Are you one of the millions of Americans who stands to lose your life insurance coverage as Obamacare takes effect? Not sure? Check out our recent blog post on the topic, “Obama Care & Life Insurance: Will You Lose Your Coverage?”
If you do find yourself without life insurance protection, there is no need to fear; you may actually be able to lock in more coverage for less – on your own! In fact, in many cases young, healthy individuals can secure up to three times as much coverage, at a lower cost. How is this possible? Premiums for employer provided life insurance policies are determined based upon the risk class of each and every employee on the policy. While this bodes well for the less-than-healthy population, those that are in good physical health face the same premiums as those with poor or declining health.
Whether your employer is dropping your life insurance protection, or you suspect that you might be able to lock in lower rates on your own, here are some tips to help you secure personal life insurance coverage:
Work with a Reputable Agency
Working with a reputable life insurance agency is key. Your agent will help you compare quotes and secure coverage; in essence your family’s financial health is in his or her hands. A reputable agency will provide the guidance and support you will need to secure the right policy at the right price.
Being truthful throughout the application process is very important. Failing to do so can lead to a denial of coverage. Keep in mind that your potential insurance provider is likely to uncover any untruths during the underwriting policy. Furthermore, your policy can be considered null and void at the time of your death if your insurer determines that you were dishonest during the application process.
Think Long Term
Remember, you’re purchasing coverage to protect your family for years to come. This is why we encourage you to compare term life insurance rates for 20 to 30 year terms. As you age, the cost of coverage will only go up. If your family is young, and you plan to support them for the next 18-25 years, now’s the time to lock in long-term coverage. If for example, you were to purchase a 10 year policy today, you will have to reapply for coverage at the end of the policy. At that time you can expect to face much higher term life insurance rates. Why not save yourself the stress and simply lock in competitive, long-term life insurance rates today?
By taking these simple steps, you can rest assured that you’re getting the very best value for your investment today, and for years to come. Interested in comparing term life insurance rates? Complete our quote request form and receive a side-by-side comparison immediately.
Interested in learn more tips and tricks to securing low term life insurance rates? Follow our blog. Here we will be addressing the trends and topics that directly impact your financial health. While you’re here, be sure and check out these related posts:
When was the last time you compared term life insurance rates?