Buying Life Insurance – 5 Mistakes to Avoid
Reader’s Question:
I’m currently shopping around for life insurance and a friend told me that I should buy as much coverage as I can, is this a good idea?
Alvin
Cape Coral, FL
Although it may sound like a good idea, buying the biggest life insurance coverage amount is not always the best course of action. This is one of the most-common mistakes people make when it comes to buying life insurance. When choosing the amount of coverage needed, one must keep in mind the following: Living expenses of dependents and for how many years, funeral costs, monetary and non-monetary income to be supplemented, and remaining financial obligations (debt. Mortgage etc).
Here are four other mistakes people make when buying life insurance:
- Choosing the Wrong Type of Policy – Basically, life insurance coverage can be divided into two types: Temporary (term life) and Permanent (whole life, universal life, etc). The former is best for those who are raising a family, while the latter is great for those who are looking into accumulating wealth in the long (long) run.
- Not Understanding the Coverage – Read the policy carefully, you’ll be paying for this coverage for at least the next decade or so. Know the stipulations and if your premiums are subject to change down the road.
- Not Updating the Policy – Getting married, having another child, and any other major life changes that entails more financial responsibility in your end should be reflected on your life insurance coverage.
- Not Shopping Around for Rates – The Internet has a wealth of websites (like this one) where you can get and compare cheap life insurance quotes effectively. This is a good way to find the most competitive policies while saving time and effort on your end.
Tips for the Best Life Insurance Online Quote
Reader’s Question:
I’m helping my sister try to find affordable life insurance here in Cape Coral, Florida. How do we find the best quotes for life insurance?
Julius
Cape Coral, FL
Good question. Buying life insurance can be tricky if you don’t have an idea where to start. Here are some tips to help you and your sister get the most affordable and quality life insurance coverage there in Cape Coral, Florida.
1. Buy Life Insurance that Matches Your Needs
Term life is great for those needing coverage for a certain period of time only and is the cheapest. Whole life is intended for lifetime coverage and maybe a little bit more expensive because it accumulates cash value in the long run. See which one matches your sister’s financial priorities and goals. You don’t want to spend years paying for the wrong kind of coverage.
2. Know How Much Coverage You Need
Factor in the necessary annual income needed to support your family/dependents for at least the next five years. This should include mortgages and other expenses. This should give you a good idea how much “Face Value” or coverage amount you need to buy.
3. Look at the Quality of the Insurer
Independent rating agencies such as J.D Powers, Moody’s, and A.M Best are a great way to find the best companies today. They tell you which companies perform the best in categories like customer service, billing and financial stability. Most publish this information for free online.
4. Use Online Life Insurance Comparison Websites
Get and compare a few life insurance online quote for free. This is a great way to check out which insurers have the best pricing and it would only take you several minutes to do so. This is one of the most effective ways to shop for affordable life insurance today.
Tags: life insurance online quote
Cheap Life Insurance In Cape Coral Florida
Reader’s Question:
Why do I need to invest in a life insurance in Cape Coral? Will it costs me a lot?
Joanna
Cape Coral FL
From the day you got married to the day you gave birth to your first child, life can suddenly change in just the wink of your eye. If this happens, planning for your future needs become very important.
Basic needs don’t get any cheaper as people grow older. With the rising demands of having a family, as well as the rising expenses, people have to think ahead about the future of their families, including themselves.
People’s need for a life insurance in Cape Coral follows when the financial security of their loved ones are at stake. A life insurance is a back up for any loss of income that happens in the untimely death of the income provider. Simply stated, you must have a life insurance in Cape Coral if you have children or relatives who are solely depending on your income for their survival.
A life insurance may not cost you a lot in Cape Coral, Florida. Once you are determined to get yourself a life insurance, your next step is to figure out how much of life insurance do you need. Having an estimated figure would help you estimate the costs needed for your life insurance.
The importance of shopping around should be the next crucial information that you must keep in mind when you want to obtain a cheaper life insurance. It is essential to make sure that the insurance you are about to invest in is the most suitable for you and your family’s particular needs. There are several consumer life insurance companies in Cape Coral, Florida that can provide you with their valuable services. Just make sure not to be in a hurry to purchase one. If at any instance you feel like you have been pressured to buy a larger policy than you need, it would always be at your best interest to walk away from them.
The Best Way To Cheap Life Insurance In cape Coral Florida
Reader’s Question:
How do I find cheap life insurance here in Cape Coral, FL? They said I need to pay an independent broker just to get good rates; do I really need to do that?
