The Save Money Blog

Posts Tagged ‘Life Insurance’

Life insurance is one of those financial products most people avoid talking about. The topic feels too depressing and we immediately think about something cheerier like how our favorite baseball team is doing, or what pizza you are going to eat tonight. But it is important, however, to take out life insurance, and discuss what options are available with your spouse or partner. Here, we will look at ways you can save money on life insurance.

Use an Online Calculator

Don't let a salesperson talk you into taking out a policy which is unsuitable for your needs. You might end up with excess coverage or be under-covered. Use an online calculator to get a better idea of how much cover you need to support your loved ones in the event of your death.

Choose a Term-life Policy

A term-life policy is the easiest option for most Americans aged between 20 – 50. They offer coverage with fixed payments for the term of the policy.

Find Quotes Online

The easiest way to save money is to find quotes online. Websites such as Accuquote and InsWeb search through hundreds of insurers to find the best deal for your needs. You'll still have to fill out a detailed form and undertake a medical exam, though.

Be Healthy

Being in the best possible health can reduce policy costs. Stop smoking, get in shape and lower your cholesterol to save money. You'll not only feel better, but your wallet will thank you, too.

Choose Where to Buy

Choosing where to buy life insurance can save you money. You can buy direct from the insurer and save on agent's fees, or pay a fee to a financial planner who will help find and arrange it for you. Your choice.

Understand How Everyone Gets Paid

Remember that insurance agents and commission-only financial planners earn money through selling policies. Some might not necessarily recommend the right policy for you if it doesn't earn them much money. Fee-plus-commission financial planners charge for advice and recommending a product, while fee-only planners only charge for advice. It's up to you to apply. Choose wisely and get the best deal.

Research

There's no substitute for researching the best policy that's right for you. Look online and read financial magazines to get a good deal.

Buy From a Financially Healthy Company

Make sure your insurer is in good shape. Look for an "A" rating or higher from rating agencies such as Standard & Poor's, Moody's and Fitch Ratings. This will help ensure your investment is in good hands and you won't suffer any losses should the company be in trouble.

Be Alert

Avoid agents or salespeople who claim to be more knowledgeable about the insurer than a ratings agency or who try to bully you into a policy which isn't suitable. Complain to a senior manager and file a complaint with your state's insurance department or attorney general.

Make Changes when Needed

Your life insurance will change over time. You may get married, have kids, or even divorce. Adjust your policy to suit your circumstances and don't just forget about it. You may not even need a policy when you are retired and have enough saved up.

A guest post by Liz Goldman, personal finance expert and freelance writer for Sunbird Forex Broker – the CFD broker

Life insurance can be rather confusing to the ordinary person, like myself. There are a number of different types of policies and different terms for each one.  I recently was approached from a friend about the idea of buying a term life insurance policy. I didn’t know too much about it so I decided to do a blog post on the subject and find out what is term life insurance.

Term life insurance protects an individual in the case of their death, ensuring that final costs and debts are settled, as well as ensuring that the family or beneficiary is going to be able to maintain the standard of living from the proceeds of the life insurance policy.

Term life insurance is unique in the fact that the life insurance policy is obtained for a specific amount of time, the term of the life insurance. Common terms for life insurance are ten or twenty years in which the rates that are quoted at the beginning of the policy are locked-in for the customer.

Term life insurance ensures that the client is going to be covered throughout the term without raising policy costs but at the end of the term the customer must reapply for life insurance with the new variables, including age and medical history to determine the rates for the new term.

There are enough annoying commercials on tv advertising every kind of insurance you could ever imagine. It almost looks like they are giving it away. It probably wouldn't hurt to look at insurance online and maybe get a quote or two to compare what you are currently paying. I work with a person that did just that and she ended up saving some pretty good money in the long run. If you are looking online and getting quotes done make sure you research any company that you are thinking of doing business with. Search for the name of the company and look for complaint type websites to get as much information as possible. People are bound to write bad reports about companies more than they would good one so you have to decide for yourself if they are just complainers or if they have a legit complaint. Just make sure you do the research before you commit.

I am a big tv watcher and usually get caught up watching the odd info commercial or paying attention to those commericals that are on over and over. Today they were playing one over and over about Mesothelioma cancer and how time is running out to get a claim in. It got me to thinking about insurance for some reason. Things change in people lives. One minute you are single and the next you are married with children. Is your insurance for your life, house and car enough for your current situation? It might be worth having a look over if your life has changed.

This is something that I have just taken for granted. I purchased my life insurance many years ago and just turned my back on it. I never look at what I am paying or what the terms are or anything really. There are lots of articles online that give you tips on how to save money on your life insurance. They are mostly the same, get in shape and stop smoking, decide on how much coverage you need and determine your goals and needs. While this is all true to keep in mind you also want to do the most important thing when buying life insurance.

Shop around and compare life insurance online or buy calling old school style. Once you have determined what you want and where you are in life you have to look at what the different companies are charging for it and then put together your package for the best price you can. When you find what you want look at what the different insurance companies are charging for the same thing and I bet you will find one is at a better price than the others.

A friend and I were recently talking about insurance and the costs and benefits of different terms and services offered by insurance companies. The one thing that came up was term life insurance and how confusing it can be when looking for a decent quote and at a good price with great coverage. I have term life insurance that I am paying every month and I know little about it. I am not sure why life insurance rates and quotes have to be so difficult to muddle through. I suggested that we look online for some more information so we can get a better understanding. There are lots of life insurance websites where you can search through different policies and get free quotes. It’s worth a look if you are like us and interested in getting an insurance quote.