What Kind of Life Insurance Do You Want?The first step to getting a good deal on life insurance is knowing exactly what you want. If you dont know what you want, it will be hard to compare rates. You might find a term life insurance policy thats half the cost of a whole life insurance policy. On paper, you might think that term life insurance is a no-brainer, but if you realize that the two are entirely different products, you may need to rethink things. So the first step is deciding what kind of life insurance you want. Term and whole are the most popular, though there are other kinds like no exam and accelerated underwriting policies. Life insurance 101 is knowing that a term policy comes with an expiration date, which is why these policies are usually less expensive. Whole policies, on the other hand, have no expiration date and also act as an investment vehicle and thats why these policies are more expensive. To find out which type of policy is best for you, its important to speak to an advisor or consultant you can trust. If you choose term, you will need to decide how long you want your policy to last. Many people choose their term length based on certain milestones, like reaching retirement, paying off a mortgage, sending your last kid to college, etc. Make sure not to look at what other people are doing and only assess your own personal situation so you can make the best decision.
How Much Coverage Do You Need?As part of the decision process, youll need to decide how much coverage you want. This is a highly personal decision, and it involves several calculations. If you were to die early, how much money would your family need to live? How long would they need this cushion? Do you have debts? Are your kids young or grown up? How old are you? There are so many factors that go into this decision, its important to consider all of them before making a rash purchase. While its usually better to be slightly over-insured than under-insured, remember that if youre over-insured, youre paying for it every month. So being precise is the best way to protect your loved ones and not pay more than you have to.
Getting a QuoteTwenty years ago, you needed to go through a life insurance agent to get life insurance. Fortunately, technology has made it a lot easier to get life insurance today. Sproutt and other sites offer free quotes online, which makes it easy for people to compare prices. The difference between Sproutt and others is that Sproutt isnt affiliated with any specific insurance provider. The quotes it provides arent biased or based on kickbacks. Its algorithm simply finds you the best deals. Again, its important to remember not to compare apples to oranges. Dont compare a term policy of 5 years to a term policy of 25 years. Dont compare life insurance purchased when you're 30 to life insurance purchased when youre 60. Dont compare the quote of a smoker with that of a non-smoker. All of these things mean major price differences. However, once you know what you want, you can then compare apples and apples. Here are some things to keep in mind when comparing:
The insurer - Reputable, respected? In short, can you trust them?
Underwriting class - Your underwriting class is based mostly on your health. The healthier you are, the better rating you get. If youre put in the wrong class in your quote, youll be shown a higher number than you actually deserve.
Coverage and term - When requesting a quote, make sure to always fill in the same coverage and term length. Changing these will change your quotes.Remember, just because you get a quote doesnt mean you have to follow through. You have the option of getting several thats how youll get the best deal! Sproutt insurance advisors are available to help you determine what kind of life insurance is best for you. Simply answer a few questions and we will find the best-value plan for your lifestyle, needs and budget.