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One of the wisest decisions a person can have is purchasing a life insurance. Though this is not a tangible item, the effects of buying one is long term especially if you have dependents. So the question is, how do you buy a life insurance without risking time and money? Below are some tips on how to buy one:
This does not literally mean that you need to go office to office just to ask each company a life insurance quote. You can always do this online. Many companies can provide you a free life insurance quotes. One of these companies is USALifeInsurance.com. There are some sites that can offer you some comparison shopping.
Determine What Type of Life Insurance You Need
Generally there are four types of life insurance plans offered by many companies. These are Term Life, Whole Life, Universal Life and Variable Universal Life. Amongst the four, term life is the most affordable one. The length of the policy is around 10 to 20 years and it has a fixed rate. The only time this can be claimed is when the policy holder dies. The second one is Whole Life. One of the benefits when you get a policy like this is that you can borrow a certain amount of money from the premiums you have paid if you need cash. Universal Life basically has adjustable rates and offers lifetime coverage. Lastly, Variable Universal Life is almost the same as Universal Life but you have a selection of investment options.
After Finding the Right Life Insurance Type, Contact an Agent
Once you have decided which of the four life insurance types that fits your need and budget, it is time to contact a life insurance agent. Talking to one can help you understand the terms of your policies and the benefits that go with it. And if you decide to get one, an agent can arrange your medical exam that is usually done at you office or home at no additional fees. If the results are all well, the coverage of the policy will take effect immediately but of course you will not be obligated unless you sign a contract with the company.
Save By Paying Annually or the Entire Amount
If the entire premium is affordable, better pay it off entirely as this will save you more money. If this is not possible, you can pay annually. An additional amount is usually added when you pay monthly or quarterly payments.
Now that you have an idea how to buy a life insurance, you can start requesting for a life insurance quote today. Starting early can also save your money!