With all of the different options available for Life Insurance, you may find it a little overwhelming, and somewhat confusing to know which is the right policy suited for you. Life insurance is as individual as you are and requires a proper assessment of your needs and the needs of your family.
Here are a few simple tips to consider:
- When to buy life insurance
The short answer is, the earlier the better. The longer you wait to purchase a policy, the higher your premiums will be. As we get older, we become a higher risk for the insurance company. A health crisis can happen at any age; however, it becomes much more difficult to acquire life insurance after the fact. Purchasing a policy when you are young and healthy protects you before a life changing event happens.
- Can a smoker get life insurance?
A person who is a regular smoker can get life insurance, but they are a higher risk for the insurance company and therefore will pay higher premiums. If you are considering quitting, now may be the best time. After a waiting period, normally 12 months, most insurance providers consider this and your premiums may go down significantly.
- Term policies
A term life insurance policy provides insurance for a specific period of time, and these policies all have an expiration date. You can renew your policy before the expiration date or convert it to a whole or universal policy at any time. You will not be guaranteed the same rate as you have aged and your current health will be considered.
- More than one life insurance policy
It is not uncommon for people to have more than one policy as some employers provide life insurance and people choose to carry a private policy too. Term insurance is an affordable way to have a larger amount of coverage when you need it most, and permanent policies ensure you are always covered. Speak to you insurance agent to find the right coverage combination for you.
- Medical exams
You may have heard the commercials; there are some companies that offer no-exam policies where you can qualify for life insurance based on a simple questionnaire. These policies generally offer a lower payout at slightly higher premiums. If you are in good health, you may want to opt for the medical exam which can qualify you for a better policy at lower rates.
Along with your home, life insurance is one of the most important purchases you will make. This is not a decision to take lightly. Speak to an insurance agent today, in just a few minutes you can find the right coverage to protect you and your family. These few minutes just may be the best investment of your life.
At McDougall Insurance & Financial we have individuals in many of our offices that specialize in the area of life insurance planning. Contact your local McDougall office for more information. If you are interested in Belleville Life Insurance, Kingston Life Insurance or Insurance in any of our locations please call 1-800-361-0941.