Finding cheap term life insurance can be a slippery slope. With the cost of health care and health insurance steadily increasing, life insurance companies are aware that we are not getting as many annual exams or participating in preventative care as much as we used to. Therefore, the companies need to select the best candidates so that they don’t lose their shirts, while still remaining competitive. If you are searching for cheap term life insurance, here are a few things that will help you find the best deals, at the most affordable costs.
Cheap Term Life Insurace – Be a Savvy Shopper
Although medical costs are going up and preventative care is slightly down, people are living longer now than they did decades ago. We can thank diligent doctors and researchers for this, as modern medicine is sustaining life in an impressive way. If you happen to be in the age range of 30 to 50, the advice to shop before you settle is extremely applicable and you are among the group that life insurance companies thrive on. Therefore, some of the best rates are available for you and researching many companies is important if you want to get the best rates.
Life insurance companies exist because they hire people to know and predict life spans. The younger you purchase life insurance, the better a candidate you are for these companies because it means you probably will be paying their premiums longer, and sadly enough, the chance that you will pass away after the policy expires is greater. The latter is a dismal thought, but it is how term life insurance companies think and how they can remain profitable.
Cheap Term Life Insurance – Buy Early Instead of Waiting
Even though early purchasing of cheap term life insurance means better odds for the insurance company, as a consumer you need to move forward on the premise that tomorrow is not guaranteed. Thorough research is important so don’t delay in choosing one and certainly don’t wait to start researching your options.
If you have a family member that is dependent on you, getting life insurance is a must. Not doing so can mean placing a lot of burden on living family members and it should be a priority especially if your family lives check to check and can’t afford burial services once you do pass away. The average cost of burying a family member today is about $15,000 minimum and few have that kind of cash sitting around at their disposal. It’s your responsibility to prepare and plan for your passing so living family members can mourn without added stress.
Cheap Term Life Insurance – Think like an Agent
When shopping for cheap term life insurance you must remember that you are dealing with smart and critical agents, many of whom will scour every aspect of your life and habits in order to determine if you are a high risk or not. Some of the main points of contention when an agent decides to insure an individual are things like current health conditions, pre-existing conditions you may have and how you take care of yourself daily.
Those who are overweight, have existing medical conditions, are smokers or who have risky hobbies such as driving a motorcycle or love to go mountain climbing are all considered high risk. Insurance companies want you to live as long as possible and are less apt to insure high risk individuals.
Making some healthy and positive lifestyle changes now will better your chances of finding cheap term life insurance. This includes eating better, ditching your bike or quitting smoking. If you don’t, you probably will still find a company willing to insure you but your premiums will most definitely be higher.
By the way, don’t even consider lying on applications or during a scheduled medical exam if it is required by the company. Again, term life insurance agents are wise beyond their years and most policies have contingencies that if post death autopsies show that you died from lung cancer as a result of smoking two packs a day for 40 years, the insurance company will do all they can to make your policy null and void and your family members will get nothing. They have very good lawyers that will poke and prod every aspect of your life and try to find loopholes if they can be found. It’s always best to be as honest as possible with the insurance company rather than trying to lie about health conditions, hobbies and bad habits.
Along with researching the companies also be privy to what is expected of you before you are approved. Some term life insurance companies require full physicals, while others claim that they won’t ask you any health related questions and no exam is needed. Read the fine print for the companies that don’t require you to submit any medical history. Not that they are all scams, but many have contingencies and higher premiums because by not divulging your medical history they automatically consider you high risk and disqualify you from getting cheap term life insurance.