One of the greatest ways to provide for your loved ones financially is to ensure you have an outstanding life insurance policy. The best way to ensure you get the right coverage is to start with a site where you can compare life insurance quotes online. Shopping from the comfort of your living room or office will allow you to get the perfect policy at the most affordable price.
Do I Really Need Life Insurance?
When you marry and start a family, they depend on you for many things, including your financial contributions. Life insurance is there to help your family continue enjoying their standard of living in the event of your death.
Things to Consider in Your Search for Life Insurance
- Cost – Life insurance doesn’t have to be expensive, look for the best rates based on the territory you live in. Also, you should not have to pay for your quote search.
- Speed – Getting your insurance is something you should be able to do online in minutes not hours.
- Ease of use – You shouldn’t need to be a rocket scientist to navigate your way through buying life insurance.
- Unbiased and Comprehensive – When comes finding where you can compare life insurance quotes online, be sure the site is impartial and offers you up to ten quotes.
- Secure – The site you should collect only the most basic information and guarantee it won’t be shared with any third-party companies.
Getting Your Quote
All that should be required is for you to enter a few personal details covering your age, sex, health, and the type and amount of coverage you want. The comparison site will then compare what you want with dozens of sites to provide you with up to ten of the best quotes. All you have to do is decide which one you like, select it and wait for an agent to call you with the details. Buying life insurance has never been easier.
How Much and How Do I Pay?
The amount of life insurance coverage you choose should be based on your age and your financial needs. For example, most younger Canadians have more financial obligations than older citizens, so a younger person should have a higher coverage amount than say a senior citizen. You should start with a minimum of 5 times your gross annual income, but many experts say you should be looking to provide for up to 10 to 12 times your income if you have a mortgage and several kids to worry about. Most insurance companies allow you to break the cost of your policy into multiple payments.
Types of Life Insurance
There are three different forms of permanent life insurance:
Whole Life – you pay a premium as long as you are alive, your benefit remains the same as long as you make your payments. When you die, your beneficiaries receive the payout.
Universal Life – you can change the amount of your benefits at any time, which of course adjusts your premium. You can go up or down but, in most cases, you can only go so low.
Variable Life – you can invest a certain percentage of your premiums in things like bonds or stock. The final value of your policy will vary based on the success or failure of your investments.
Term life covers a specific period of time rather than your whole life. Once the term expires, your coverage is over. This type of insurance is ideal for someone who has a significant financial obligation that they expect to be repaid within the set period of time. Term life is also the least expensive form of life insurance. You can also buy guaranteed renewable term life that you can renew without a medical exam, ideal for anyone who has become ill close their renewal date.
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