Tuesday, 11 August 2015

How to Shop for Term Life Insurance Online

The goal of life insurance is to provide a measure of financial security to your loved ones should you die. In its simplest form, it’s a tool to protect against the loss of income. Before purchasing a life insurance policy, you’ll want to carefully consider your financial situation and the standard of living you want to maintain for your surviving loved ones.

Today’s consumers are busy and like to have options. If you’re considering getting life insurance, purchasing it has never been easier because now you can buy life insurance from the comfort of your own home. Getting quotes and applying can be done from anywhere at any time.
Not everyone needs life insurance and maybe you are trying to decide if you should purchase or not. To help you determine if you need it, let’s run through a few scenarios.

Who Needs Term Life Insurance?
Are there people in your life that would be negatively impacted financially if you died? This would mean a significant other, children, or family members who depend on your income to live. If you are young and single with no children and are a member of a wealthy family, you probably don’t need life insurance.

Are you a small-business owner? If you died, would the business crumble? A term plan can work to fund a buy-sell agreement. This is a contract among the owners to buy a deceased owner’s share of the business at an agreed upon price in the event of death, disability, or retirement.

Do you have any debt? Did you co-sign a loan with anyone? Do you have any shared credit card accounts? If you answered yes to any of these and don’t want to saddle your loved ones with your remaining balance, then life insurance could help you.

Example: If your parents helped you through college by co-signing your student loans, then anything you didn’t pay off goes to them if you died. Benefits from a life insurance policy would go toward your debt, paying it off so your mom doesn’t have to.

Are you young and healthy? Your age and health play a large role in determining policy premiums. Essentially, the younger you are the cheaper it is so you may consider getting life insurance sooner rather than later.

Example: If you are a newlywed 29-year-old and plan on starting a family soon now may be the perfect time to get life insurance. It would cost less than one dollar a day and it would ensure your spouse and future children are protected.

According to a study by LIMRA, 85 percent of those surveyed say most people should have life insurance, yet only 62 percent do. Of those 85 percent, 86 percent haven’t bought life insurance because they think it is too expensive.

How Much and for How Long?
The rule of thumb is that you should have enough life insurance to cover 10 times your annual income, but this is an estimate and is not right for everyone.

Example: A single, childless man with an annual income of $75,000 does not need the same amount of coverage as a married father of three with the same income.

If you have loved ones who depend on your income you will want to get enough coverage to allow them to live their lives as planned despite your absence, you also want enough to cover your final expenses (funeral/burial), and cover your debt.

Determining the term length can seem like guesswork, but it’s easy to narrow down. If you are getting term insurance to make sure your loved ones are protected from your debt then you only need to get enough to cover it as you pay it off.

How Do I Get Life Insurance?
Here at Quotacy we make the process of getting life insurance as easy as possible. We don’t want you to have to give up your first born and a phone number just to get a term insurance quote and we don’t want you to worry that your personal information will be sold to third parties.

After getting your quote you can play around with our slider features. You can adjust your policy value, this is how much your beneficiaries would receive, and also how long you want coverage for. As you adjust these sliders your estimated cost is adjusted right along with you so you know exactly what you’re paying for (no hidden fees here!) There also is an easy-to-use needs analysis calculator to help you determine how much coverage you need.

[Source: https://www.quotacy.com/how-to-shop-for-term-life-insurance-online/]

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