Friday, September 25, 2009

What you need to know about term life insurance

Today's Assignment

Keep in mind the following when purchasing term life insurance

Buy enough term coverage to fill your needs.
Life insurance is no place to skimp, especially with rates at historic lows.

Match the term of the policy to your needs.
You want the policy to last as long as it takes for your dependents to leave the nest - or for your retirement income to kick in.

Buy when you're healthy.
Older people and those not in the best of health pay steeply higher rates for life insurance - so buy as early as you can, but don't buy until you have dependents.

Tell the truth.
There's no sense in shading the facts on your application to get a lower rate. Be assured that if a large claim is made, the insurance company will investigate before paying.

Use the Web to shop.
Buying life insurance has never been easier, thanks to the Internet. You can get tons of quotes - and avoid the pushy salespeople.

1 comment:

Amelia said...

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I will surely remember all these points while purchasing a term life insurance option. Thanks for making everyone aware about these useful points.