Life Insurance Costs
Are the costs worth it? Most say, "Yes it is!"
Insurance Wiz Quotes: The Costs of Life Insurance Policies and Whether
They're Right for You!
The Total Cost Of Your Policy
policies appear to cost more, but may, in fact, be cheaper when you
look at the total cost of the policy. For example, annual
renewable policies increase your premiums every year and thus may appear to be more expensive than level term
policies where the premiums never increase (although the initial
premiums for a level term policy will be higher). But, in fact, level
premium policies may involve higher costs over the policy's full term,
and become particularly expensive when you try to renew your policy
at the end of the term.
The facts prove it: Tobacco
users are twice as likely to die as non-tobacco users while they are
insured. Insurance companies take this into account when they set their
premium and cash benefits levels.
You can save from 20% to 30% on premiums by quitting smoking. (*American Journal of Public Health, September 1995, Vol. 85
Standard Vs. Preferred Risk
insurance companies offer lower, preferred rates to people who appear
to be in better health and live a lifestyle that promotes a healthy,
accident-free life. If you're in this category, you may be able to get
a much better deal on your life insurance. See "Understanding
Standard and Preferred Risks" for more information.
permanent life insurance policies
pay cash benefits regardless of which spouse dies first. Covering both
spouses with one policy can be cheaper than buying two policies.
If you have a number
of small life insurance policies, you can save money by consolidating
your policies into one larger policy that offers the same coverage.
For A Better Deal Now
getting the best deal on your life insurance? The only way to be sure
is to shop around. But it is important that you do your shopping
now while you are in good health, insurable and can qualify for
a good rate. Remember, the longer you wait, the older you will be and
the higher your rates may be. So, it's advisable to lock in your
best rate now and stick with it!