your mortgage is paid. Maybe your children are adults and financially independent. Do you need to continue paying for a large life insurance policy?
You can benefit from buying a smaller insurance policy and spend more money each month on your pension instead.
Or maybe your case is the opposite. Maybe you bought a policy when you were young and had a tighter budget. Could you only afford a small insurance?
You may have more responsibility, along with a larger income. Do you have a larger house? More children? Is your family now comfortable with a higher standard of living?
You may need to buy more life insurance. You do not necessarily need to change your current policy. You can buy a second one and still keep the original.
Talk to your financial planner, or a Quotacy agent can help you with the best coverage for your family's circumstances.
Your health has changed for the better [1
9659003] Life insurance pricing is based primarily on your health and perceived life expectancy.
When you purchased your current life insurance, did you have any health issues? Were you a smoker and have quit since then? Were you overweight and changed your lifestyle?
Quitting smoking puts you in a completely different price range, which comes with cheaper premiums. No longer needing certain medications can also improve your course class. Better cholesterol, blood pressure and BMI levels can all have dramatic effects on life insurance costs.
If your health has changed for the better in recent years, you can now qualify for better life insurance rates.
Contact us here at Quotacy if you are interested in knowing if you can qualify for better rates or not.
Again, do not cancel any current life insurance policies until you have a new one 100% valid.
Read on. more about what happens when you replace a life insurance policy in this post: Things to know about replacing a life insurance policy.
Applying for a new life insurance policy
How long ago did you buy your current life insurance policy? Chances are high that you had to take a medical examination.
In recent years, insurance companies have invested heavily in automated insurance systems. With this new technology, companies can often determine your risk without even needing a medical examination.
Insurance companies retrieve your information through the Medical Information Bureau, Consumer Credit Bureau, Motor Vehicle Records and Prescription History Database. Algorithms calculate data and the insurance company quickly knows if an applicant is suitable for their accelerated insurance program or not.
If you are under 60 and still relatively healthy, you may qualify for an accelerated issue guarantee. This means you can skip a medical examination. It also means that your coverage can be activated much faster than with traditional insurance.
Start by getting free quotes on life insurance. It costs nothing to get real-time estimates, not even your personal contact information.
Applying online through Quotacy is easy and only takes a few minutes. As a life insurance broker, we have access to several life insurance companies and offer competitive prices.
If it's time for you to replace your life insurance cover, we can help you.