If you ask 20 different experts how to buy life insurance, you are bound to get at least 10 different answers. The debates rage over a wide range of topics, such as what kind of insurance is best ; buying from an agent or through the Internet; the right amount of coverage you need; and even what the true purpose of life insurance should be.
That?s why there is no surprise that people get confused.
Despite the contradictory views, the experts do agree on several strategies to get the best deal on a life insurance policy:
Honesty\'s the best policy
At the top of the ladder is honesty. It is advisable that don\'t lie on the application about your health. It is worth mentioning that some people do that sometimes if they think telling the truth will result in being turned down.
Lack of disclosure is one of the biggest things that come back to bite consumers. Fact remains that underwriters hate uncertainty. That?s why, if it doesn\'t get on your application correctly and it shows up on your medical record, underwriters think you\'re lying to them and won\'t offer you as good a deal.
For instance, if you smoke, don\'t deny it. In theory, a family history of heart disease or diabetes isn\'t an automatic rejection, but fact of the matter is some insurance companies are more comfortable with those policies than others. Bu doing this, you probably won\'t get the best rate, but you\'re probably not uninsurable, either.
Time is on your side A more convenient way to get the best rate is to schedule your medical test for first thing in the morning. The time of day that you take your medical test is very pivotal that some insurance companies won\'t even look at a policy with a test done later in the day.
If someone took the exam after dinner, they just send it back. The reasons are fairly straightforward. In theory, your blood pressure is lower and your cholesterol is better in the morning. In addition, you\'re also less stressed out early in the day. Plus, fact that you need to fast before the blood tests, so you want to get them out of the way so you can have breakfast. To get the most correct results, avoid salts and heavy sugars. It is advisable that you stay way from alcohol, drugs and caffeine, and don\'t exercise before the test.
In theory, exercise can cause liver functions or sugars to be off. In people who are big runners, it\'s common for sugars to be off. It is advisable to avoid ibuprofens and Tylenol and any type of stress if you\'re going to do an EKG. According to experts, go to bed at 9 p.m. and have the nurse or doctor show up at your house at 7 a.m.
Experts also suggests you may get better deals toward the end of each quarter and the end of the year when insurance companies are working to reach their sales goals. There is a timing issue involved with the insurance companies.
There is no denying the fact that a lot of companies want to make their numbers at the end of the year.In addition, a company\'s most-competitive pricing probably will be in the middle classification rather than in its preferred rates, which only cover 20 percent to 30 percent of the market.
Watch for falling rates
Don\'t ever come to a conclusion once you get insurance, you\'re locked into that rate forever. Theoretically speaking, they\'ve dropped significantly in the last decade.
Rates in the last 10 years on a typical term policy have fallen by 60 percent. A 40-year-old male in 1994 would pay $995 for the very best rate for $500,000 worth of coverage for 20 years. That same plan today is $390. The technology age has caused a phenomenal flow of information. There\'s better and accurate information from blood tests. With better health care facilities, people are living longer. There\'s better health care. It\'s a rethink time for people to take a look at policies they took out three or four years ago."
Moreover, you also can reapply for a lower rate if there have been changes in your health. For instance, if you\'ve had some cholesterol problems or gained some weight, you may not be able to change your product. But on the other hand, if you lost weight or got your cholesterol under control, or had a borderline EKG and got that under control, go back and reapply.
Shop around for agents
One of the easiest and comfortable ways to get the best deal, of course, is to do what all smart consumers do: shop around. Experts usually gives an advice of going to an independent agent who has access to a wide range of policies.
But it is recommended that you don\'t stop there. Shop at least five or as a matter of fact ten agents. Because it?s a damn big decision as you\'re making a big commitment for many years.
Insurance is a prominent part of your full planning picture. Its importance can be easily seen by the fact that without it your safety and the safety of your family is jeopardized. Supplying information to the insurance company can be a important process. If experts are to be believed, the assistance of an insurance agent or advisor can help in this process. It is worth recalling that it is illegal for anyone to charge more for advisor-assisted policies. Therefore, it is advisable that you work with an insurance agent or advisor you trust. Theoretically speaking, it costs you no more than going direct, and can save you lots of time and money.
At present, there are more types of insurance policies, and more choices, than ever before. That?s why, it is essential that you get the information, which will help you choose a plan that is right for you. You may be buying insurance for the first time, or you may already have insurance but interested in changing plans. Married or single, children or no children, correct insurance information will help you to find out how to choose a insurance plan that best meets your needs and most importantly your pocket.
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