Shop Online and Save on Life Insurance Costs
Did you know that life insurance costs less than you might think? In fact, some life insurance costs are lower than they have been in decades. As with any kind of bargain hunting, the best way to save money on your life insurance costs is to shop around, and in 2010, the best way to do that is online. Websites such as lifeinsurance.org offer you the opportunity to receive free life insurance quotes on a variety of life insurance products, from a range of companies in your area.
In addition to shopping online, here are a few other ways to stretch your insurance budget, and reduce your life insurance costs. One of the easiest ways to receive the security and peace of mind of life insurance is to consider Term Life Insurance. Many financial planners recommend that you seek out annuities or other investments for long-term financial planning, and use your life insurance for just that - to ensure that your family is cared for in the event of an untimely death. This is not unfounded advice. The difference in yearly premiums between a traditional Whole Life Insurance policy and Term Life Insurance is not just a few dollars. Industry experts such as the American Society of Actuaries point out that depending on the level of coverages being compared, a Whole Life monthly premium could actually run as much as five to ten times more than the same amount of Term Life Insurance coverage.
Other Ways to Reduce Life Insurance Costs
Look for insurers that offer "low-load" or "no-load" life insurance policies. These are polices that reduce life insurance cost by having little or no additional fees like agent or brokers fees. Generally, such policies are Variable Life Insurance policies, and are sold by investment firms, and not insurance companies such as TIAA-CREF. Be aware however, that such no-load, or low-load life insurance policies may not be available in all states.
Unless you have absolutely no other choice, avoid purchasing a "guaranteed issue" life insurance policy. Such policies do not ask any medical questions, and therefore are not "medically underwritten". They basically are designed for people that know they have medical issues. Guaranteed issue life insurance policies have hefty premiums, are usually only issued for short periods of time, and there are circumstances where, because of the expense, they may actually wind up costing you more than your beneficiaries receive upon payout. Often, if you know you have a medical issue, you can still pay less for a completely underwritten policy that requires a medical exam, and takes your condition into account, than you would for a comparable guarantee issue policy.
And finally, other than shopping online, the best way to reduce your life insurance costs is to get healthy! Non-smokers pay far less than smokers for life insurance, as do people with blood pressure, Body Mass Index (BMI) and cholesterol in the normal range.
You can get a Free Quote on Term Life, Whole Life, Variable Life, or compare any kind of life insurance costs here at lifeinsurance.org.