3 Clever Hacks for Buying Life Insurance
Frequently shopping for life insurance can make you a knowledgeable consumer and help you learn the tricks that will help get you the best value for your money. Most of us rarely buy life insurance— perhaps only once in our lives — and this is the reason why we may never know if we made mistakes along the way.
Below are three strategies for buying life insurance:
See If Buying More Life Insurance Won’t Cost You Less
We sometimes buy groceries in bulk to get a discount, right? So why not do the same with life insurance? Some Life Insurance Companies do give discounts. It’s possible that your annual life insurance premium could be lower when you buy a bigger policy.
Check if buying more will not decrease you premium.
Work with An Independent Life Insurance Agent
Many customers prefer the do-it-yourself approach when shopping or buying life insurance online. If you are not of good health, this might not be the best option for you. Life insurance Companies apply various policy pricing to different medical conditions and other risk factors.
Generally, In life insurance the better your health rating, the better the premium. Make sure you choose a life insurance carrier who will be lenient about your health conditions.
Life insurance Independent agents can shop the market for you to find those kinds of insurers.
Add a Chronic Illness Rider to Your Life Insurance Policy
This is usually free. A rider is just a way of attaching extras to your life insurance policy. Chronic illness riders are usually recommended, which some life insurers offer free of charge. But, their availability is limited mainly to permanent life insurance.
This is how this rider works, if you have a chronic illness, you can be given a chance to access your death benefit early. This does not add extra money to your life insurance policy, but it allows you draw down your benefit while you’re still alive. Then, your beneficiaries would receive the remainder money. Keep in mind that this is different from a long-term care rider.
One thing you need to keep in mind with this rider is that, it might require that a doctor certify that the condition is likely to last the rest of your life.
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