Life Insurance Quotes Tips

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Risk Criteria- Vocation and Avocation

When underwriting your life insurance application and determining if you are an acceptable risk for the company, an underwriter will take both your vocation and avocations into consideration.

Your vocation is your job, and if you are in a dangerous vocation like construction or police work, you may be declined or charged an additional premium.

Your avocations are your hobbies. Scrapbooking and golf will not be considered dangerous by the underwriter, but scuba diving and hang gliding may and could also result in higher premiums or a declined policy.

How do I know how much life insurance I need?

How Much Life Insurance Do You Need?

When looking for a life insurance quote, it is important to know how much life insurance you will need. Ask yourself a series of questions, including: - What expenses will need to be paid immediately and up front if something happens to you? - How much income your will your family need to replace your current income or what expenses they need to pay regularly? - How long will your family need this income> - Are there any large purchases, such as a mortgage, that could be paid off to make things financially easier for your family? These questions will help you determine what kind of a life insurance quote you will need to look for.

Where can I find a quick life insurance quote?

Life Insurance Quotes Online

Free life insurance quotes can be found online. By searching the Internet, you can compare prices from different life insurance companies and even apply online if you find one that interests you.

Online quotes can save a lot of cold calling phone calls to life insurance companies seeking quotes. Many life insurance companies that offer this service claim to search high and low to ensure that you are receiving the lowest rates possible.

Do young people need a large life insurance policy?

Younger People May Need Larger Life Insurance Policies

Your family will probably in need of a large amount of money if something happens to you early on in life. Young couples and families who have not yet had a chance to pay off a large part of their mortgage, invest in stocks and bonds, or advance very far in their young careers should consider a larger policy.

It is more likely that someone in between 20 and 30-years-old with a new family will need a large life insurance policy, since their spouse will have fewer assets to draw from and possibly further debt to face. Luckily, larger life insurance policies will be cheaper for someone in this age group than for those who are older.

I have a large family; will it make my life insurance premium rise?

More Dependents, More Premium

When it comes to life insurance quotes, you can expect to pay a higher monthly premium if you need a large life insurance amount. This means that those who are single can get a very small policy, to pay their final expenses only, and pay a very small monthly premium in return.
On the other hand, those who have a family to care for will need a larger life insurance policy, not only to pay for their final expenses but, to help keep their family afloat financially while they figure out how to cut expenses or bring in additional income. The more people you have who currently depend on you, the higher your life insurance premium will likely be.

Can I trust all online life insurance quotes?

Reliable Quotes Online

If you're sesarching for quotes online, do a check on the Web site that is quoting your rates before making a purchase. Some online sites are set up to provide you all the available quotes in your area, and others promote quotes from companies who will pay an affiliate fee for making a sale. Purchasing a good life insurance policy takes serious time and investigation to make sure you get what you need and want for your policy in the event of your death.

When should I re-evaluate my current life insurance policy?

A Life Change Means a Life Insurance Change

If your life circumstances have recently changed, then it may be time for you to re-evaluate your current life insurance policy. For instance, if you recently got married and had a child, then you will probably need to obtain a larger life insurance policy. A recent medical condition will result in a larger policy, as will adding dependents to your policy. On the other hand, if your children have all recently left “the nest”, then you may be able to lower your life insurance policy amount and pay a lower monthly premium.

Is it worth the money to get a life insurance policy that pays out quickly?

Quick Life Insurance Payout

When comparing life insurance quotes, ask about hidden costs and also about timeliness of the payout. In the event of a medical emergency that prohibts you from helping out financially, your family will need the life insurance funds to help pay your final expenses quickly. A delayed wait in delivery of the funds could result in unnecessary financial stress or debt. It may be worth a few extra dollars per month to get your family a quicker payment from the life insurance company.

What life insurance amount is recommended by experts?

The Recommended Life Insurance Amount

When looking for life insurance quotes, experts recommend you take out a life insurance policy equal or greater to 7 times your annual gross income. For instance, if you make $65,000 a year (before taxes), then you should consider taking out a life insurance policy of at least $455,000 for your family. This should give them enough money to pay off any outstanding debts and have enough left over to make up for your lost income for awhile.

Do I need to tell the life insurance company that I smoke?

Honesty, Health & Habits

When looking at life insurance quotes, it is best to come clean on any circumstances which may raise your rates (such as smoking or a health condition), even if the life insurance company guarantees that you will not have to take a medical exam to be approved.

In the event of your death, if the life insurance company determines that you withheld important information they could deny your survivors any payment. You will only be cheating yourself, and worse, your family.

Should I buy the lowest life insurance rate I can find?

Bargain Hunting On Your Life

We all like a good bargain, but when it comes to life insurance, cheaper doesn't necessarily mean better. When researching life insurance quotes online, don't jump on the lowest offer you find.

Like any good shopper, investigate the details and specifics of the life insurance policy before buying. You should call the life insurance company representative to confirm the rate, the policy specifics and clarify concerns that are not outlined on the Web site. Then, you can compare the price and policy with competing policies. This will help to ensure that you don't get involved with a life insurance company that offers low payment in exchange for severe stipulations.

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William Pirraglia