In this day and age it is imperative that people cut back on most of their purchases to stay afloat. Low-cost alternatives are among the top priorities for everyone, rich and poor, as we put more money in savings and focus on what really matters in life.
When the economy speaks of gloom and money becomes tight, a lot of folks tend to do without previous indulgences and necessities. Things like shopping and restaurant dinners are fine to scale back on, but skimping out on term life insurance would be comparable to playing Russian-roulette with your loved ones security and well-being.
Low-cost term insurance may seem like a dream, but if the work is done correctly beforehand, it is attainable. Being pro-active in your search for affordable term life rates could save you hundreds- even thousands of dollars a year on your term life insurance premiums.
When looking for low-cost term insurance, the first thing to think about is RISK. Why risk, you ask? Because it is the first thing the majority of insurance companies think about when you approach them with your business. Your risk factor plays a big part in achieving low cost term insurance, it determines how low (or high) your premiums would be, or if you would be insurable at all with that particular life insurance company.
Many factors are considered when life insurance companies asses your risk.
Some of these factors can include:
- General/overall health: Do you have any pre-existing health conditions? Are these conditions well managed and under control by a health care practitioner? Having health conditions that have been under control for a certain period of time could be a positive factor in obtaining low-cost term insurance
- Your Age: The younger a person is, the easier it would be for him/her to find low cost term insurance. Life insurance companies consider each passing birthday a possible increase in the risk of dying. They often offset those risks of keeping you insured by increasing your term life rate at your renewal date of your policy
- Shop until you drop: Obtain and compare term life rates from a wide range of reputable insurance quote companies. These companies are quick, free to use, and often only require a couple of pieces of information to generate your estimated term life rate. Your term life rates could fluctuate from one end of the spectrum to the other; so it’s a good idea to get a ball-park range of what your rate could be.
Being pro-active and independent in your search for low-cost term insurance will get you on the road to obtaining affordable term life rates. It will also save you money from having someone else do your work, and give you the comfort in knowing your family’s future is protected.