If you’ve been looking into life insurance, it can be a complex and daunting field! Whether you’re worried about your spouse, children or even grandchildren, life insurance is a great thing to have. You never want it to come up, but someday your family will need it!
Tips for Signing up for Life Insurance
Visit Your Doctor
The first thing you’ll want to do before signing up for life insurance is head by the doctor for a quick check-in. This is doubly true if you used to smoke but don’t anymore. Similarly, if you were overweight but have lost weight since your last check-up, you’ll want this reflected in your records. That said, this is a good practice anyway: checking in with your doctor regularly is important, regardless of whether you’re looking to get life insurance soon!
Buy Layered Coverage
You probably don’t need one gigantic policy. You can save yourself some money by layering your coverage and buying coverage for different lengths of time and with different criteria. While this might sound complex, it’s not too hard to accomplish. You simply see what your life insurance needs are and figure out how much coverage you need. Then, take out individual policies that offer the coverage you need! That way, you’re getting more coverage for less! That’s the definition of a win-win.
Volunteer No Unneeded Information
While it can be tempting to simply offer up all of your info unbidden, it’s best not to. When it comes to life insurance, you should only tell the insurance company the information that they ask for. A lot of times, you’ll be penalized for information like whether either of your parents died of cancer. However, some applications will only ask about things like heart disease. It’s okay to simply answer the questions they ask, and not offer any elaboration unless they specifically request it.
This might seem a bit counterintuitive: after all, no one wants to be dishonest. However, it’s not dishonesty if the insurance company doesn’t ask about it. Simply offer them the information they’ve asked for and you’ll make things much simpler for yourself!
Whether to Have an Exam
We highly recommended getting a policy that has an exam if you’re healthy. This is where that doctor’s visit from earlier comes in handy: if your doctor gave you a clean bill of health, you can save some serious money with an exam policy. The policies that don’t have exams can be anywhere from three to six times more expensive than those that do! Don’t spend money you don’t need to, if you’re healthy, go with the exam!
If you’re not in terribly great health, however, it might be less expensive to get a no-exam policy. However, you should discuss with your doctor any health issues that you think are affecting you. We highly advise you talk to a knowledgeable independent insurance agent if you feel as though your application may be complicated by poor health.