There are a few ways to explain how to buy life insurance.? Some people prefer using their local insurance agent from State Farm, Farmers, AAA, etc.? Others needing life insurance might see an advertisement from an insurance carrier such as Met Life, and call the company directly.
The best way to buy life insurance, in my opinion, is to get multiple online life insurance quotes from a company that offers quotes from several different carriers.? For example, a company such as Select Quote or Accuquote will be able to provide quotes from multiple companies.
Selecting the Amount You Need
The two questions you need to know before purchasing life insurance are ?how much do I need?? and ?what type of insurance is right for me??? We?ll first address the amount of death benefit needed.
Most people purchase life insurance to cover a specific financial need.? One of the most common is when an income producing spouse and/or parent wants to protect against his or her loss of income due to an unexpected death.? This is a wonderful reason to have life insurance in place on your life.
Say you make $60,000 per year and you?re a 38 year old male.? You might be working for another 20 to 30 years before you?re able to retire.? Just imagine how much future income is lost if something happens to you before reaching retirement age!
Since income replacement is a very common reason to purchase life insurance, we provide an income replacement life insurance calculator on our site for free.? Just go to: How Much Life Insurance Do I Need?
If the life insurance calculator is too complex for your needs, a good rule of thumb is to carry 5 to 10 times your annual income on your life.? Of course you?ll need to take your current assets and debts into account.? The individual who has $500,000 in a personal IRA may have a decreased life insurance need in comparison to an individual with nothing in the bank and $100,000 in credit card debt, all things equal.
Other valid insurance needs are to cover debts, a mortgage, a business loan, to cover a key employee (known as key man insurance), to pay for estate taxes or death taxes, and to pay for death and funeral? expenses.
Which Type of Life Insurance is Right for Me?
Please read the section above before this section.? If you?re need is for income replacement, you almost certainly need term insurance and nothing more.? Term life insurance covers you for a specific period of time, and is typically much less expensive than whole life or universal life insurance.
On the other hand, if your need life insurance protection for the rest of your life, or if you are interested in the ability to grow cash value (from which you can borrow or withdraw funds), then you will need to consider a whole life insurance or universal life insurance quote.
If you?ve read the sections on selecting the amount you need and what type of insurance to buy and are still confused, call us at 877-966-9383 to tell us your situation and we?ll help you.
How Much Will I Pay?
This question depends on several factors.? Life insurance companies charge different rates to males and females of the same age and health status, so sex is the first variable.? They take mortality risks into account such as health problems (heart disease, cancer, diabetes, high blood pressure, etc) or other risks not related to your health such as occupational risks, hobbies and activities, and family health history.
Who Has the Lowest Prices for Term Life Insurance?
I believe we at Huntley Wealth Insurance do, because we offer quotes from over 30 life insurance companies if you use the instant quote form on the right.? Just complete the form, and you?ll see your quotes on the next page.? We?re also experts at helping you find the company who will give you the best deal if you have a health condition such as high cholesterol, high blood pressure, or diabetes.
Beware When Purchasing Life Insurance
Be careful when searching how to buy life insurance that you don?t give away your personal information to certain life insurance websites to see a quote.? It may be an insurance lead generation company who collects your information and sells it to up to 12 life insurance agents or agencies.
If you are unfortunate enough to submit your phone number and email address to one of these websites, you?ll probably be getting insurance solicitation calls for weeks.? Always check the site?s Privacy statement before giving your information to it to determine whether or not your contact info will be shared with other agents.
How to Apply for Life Insurance
After getting quotes using our form on the right, select the policy you think fits your needs the best and select ?Request Application?.? We will contact you to be sure the policy you have selected meets your insurance needs and that you can qualify for the policy at a price that is acceptable to you.
We can then take the application over the phone, by mail, or send it via email to you.? Most of our policies require a short medical exam, which costs you nothing (paid for by the insurance company), although we do also offer no exam policies.? If you have any further questions about how to buy life insurance, call us at 877-966-9383.
Source: http://termlifeinsurancemales.com/term-life-insurance-prices/how-to-buy-life-insurance/
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