If you’ve been shopping around for life insurance through local agents, you’re truly missing out on an opportunity to open a policy that is both affordable and protective. The coverage that you take out will help to pay for funeral expenses and other bills in the event of your passing. Because many people will be without an income when a loved one dies, the life insurance policy essentially acts like a second income until the family can get themselves back on their feet financially. Shopping for this coverage online is a quick and easy process, and you can be approved in no time.
Compare Rates and Policies
The first thing you’ll want to do is to compare different rates and policies. This can be done by requesting a quote specifically from the company itself. They will let you know how much coverage will cost and how long the policy will be good for. Some accounts, like term life, are only valid for one or more decades. Once the policy has expired, its coverage is null and void so that it can’t be used. We recommend checking out SeniorsLifeInsuranceFinder.com to get the most competitive rates.
You’ll also want to make sure you have some type of communication with an agent, and let them do a health evaluation. Why you may ask? Because you might be ‘looking’ at unrealistic quotes given your health history. Says Melissa Smith of Diabetes 365 ” many consumers don’t realize that when they go to a website, the quotes for life insurance that are advertised are often misleading. A common example of this includes people with Diabetes seeing a really low priced quote and not understand they will not qualify for these rates. Life insurance for type 2 diabetics or for type 1 diabetics will always be more expensive. Life insurance with diabetes or any chronic illness is a little more complicated and requires a little guidance from an agent.” Moral of this story is to make sure your rates are accurate before actually appliyng.
Understand Coverage Options
Each type of insurance policy will have different coverage options and terms. Some policies are permanent and will have cash value over the course of the many years that you pay into them. Others are temporary, so you’ll need to be aware of changes that may happen as the account expires. Others may even offer long-term care insurance, which essentially pays for necessary expenses in the event that you need to go to a nursing home or assisted living facility. Being aware of what’s included within the premium will help you to choose the right company for this coverage.
Set Up Automatic Bill Pay
The beauty about using the internet to apply for life insurance is that you can set up automatic bill pay. This means that you won’t need to worry or think about the premium every single month. The amount is deducted from your bank account automatically, which can reduce confusion and possible late fees. If you fail to pay your premium rates regularly, you may face issues with the closure of your account.
Have a Physical Done
Many life insurance companies will require that applicants have a physical exam done by a trusted doctor. This is because you should be practicing healthy living enough to take out the policy. If you are unhealthy, unfit or have a myriad of health conditions, you could be denied coverage because you are seen as a liability. Some companies may not require that a physical be done, but they might still ask some health questions on the application.
Keep Track of Your Account
Once you’ve been approved for your life insurance plan and you’ve been paying the premium each month, it’s time to keep track of and review your account regularly. If you have whole coverage, you may be able to draw on the amount that you’ve accumulated, which can come in handy during emergencies. For other people, they can add and remove beneficiaries as it becomes necessary.