Having a life insurance policy that isn’t adequate for your family is something that can be detrimental to your loved ones. After you pass away, you want to ensure that they have access to the benefits they need to cover your demise and whatever other debts they’ll have to deal with because of it. As you’re looking around for life insurance quotes, it’s important that you keep these things in mind to help you compare and choose the best policy.
Check for Exclusions the Company Has
Most life insurance companies don’t treat all deaths equally. For instance, you’ll find that typical exclusions include death in war, suicide, death from dangerous activities and death from a private plane crash. So if you’re one who likes to do adventurous things, like car racing, mountain climbing or hang gliding, your death from these activities could void your policy, leaving your family with nothing to collect.
Determine the Term of Life Insurance You Need
There are different terms available for life insurance policies, such as 5 years, 10 years or longer. When you’re comparing rates, make sure you’re comparing those of the same term. This will keep you from mistakenly purchasing a policy that is more expensive.
Make Sure Your Age in the Quote is Accurate
Something as simple as putting in the wrong age can drive your policy up or down. You should look over the quote’s details to ensure that it has your correct age. If you overlook this and go to purchase, your premium could end up going higher when they correct the age later on. Your age is what helps insurers determine how much to charge for policies.
Don’t Lie About Your Health
Your health condition is a major factor in how much you end up being quoted for an insurance policy. Although there is no physical required, it’s a good idea that you still tell the truth about your health. Your medical records will be examined, which will expose the true nature of your condition, and if more is found than what was told, then your premium will more than likely rise.
When you’re looking for an insurer, make sure to check out their financial strength. You can review reports like the AM Best and S&P audit. The Internet can also be a great way to find good and bad news about a company. Combine this with the above tips and you should have no problem finding a great rate with a great company.