Sharon
Cape Coral, FL
Good question. These days, independent life insurance brokers, or agents, are not necessarily your only option when it comes to looking for cheap life insurance in Florida. In fact, more and more people are finding it more effective, and much more convenient, to find and get the life insurance policies best suiting their needs through the Internet.
With the abundance of dedicated life insurance websites and portals all over the Web, it now takes minutes and costs absolutely nothing, for anyone to get a free, no-obligation life insurance rates quote. This has allowed more people access to the latest rates, coming from more insurers, breaking the monopoly once held by life insurance brokers. This makes for a more competitive and level market where consumers are the ones who ultimately benefit.
This website is one such life insurance portal offering free rate quotes and comparisons to some of the best names in the business. Aside from shopping for cheap life insurance coverage online, here are other tips to help you get an affordable policy:
Do Know What Kind Of Policy Suits Your Needs
There is Term Life Insurance and Whole Life Insurance. The first is great for those only needing coverage for a definite period of time, like while raising a family or completing mortgage payments. The latter deals with permanent or lifetime coverage, and maybe used as an investment tool or as a way to accumulate wealth. Decide which one fits your personal and financial goals and needs the best.
Yet Another Reason To Quit Smoking
Smoking really is costly, in more ways than one. Aside form the obvious health hazards, smokers pay three to four times on life insurance coverage. The heavier you smoke, the more expensive your life insurance premiums become.
A Good Reason To Take That Medical Exam
If you are young and in relatively good health, don’t skip the physical exam. No-Exam life insurance is expensive. To get cheap life insurance in Florida (or anywhere, for that matter) make sure you’re insurers know that you are healthy and will live a very long life.
Tags: cheap life insurance in florida
Life Insurance After Retirement Cape Coral Florida FL
Reader’s Question:
Would it still be a good idea to maintain life insurance coverage even after I retire here in Cape Coral, Florida?
Chelsea
Cape Coral, FL
The best way to answer this would be to ask yourself what financial obligations would you still have or carry by the time you hit retirement there in Cape Coral, Florida. Would there still be anyone relying on you for financial support? Are you still paying mortgage or long-term debts? Or maybe you don’t want to burden anyone else with your burial or funeral expenses when your time comes? These are just some of the things that you have to consider to determine if you still need life insurance.
For most however, this particular stage in life normally has fewer financial responsibilities. You might have already put your kids through college or they may have moved out and started their own families and have jobs, you may have already taken cared of all your debts and loans, so there might be less people who are dependent on you for their needs. In this case getting life insurance overage would most likely be an entirely personal need.
Refrain from getting term life insurance as this really does not give you anything more than pure insurance coverage (unless that is what you want). You want to focus on Whole life insurance plans that accumulates a portion of your premiums into a cash-value that can be used for any future needs you may have (as a loan). It would be best to talk to a knowledgeable life insurance agent or broker about life insurance plans or burial plans that best fits your needs.
Tags: Life insurance advise, cheap life insurance, life insurance offers, life insurance information, affordable life insurance
Overweight Individuals’ Life Insurance Rates Cape Coral Florida FL
Reader’s Question:
Is it fair for our life insurance provider here in Cape Coral, Florida to charge my husband high rates just because he is overweight?
Stef
Cape Coral, FL
This is a very tricky question. In a sense, it is fair and legal for your life insurance provider there in Cape Coral, Florida to charge higher life insurance premiums if an individual is either obese or overweight. But there is a reason behind this, the business of life insurance is based on risks. Not counting No-Exam life and Guaranteed Acceptance life insurance companies, providers would want to get a good idea of how much risk an individual represents towards their business. If you die soon due to factors such as poor health or a dangerous lifestyle then you are considered a “high-risk” customer and is charged higher premiums.
Being obese or overweight makes you a “high-risk” life insurance customer. Illnesses such as Type II Diabetes, heart diseases, strokes (one of the leading causes of death in The United States) and hypertension are just a few of the health risks overweight/ obese people face. Also, America is a country where obesity is fast becoming a very serious health-concern for everyone. It is estimated that there is about more than a hundred million adults who are overweight, and around 60% of these individuals are obese. This is a big threat to the life insurance industry, and in order to protect their businesses companies have little choice but to increase the premiums on overweight/ obese people. Hope this satisfactorily clarifies the matter for you.
Tags: life insurance, life insurance advise, life insurance obesity, obesity
Life Insurance With High Blood Pressure Florida FL
Reader’s Question:
I’m currently taking medications for my high blood pressure. Should I tell them the truth about my health condition? I’m concerned about high life insurance premiums that the life insurance would charge me if they find out.
