Comparing life insurance quotes takes a bit of time but you will get used to it in no time.
Here are the factors to help you save on Life Insurance :
1st: Out of all the life insurance quotes available choose a life insurance company with a solid credit rating . When purchasing life insurance the financial strength of the life insurance company is vital .
2nd: Check the availability of riders on the policy (additional benefits) . Look for the Disability Rider or the Waiver of Premium Rider so if for what ever reason you become disabled the rider will cover your life insurance premium payments .
3rd: Look for hidden fees or any additional fees to your monthly premium.
Life Insurance Company Credit Rating
Check the financial strength of the insurer . Check to see if this life insurance company is a new company or well established financially?
Retrieve the financial strength details of the insurer. Financial rating has a range of “A++” (strongest) to “F” (weakest) credit rating. Each Rating Company has different Financial ratings symbols:
Highest Rating / Financial Strength Rating of Company:
- Standard and Poor’s: A++ (Secure/Superior)
- A.M. Best: AAA (Extremely Strong)
- Moody’s: Aaa (Exceptional)
- Fitch: AAA (Secure/Highest)
Lowest Rating
- Standard and Poor’s: S (Rating Suspended)
- A.M. Best: R (Regulatory Action)
- Moody’s: C (Lowest)
- Fitch: SR (Suspended Rating)
The Importance of Credit Rating :
You would NOT want to get a really great Life Insurance quote and pay life insurance premiums for years to find out that your life insurance company went under OR will never be able to payout the benefits in case God forbid something happens to you .
Price of your Life Insurance Quote
Insurers will look at the many life factors surrounding you and your life insurance quotes will reflect those factors .
Your health (smoker /non-smoker), weight vs height, hobbies and habits all play a role in the price of your life insurance premium .
Note: Your employer may offer life insurance to you as their employee but it stays with your employer once you leave . The life insurance is a small amount not enough to cover your family at all . Once you leave your job or move to a different company the life insurance policy is no longer in force.
If you know that you need to buy life insurance the longer you wait to get life insurance the more expensive your premiums will be . This is something to keep in mind for those who are checking life insurance quotes now and are surprised to see life insurance quotes premiums jump 1 or 2 years later when they check again.
You present a higher risk with each passing year and your Life Insurance quotes will reflect that . You will have better peace of mind knowing that you have protected your family with a life insurance policy.
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