Calculating what is really needed makes it easier to know how to shop for coverage and get a good comparison of premiums.
(PRWEB) October 03, 2012
Life insurance is in place to make certain that loved ones will be protected and cared for financially. Getting the most from a life insurance policy requires just a little bit of time and effort put into understanding what coverage is really needed and how to get the right coverage for the right time period while keeping premiums affordable. These tips make it simple to do just that.
Combine Policies For More Protection
During certain times of life, a little more life insurance protection is needed. For most people that time is usually while they have children living at home. It can be cost prohibitive to increase the death benefit amount on an existing whole or universal life policy or to take a new one to cover the much higher need during this time. For those who already have such a policy in place, adding a term life insurance policy often makes the most sense.
“A term policy offers a high death benefit at a lower premium because the policy is in force for a shorter period of time,” explains Tammy Ezer of InsuranceHotline.com. A short term policy with a large death benefit is a great way to bolster an existing policy, and expires when it’s no longer needed.
Do The Math
A life insurance needs calculator makes it easy to determine how much coverage to take out on a life insurance policy. Most people walk a tight line between the coverage they can afford and the coverage they really need. While more is always better, for those on a budget, paying for more coverage than they need is difficult and really unnecessary.
Calculating what is really needed makes it easier to know how to shop for coverage and get a good comparison of premiums. It also helps to avoid buying a policy that might be overkill as well as the opposite – a policy that doesn’t provide enough coverage. Many people simply choose a number that seems to make sense – but without the help of a calculator, that number could be way off.
Get Insurance Young
The best way to get the most for every insurance dollar is to take out a policy young. Younger applicants can lock in lower premiums for the duration of the policy, meaning that over time they will pay a lot less for the same coverage than they would have if they waited.
Especially when it comes to whole or universal policies, applying young can make a huge difference in the value of the policy. Because premiums are lower for those who are young and healthy, it’s easier to take out a policy with a higher death benefit for less. That premium will remain the same no matter what health concerns might follow later in life.
When looking to obtain life insurance quotes in Canada, websites like InsuranceHotline.com will provide quotes instantly.
About: InsuranceHotline.com is a free online insurance rate comparison service that directs consumers to its large network of more than 30 insurance companies and licensed insurance professionals and provides quotes based on the lowest rates available through its network. In business since 1994, InsuranceHotline.com does not sell insurance, is not a licensed broker, and is not owned in whole or in part by an insurance company, agent or brokerage; ensuring consumers get a truly unbiased quote.