Nobody really wants to think about life insurance. But if you love your family, this is something you cannot avoid. When you buy a life insurance policy you want to get the best possible policy at an affordable rate. Like everything else, there is a right way to buy insurance and a wrong way. Here are a few things you should never do when applying for Life Insurance.
The cost of insurance depends not only on the market but also on your personal health and lifestyle. For example, smokers pay a much higher premium than non-smokers. Thus, when applying for life insurance, it can be very tempting to keep a few things to yourself. However, this is never a good idea. If the insurance company learns of something you have kept from them at a later date, it could render your policy void.
Many people think of life insurance as a necessity only for those who are married and have children dependent on them. However, it is wise to remember that the older you get, the more expensive your life insurance premium will be. You never know what fate has in store for you tomorrow so though you may be healthy right now, it is always good to prepare for all eventualities and get your life insurance coverage started now.
Pick an Insurance that does not require a Medical Exam
All good life insurance policies will insist on a thorough medical examination before determining a policy premium. It is possible to get a life insurance policy without a medical examination but these have a much higher premium as compared to others. Such policies may also limit the amount of coverage you are eligible for.
Pick the First Insurance Policy you come across
When shopping for an insurance policy, don’t settle for the first insurance policy you hear of. It may take a little more time but it is well worth the effort to get the most affordable life plans quotes from different companies and compare them so as to select the most affordable insurance policy. If need be, you can work with an independent agent to help you compare these quotes.
Plan an Exotic Holiday while you look for Insurance
Along with your health, your lifestyle and hobbies also play a role in determining insurance premiums. Most insurance companies place people with a taste for adventure as high risk and charge a heavier premium from such people. Hence, if you are looking to buy insurance don’t plan an adventurous holiday until you have finalized your policy.
Don’t Talk About It
When you buy insurance, it isn’t for you but for your family. Thus, though it may not be a very pleasant conversation, you must share your policy details with your spouse and other family members. If there are minors involved let the people who will be entrusted with the money till they turn 18 know about your policy. They must know who to contact and where the relevant papers are kept so that your policy does not go unclaimed.