Life insurance rates
Term life insurance rates are at an all time low due to the competition among the various insurance companies. This competition has also led to an easier access to life insurance products over the net at a very affordable cost. It would come as a surprise to you, but insurance companies are now also offering policies with a premium as low as $5 per month. This trend has definitely made life insurance one of the cheapest forms of insurance, today.
Even though term life insurance rates are at an all time low, do consider shopping around to locate the best deal. You just might be ineligible for the lowest insurance rates because the rates are calculated specifically upon risk. If you are at a high risk of dying in the earlier years of the term insurance then your insurance rates would be higher. Individuals who are categorized as being at a low risk are offered policies with a very low premium amount.
Tips On Buying A Term Life Insurance Policy
Buy a policy when you are healthy. The rates of an insurance policy contain the fee amount and a myriad of expenses involved. These are based on the statistical chances of the individual dying in a given year. As a person gets older, his chances of dying increase. So, the premium cost rises with the age of a person.
Quit smoking as soon as you can. The premiums charged to smokers are three times higher than those charged to non-smokers. It would be no point leaving smoking two to three weeks before buying a policy as the urine tests still detect nicotine. Companies would require you to remain smoke free for at least 1-2 years before you can consider buying a policy.
Risk of life insurance policies
The risk of all life insurance policies including discounted life insurance policies are calculated on the health and lifestyle of an individual. If you are able to attach a ‘no risk’ tag to yourself then you would be offered the lowest rates by the insurance companies.
The above mentioned points are only a few of the basic needs for the purchase of a life insurance. Try and conduct a ‘mini need’ analysis of yourself to find out what exactly you are looking for, while buying an insurance policy. This would help you compare the term life insurance rates of different companies and select the one which suits your needs the best.