You have already insured your home and your car. Don’t you think it’s high time you consider insuring yourself and your ability to earn income too? You see, sickness and accident can happen to anyone, anywhere, and at any time. And the less prepared you are for the worst thing that may happen, the more likely you and your family will suffer. So why not purchase a life insurance, income protection, trauma insurance, or Total & Permanent Disability insurance policy soon?
Important things to consider
When you’ve finally decided to purchase a life insurance policy, you have to carefully consider the following:
1. Your age – Although there is no specific age to be the best time to buy life insurance coverage, as a general rule, it sure pays to get covered while you are younger. Insurance companies look at this factor closely, and it’s often one of the criteria they look into when deciding how much premiums you need to pay for your policy.
2. The price – You see, life insurance premiums vary from one insurance provider to another. Depending on the coverage and the length of period you want to be covered, your policy may have low or high premiums, which you can pay either monthly, quarterly, or annually.
3. Your medical history – If you have a close family member who died from serious disease like cancer or stroke or if your mother or father suffers from Alzheimer’s, it’s likely that you’ll pay higher premiums. Why? Because you have high risk factors for these diseases. But it’s possible for you to find cheap life insurance; the key there is research.
4. Your beneficiaries –You need to name a beneficiary or beneficiaries in your policy, so prior to buying, you must already have names in mind. These can either be your spouse and children, or if you are single, you can name your siblings as your beneficiaries.
5. Your lifestyle – Do you smoke? Are you alcoholic? Or are you obese? If you answer yes to any of these answers, then expect to get higher premiums. Insurance providers see these lifestyle habits as the main contributor for you to get sick soon. So before you buy a policy, maybe you can change some of these habits.
Tips to help you get started
Now that you already know the different factors to consider, you can start searching for the policy that you need. But the process can be pretty intimidating if you don’t know where to begin. So, better read on these tips to help you get started:
1. Ask recommendations from friends or loved ones who are already covered. They can actually be your best resource, as they have first-hand experience in purchasing a policy.
2. Do a thorough research. You can always go online to find more options. The more choices you have, the higher your chances to finding the best deal.
3. Request for free insurance quotes. These will help you decide which policy is better. Take the time to compare them to see how much coverage you actually need and how much premiums you can only afford.
4. Be honest when providing your personal information. Even if you conceal some vital information to your insurance provider, at some point they will still find out about it, and that can cost you your policy. So if you are a smoker, be sure to divulge that. Or if diabetes or heart disease runs in the family, tell your insurance provider about it.
Taking out a life insurance policy can really be the best way to protect your future. So, are you ready to get started?