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Life Insurance Basics

Tips for buying life insurance at an affordable rate

Buying life insurance can seem difficult. Avoid these three common pitfalls and get the coverage you need at a price you can afford.

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,, 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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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit

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