With dependents at your side, it is only wise to buy insurance to support them when you are no longer there to fulfill their needs. Being caught up in the dilemma over term and whole life insurance, you can get a clear idea of what you really want by working out the kind of period for which you need to be insured. Typically, term life insurance is available for time periods ranging from one year to three decades. Affordable term life insurance is not difficult to find as well with falling prices due to increased average life span and intense market competition in the past few years.Whole life insurance is usually a little expensive as compared to term life but it offers additional advantages not found with the latter option. It operates as a combination of life insurance and savings cum investment account which helps build cash value, thus enabling you to borrow against it. You can surrender the policy at any point of time to get the benefits of cash value accumulated till that point of time. To pick the most suitable policy based on a number of criteria, you can either find the details online or seek assistance from a professional insurance advisor. The three criteria that you should keep in mind while choosing the type of insurance you should buy are:1. How much you can afford to pay as premium without curtailing any essential cost. Otherwise, you may be forced to give up your policy midway. This not only compromises your creditability, but buying another policy at a later stage may not be profitable at all. Therefore, you should ensure that the premiums are not that high that you find it impossible to pay.2. Your age, if you are young, you are expected live longer and pay premiums for a long time before the question of paying benefits will arise. Therefore, you can expect lower rates.3. Your health; Healthier you are lower is the rate.One more point, if you want affordable life insurance, never opt for life insurance no exam. The insurance carriers arrange for the medical tests to determine the risk involved in insuring you. If you do not sit for the medical, they have no input to work on and so charge at an exorbitant rate. Why should you not sit for the medical test? Such tests are taken at the cost of the insurer at your convenience. The life style of the would-be-policyholders also determines the life insurance rates because it has a direct impact on their health and ultimately on their longevity. Tobacco use and obesity have an adverse impact on the life insurance rates. Therefore, if you want lower rates quit smoking at least for a year and reduce weight by leading an active life. Do not try to hide that you use tobacco in any form because if it is by any chance found out at the time of your death, the carrier may refuse to pay the benefit.Ingenious ides can easily bring down your life insurance rates. Group insurance may bring down the cost a little. Consult your colleagues and your employer. At the same time, try to find out what happens if you leave the job. Will you be able to keep the insurance coverage even then? If not, better not rely on it. Cheap life insurance rates do not always mean the best coverage.Shop around a bit and receive quotes from various carriers to find out the policy that ensures best coverage at the least rate. You may be suffering from some medical ailment. You will definitely have to pay at a higher rate for that than the rest. However, one carrier may pay more importance to it than the rest and therefore charge at a higher rate. Unless you take quotes from different carriers, you will never come to know about it.Be careful of the agent or broker through whom you are going to buy the insurance coverage. An agent or broker gets a huge commission for the first installment of premium you pay and a nominal commission for the next installments. Therefore, they often try to deceive you into buying a new coverage or coax you into giving up the old one and buy a new one, which they say has a better coverage and will not cost a penny more. Whatever he says, never fall for such traps because it will definitely turn out to be counter productive. Go to state insurance commissioner or to the insurance company and lodge a complaint instead.
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If you want affordable life insurance, never opt out of medical exam. The insurance carriers arrange them to determine the risk involved in insuring you. If you opt out of it, they have no input to work on and so charge at an exorbitant rate.
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