If there is anyone depending on your income, then life insurance can make sure they’re protected by offering a guaranteed payout in the event of your passing. In this article we’ll break down the two main types of life insurance, how to get the most for your premium, what to look for in a provider and what factors affect your premium costs.
Term Life Insurance
Term life insurance coverage typically ends at the end of the term unless it’s renewed and doesn’t offer coverage for your whole life, but rather shorter terms of 20 or 30 years. Inexpensive term life insurance is often less than $100 monthly and is an ideal choice for those who only need to guarantee their income during a specific period of their life. The premiums for Term Life insurance can also be locked-in so they will not change for 5, 10, 15, 20, even up to 30 years which is a huge benefit.
It’s Your Money — Make the Most of It
Whether you want to help your heirs cover estate taxes with whole life insurance or protect a young family with a term life policy, you’ll want to get the most from your investment. Here are five key ways to get the best bang for your buck:
- Buy Young: No matter the type of insurance or provider you choose, life insurance gets more expensive as you age.
- Do Your Homework: Make sure to spend time researching policies and providers before committing. Obtaining multiple quotes from Harris Insurance can help you get informed on the marketplace.
- Automate Your Payments: This one may sound obvious, but insurance providers have the right to terminate your policy if you miss too many payments. This can not only nullify your death benefit but also void the cash value of your policy.
Finding Your (Insurance) Soulmate
If you’ve ever watched a major tennis tournament or PGA event, then you know there are many, many insurance providers out there. Just like people, each provider has its own identity and culture. Finding the right fit can help you make the most of your investment and prevent you from wasting time switching policies. So what makes one life insurance provider different from the next? At Harris Insurance, we want you to find health insurance that best fits your needs and budget.
As with any form of insurance, a life insurance provider is only as strong as its financial underwriting. With life insurance, it’s especially important to choose a provider with a proven track record because you’ll be working with them for a long time. It’s best to stick with trusted names in the industry and carefully vet lesser-known providers by reviewing their standing with independent rating agencies, such as Moodys and Standard and Poor’s.
Every insurance provider has a slightly different approach to business. Take the time to speak to their representatives and consider if you’re happy with the experience. Some firms may take a very hands-on approach, while others may give you more space. Finding the right customer experience can help you feel secure and satisfied in your decision.
So What’s All This Going to Cost?
After securing a few life insurance quotes, it’s important to understand the factors that affect premium costs. These are some of the main factors that providers use to set your premium:
- Age: This one’s simple. Older buyers always pay more.
- Lifestyle: Expect to pay more if you work as a freelance mercenary and spend your weekends BASE jumping.
- Health and Family Medical History: Insurers may charge higher premiums if there’s a high prevalence of cancer, cardiac conditions or other chronic illness in your immediate family.
- Driving Record: Some providers may access public records from your state’s DMV for signs of reckless behavior.
- Smoking: Expect to pay a huge markup if you light up regularly.
- Gender: Statistically speaking, women live longer than men and therefore usually enjoy lower rates.
Getting Covered Is Easier Than You Think
The right Florida life insurance plan can not only protect your family but also help lock in your own financial future. But with so many options available, it can feel overwhelming to find the right fit. Fortunately, today it’s easier than ever for savvy insurance shoppers to choose the right type of life insurance, find the perfect insurer and get the best possible value from your policy. So don’t put it off any longer — today’s the day to find your life insurance policy through our Florida insurance brokerage.