Shannon
St. Petersburg, FL
If you would like to purchase a life insurance, you should not worry about receiving a high life insurance premium quote because you have a high blood pressure. Having a high blood pressure can be considered by the life insurance company as a risk factor.
Life insurance companies are greatly concerned with the health condition of the applicant. If the applicant shows less risk, the premiums may be lower. However, you should not be afraid in telling the truth specifically that you are under a medication to control your high blood pressure. Most of the insurance companies are more concerned on the level you are at and what you are doing to control it rather than the reason why you are in that point. In addition, most of the insurance companies are very receptive to customers who try to better their health condition. Often, this behavior may render life insurance to offer lower life insurance premium.
Tags: life insurance
Cheap Life Insurance For Seniors Cape Coral Florida FL
Reader’s Question:
Can you give us some tips on how to buy life insurance for my Mother, who is already a senior citizen here in Cape Coral, Florida? Thanks!
Marlene
Cape Coral, Florida
Before you set out and buy life insurance for your mother there in Cape Coral Florida, it would be best if you first have an idea exactly what kind of life insurance would fit her needs. Would she want to have her money grow while under the policy? Does she have any medical or any other form of special conditions or circumstances that might affect her ability to pay regular premiums? Does she want to make sure that her children will not be burdened by funeral expenses when her time comes? Knowing exactly what your mothers goals are for getting life insurance would make it much easier for you to shop for a life insurance policy.
Look into getting either of the following: Whole Life Insurance, Universal Life Insurance, or Variable Life Insurance. All of these policies allows a portion of your mothers life insurance premiums to go into a sort of savings account and is used by the life insurance provider for investments. The policy’s “Cash Value” earns interest and if maintained long enough (fifteen years or longer under good economical conditions) may even earn enough to pay for itself. The Internet is also a valuable resource in getting accurate and timely life insurance rates and information so feel free to shop around and compare to get the best rates available for your mother.
Tags: Senior Life Insurance, Cheap Life Insurance, Life Insurance Advise
Cancer Patient Life Insurance Coverage Cape Coral Florida FL
Reader’s Question:
For someone who recently got diagnosed and is already undergoing treatment for cancer here in Cape Coral, Florida, would it still be possible to get a life insurance policy?
Shanae
Cape Coral, FL
The chances of getting life insurance coverage would depend on the particular stage of development, and the type of cancer one has, as well as any form of treatment already being undergone. After being diagnosed with cancer one can still usually get approved for life insurance coverage whoever, the chances of getting approved for coverage would diminish dramatically as soon as one undergoes cancer treatment. Not all forms of cancer are also insurable. If the disease is still in its early stages and treatment is set at a minimum and with a high probability of getting cured, then there is also a very good chance that you will still be able to have life insurance provider there in Cape Coral, Florida.
It is also possible to get life insurance coverage after undergoing cancer treatment, however, do expect your life insurance premiums within the first few years to be expensive. Usually though, you can expect those life insurance premiums to go down gradually once the insurance company can see that there is no longer a threat of the disease coming back and have been cancer-free for a number of years. It would also be good to keep in mind your medical records, some life insurance companies are able to adjust your rate accordingly if you are able to present medical records showing the progress of your recovery. Lastly, it is still recommended that you shop round and get as much options as you can for coverage, you still want to make sure you’re getting the best rates available for your condition.
Tags: Cheap online life insurance, Cancer life insurance, life insurance advise
Florida Term Life Insurance Policy
Reader’s Question:
I’m a fitness instructor in Cape Coral Florida. I’m very active and healthy! Do I need to get a life insurance?
Marcus
Cape Coral FL
Life insurance isn’t only for dying or reckless people, Marcus. Being physically fit doesn’t necessarily mean that you are going to be accident-free all your life. You have to understand that life insurance is not only for yourself but also for the people you love.
What if something happens to you? What if you die from a car accident? How do you think your family would handle all the expenses like hospital bills, funeral expenses and other unpaid debts? With a life insurance, you are guaranteed that all these expenses will be taken care of, not to mention more benefits for your family. Remember, that a life insurance can ease your worries about your family’s future should anything happen to you.
The concept of life insurance is very simple, you purchase a policy, you pay the premiums and if you die, your beneficiaries will receive benefits.
You can try the term life insurance if you’re still not that convinced about paying for a life insurance. With a term life insurance, you can choose how long you want your coverage to take effect. Most companies in Florida have 10-30 year term insurance policies. And you don’t have to worry about paying high premiums because term life insurance is one of the cheapest life insurance being offered today. And if you die within the term of your policy, your family is assured of death benefits.
So if you really care about your family, pick up the phone and call an insurance agent now!
Tags: term life insurance