5 Low Cost Life Insurance Strategies

Written By: admin on March 21, 2010 No Comment

You must be wondering about where to find low cost life insurance. Protect your family from financial disaster by getting a life policy. The cost of Term Life Coverage prevents people from buying life ins.

Here are 5 Tips to getting Low Cost Life Insurance

1. Be sure to have a good idea of how much life ins you need

Consumers overlook the importance of the amount of life coverage they need.

Add up the following:

Mortgage Payments / Housing
Monthly Living Expenses (Food/Clothing)
Educational Expenses for the kids (college)
Childcare Expenses for a certain number of years

Take those expenses and calculate the costs for 20-30 years (your kids should be working after that time period)

2. Inexpensive Term Life Insurance

Reemphasizing Strategy #1. Did you think Life Ins was supposed to be permanent? DEFINITELY NOT. It protects the income from the breadwinner if something ever happens to him/her. You are protecting the dependents in the family which are the kids / children who are dependent on your income. As soon as they start working they will no longer need financial assistance from you.

If you want more expensive life insurance buy Whole Life Insurance Coverage. Make sure you do not combine investments with life ins either. Always separate insurance and investments!

Buy Term Coverage. You will cut your premiums by 70% just by doing that!!!!

3. Buy Term Coverage in Tier Amounts

Their are different Tier amounts for low cost life insurance. It becomes cheaper as you purchase higher amounts of coverage. For example, for Term Ins, $100,000 to $249,999 you would be paying $1.02 per $1000 of coverage while for $250,000 to under $500,000 you would be paying 92 cents for every $1000 of coverage. Almost a 10% in savings for knowing this!!

4. Skip the No Physical Exam Life Insurance

There are some companies that allow you to purchase a policy without having you get a medical exam. This type of term ins sounds great but for the convenience the premiums are much, much higher.

In regards to the medical exam you set the time and location for the physical exam and it only takes 10-15 minutes of your time.

5. Life Insurance Quotes Comparison

You cannot deny it. When you comparison shop insurers must fight for your business by providing the lowest life ins rates.

They do not know what other insurers will quote you so they must be transparent in their pricing. It is the only time you will get the best life rates.

At BaseQuotes we are the one stop, Low Cost Life Insurance Quotes Comparison site. Former insurance agents ourselves we know that the only way to get those savings is to compare them.

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Tags: Cost, Insurance, Life, Strategies