A lot of people find the process of getting term life insurance quotes very intimidating and are often afraid of committing mistakes when applying for the quotes. Some people might even put off the idea of buying insurance coverage because of feeling unsure of answering questions about the kind of policy they actually need. To make everything much more easier, here are 10 mistakes to avoid when looking for quotes on term life insurance.
1. DELAYING TO GET TERM LIFE INSURANCE POLICY QUOTES AND BUYING COVERAGE
If you procrastinate on buying a term insurance policy for too long, you are actually imposing a financial risk on your family and assets in case you face unexpected or sudden death. Also, life insurance premiums increase as you get older or face health issues. So getting your quote sooner can save you a great deal of money. Whereas, delaying can make your coverage limited or even unavailable in some cases.
2. IMMEDIATELY TRUSTING CHEAP TERM LIFE QUOTES
You are going to find numerous online insurance agents and companies that offer super quick and cheap life insurance term quotes. Although, such portals and their tools are a good option to get a rough estimate of what you may need to pay, getting an accurate quote calls for a much more thorough study. The right term length, rates and insurance amounts are determined according to your age, budget, health, medical history, and many other factors.
3. CHOOSING WRONG TERM LENGTH OR INSURANCE AMOUNT
You need to consider for how long you need the coverage and how much should it cover. At times, even extremely huge amounts are later discovered to be insufficient by many people when it comes to covering everything they had planned for. The key is to carefully determine your current expenses as well as estimated future financial requirements when shopping for a term life policy.
4. ACQUIRING MEDICALLY UNWRITTEN QUOTES FOR TERM LIFE INSURANCE
An insurance carrier cannot figure out if a person is healthy or not without performing a medical exam. So they usually spread the mortality risk across the policies and offer you an average cost. As a result, those who have a higher risk of dying end up paying the same premiums as those who are actually healthy and have a lower mortality risk. So, going for a medically underwritten term life insurance can save you heaps of money if you are a healthy person. A precise health profile allows the insurers to determine your right rate class and come up with premiums that suit your health situation quite specifically.
5. FAILING TO REVIEW THE INSURANCE POLICY
Just like you thoroughly inspect and review your financial plans, you must make sure that you go for a periodic reviewing of your term life insurance policy. The insurance coverage that seemed to be perfect when you got your very first quote years back might not be what you need today. In fact, your term life insurance needs to be tweaked according to your life events such as getting married, having children, getting a divorce, taking on a mortgage and much more. You may need to apply for more or less coverage or even go for converting your term life insurance policy to a whole life policy.
6. DEPENDING ON EMPLOYER COVERAGE ALONE
Undoubtedly, it’s an advantage to get a life insurance policy by your employer, but it doesn’t necessarily mean that the policy will be enough to offer the financial protection that you actually need. Employer insurance coverage is generally not determined according to your individual needs, whereas going for personal term life insurance quotes provides a coverage good enough to not only protect your family, but also meet your term life policy needs.
7. FAILING TO TAKE IMPORTANT EXPENSES INTO ACCOUNT
Majority of people keep the most prominent expenses in mind when getting term life insurance quotes which can turn out to be quite a troublesome decision later. Some of the most overlooked yet necessary expenses include additional childcare costs, financial assistance required for the maintenance of the household, children’s college education or house mortgages. You must check whether your family has enough money and health coverage to make up for all these necessities if you aren’t around anymore.
8. PROVIDING FALSE INFORMATION ABOUT SMOKING OR HEALTH PROBLEMS
Assuming that only healthy people or non-smokers get good coverage amounts, some people tend to provide wrong information to their insurance agents. It’s absolutely essential to be transparent with every detail you provide in order to get the right coverage amount. A good insurance company will always offer great term life insurance policies for even those who smoke or are facing any health issues. Plus, you can always check whether you are eligible for a lower quote later in case you quit smoking or your health improves after getting the insurance policy.
9. NOT INSURING NON-EARNING MEMBERS
Of course, it’s important to insure the main breadwinner of the family but it’s equally significant to take other members into proper consideration when it comes to getting term life insurance policies. A person who takes care of the house also has a valuable financial importance even if they don’t earn. People taking care of the children, including an elderly parent or a caregiver could create unexpected expenses in case of their sudden death, creating huge costs over the years.
10. OVERLOOKING IMPORTANT THINGS THAT NEED FINANCIAL SECURITY
When it comes to applying for term life insurance, you must remember that your children and their financial expenses is not the only important thing to offer protection for. There are numerous other things to keep in mind such as elderly parents or siblings, your assets, financial debts, medical bills, funeral costs or even charities. You can always take these factors into account as term life insurance is already quite an affordable way to protect your family and assets.
Our expert life insurance agents are always here to help you get a clear picture of your required term length as well as the appropriate coverage amount. All you need to do is to call us at (425) 246-4222 and get your instant term life insurance quote. Or get affordable instant online term life insurance rates on our website.
WHY ONLINE INSURANCE QUOTES ARE BETTER THAN IN-PERSON INSURANCE QUOTES
Do you have an affordable life insurance policy to protect your family in the event of your death? Many people do not want to think about dying; however, you must face your mortality and be properly prepared. Your demise can lead your family members with a number of medical bills that can impact their quality of life for years to come. This is why it is essential that everyone carry life insurance. The best way to find affordable coverage is to get an online life insurance quote.
Real Time Multi-Agency Quotes
Before the invention of the Internet, it would have been impossible to get multiple quotes from one location. You would have needed to visit multiple insurance carriers and provide them with your information to receive a quote. Then, you would need to revisit each agency to understand the policy to help you decide which quotes offered the best benefits. Doing it this way would take several days. Now, you can enter your information in an easy entry form and your information will be sent to multiple companies that will provide you with a life insurance quote in minutes rather than days.
No Need for a Second In-Person Appointment
Life is busy and most people do not want to waste their time going to an appointment to go over the insurance policy or sit through an insurance agent’s high-pressure sales pitch. Unfortunately, many people will accept an insurance policy just to get away from the insurance agent. Purchasing life insurance is vital to your family’s financial well-being, so this is something you want to think about before buying. An online life insurance quote allows you to take your time and ensure the policy is the best choice for you and your family.
The next time you are shopping for a life insurance policy, navigate to this site. You will be able to enter your information once and receive quotes from multiple insurance companies.
If you are not comfortable filling out our quote form or need guidance on filling it out, we are here to help! We totally understand things can be confusing when it comes to life insurance.
You can either contact us by phone at (425) 246-4222 or fill out our contact form to the right and one of our highly trained life insurance agents will get back to you within 24 hours or in many cases even sooner.