When it comes to buying life insurance, most of us want to be able to buy as much as we need at the best possible price. Unfortunately, too many people are making some common mistakes when shopping for life insurance that could have them walking away with little or no coverage. Don't let that happen to you! By avoiding these three common mistakes, you can have a better chance of getting the policy you need at an affordable price.
Mistake #1: Not being prepared for your exam
The very best life insurance rates go to the young and healthy. While you can't change your actual age, you can certainly improve your odds of getting better rates by being prepared for your medical exam. For example, overindulging in too much salt, sugar, coffee, fatty foods, or alcohol a day or so before your exam can raise your blood pressure and elevate your cholesterol and liver enzymes. You may not think it matters that much, but being careless about your eating and drinking habits could negatively affect your chances of obtaining a more desirable rate.
Mistake #2: Putting off buying coverage
The longer you wait, the older you become. Plus, you never know when certain health issues may crop up. Don't make the mistake of putting off buying coverage today, thinking that it'll be cheaper next year or the year after that. According to the financial website, Investopedia.com, life insurance rates generally increase 8 to 10 percent for every year of age, and by 9 to 12 percent each year once you are over age 50.1
Mistake #3: Not doing your homework on the company
No life insurance policy is a good deal if the company isn't financially strong enough to pay a death claim to your loved ones after you die. Because you could be paying on your life insurance for decades, you need to be sure that the company you buy a policy from has a solid financial standing. Many rating agencies such as A.M. best provide current information on the financial stability of many life insurance companies.
Securing an affordable life insurance policy doesn't have to take a lot of time. However, by taking a few steps to get the coverage you need today and not waiting, being prepared for your medical exam, and doing a little background check on the life insurance company, you can certainly improve your odds. And, if you're ready to get started, the experts at Protective Life are here to help - from determining a coverage amount to finding the right type of policy. How can we be so confident? Because we've been helping people just like you for over 100 years.
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