We want you to get the best bang for your buck when buying a term life insurance policy. Here are 3 tips for picking the right policy for your loved ones and your budget.
If we could tell you one thing, just one thing, about buying affordable term life insurance, it would be this: Term life insurance is all pretty much the same across the board. Buy the CHEAPEST 20-year term and your golden.
There are only 3 factors to consider, which we will get into below. Your cheapest option is 90% of discussion.
Because here’s the thing: With life insurance, every shopper seeks the most affordable premium rates for the best value. And, thanks to the power and transparency of the Internet, price comparisons and numerous life insurance rate quotes are usually just a Google search away.
But, as with any other important financial decision, when it comes to life insurance, you shouldn’t only focus on price. Not when your family’s financial future could be at stake. Taking the time to learn about life insurance companies, as well as the various types of life insurance policies that are available, can be the key to getting great coverage for as little as possible.
In fact, with that in mind, we’ve put together the following three tips to help you find affordable term life insurance that’s wallet-friendly, while still addressing your coverage needs. We promise these life insurance tips are simple and easy to understand. They’ll only take you a few minutes to read, but they might have a huge impact on what you pay for insurance.
Tip #1: Buy coverage when you’re young and healthy
Being proactive is never a bad thing. Doubly so when you’re buying an insurance policy. That’s because the lowest life insurance rates go to the youngest and the healthiest applicants. As you age, the rates you qualify for will gradually increase.
For example, a 35-year old woman in excellent health can get a 20-year, $450,000 dropdead term life policy issued by Assumption for $29 a month. That is less than what you’d probably spend on two movie tickets. If that woman were ten years older; she would pay $59 a month for the same 20-year coverage.
Tip #2: Make sure you’re buying the right type of policy for you
Age and health aren’t the only things that matter when you’re looking for an affordable life insurance plan. The type of life insurance policy you choose (either term or permanent coverage) can have a significant impact on not only your premium costs but also how large of a policy you get for that money.
Start with $450,000 of coverage for 20 years. No medicals, and it takes 15 minutes to complete. Once that’s done, you can always add more later.
By the way, most Canadians buy $450k for 20 years!! You’re in good company.
Tip #3: Calculate how much life insurance you really need
If you were shopping for a new minivan, you probably wouldn’t drive off the lot in a 2-door hatchback. You also wouldn’t buy a 15-passenger van, despite all the extra room you’d have. Why? Because what’s probably most important to you is getting the best deal on what your family actually needs.
Use our calculator to figure out how much you need –https://dropdeadlifeinsurance.ca/calculate-insurance-need/
The nice thing about this is you do not have to speak to a human. Yay!!