Tips on Cheap Life Insurance
START EARLY. The sooner you begin a policy, the cheaper it is for you.
YOUR HEALTH. All insurers look at health and lifestyle factors when you are buying insurance. If you smoke or lead unhealthy lifestyle, the premiums are likely to be higher.
COMPARE. There are many sites and banks offering comparative studies of various policies available. Give time to studying these. Your attention should be on the price plus the kind of coverage offered.
COVERAGE REVIEW. Do you know that you can actually cancel your policy at any point of time? Review periodically and if a better deal is available, switch to the better one.
BUY ONLY AS PER YOUR NEEDS. High premiums usually come from an overestimation of needs by the insurer. Just enough is the right policy for choosing a life policy.
MONTHLY PREMIUMS VS. ANNUAL. A lot of companies inflate the costs in monthly premiums. Annual premium may just save you more. It is better to maintain a separate account where you add up on a monthly basis, so shelling out lump sum for annual premium would be easy.
EMPLOYER INSURANCE OPTIONS. It is foolish to rely on employer policy coverage. These are group policies, and it’s like saying one coat fits all sizes. Know your needs and choose wisely.
PLAY SAFE. False information on health or lifestyle may lead to the policy being declared void. Steer clear of all misleading information.
STUDY. Life insurance jargon is now more decipherable with internet. Check out differences between Level cover Life Insurance and Decreasing cover Life insurance. A new type of cover is also the Confidential Life Insurance.
CRITICAL ILLNESS COVER. On the diagnosis of a critical illness, this can be added to standard life insurance policy. Variation to this is death or earlier critical illness. This pays out on death or critical illness, whichever is first.
REAL LIFE COVER. This is a new type of insurance policy that includes not only critical illness, life cover, but also income protection cover.
