Low Life Insurance Rate
Some people assume that if they find the lowest life insurance rate they have found the best life insurance policy for themselves and their families.
This is not necessarily the situation. Sometimes it is better to pay a little higher premium to get a better policy.
There are giant life insurance companies that give their insured persons more than they publicize. I know one that pays dividends on term life insurance policies.
The premiums are not the cheapest but if the insured person doesn’t die they get back a good portion of the premium paid. I must emphasize that dividends are not guaranteed
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- The Life Insurance Company’s Rating
Companies like A.M. Best, Standard & Poors and Moodys spend a significant amount of time and effort keeping tabs on the approximately 2000 life insurance companies so that the public will have a fair chance in getting the best life insurance rate for their money.
This also costs them a lot of money. Check the rating of the companies you intend to do business with and assure yourself that they are safe.
Recent corporate disasters should have given the public some indication that bigger is not always better. The problems of Enron, Worldcom and Tyco are good examples of that. Do your research and find the best life insurance rate yes but also check out the companies themselves.
- The Type Of Policy
Although the yearly renewable term life insurance policy or the decreasing term life insurance policies may have the lowest insurance rates when you check they may or may not be the best for you. The decreasing term has a death benefit that is constantly on the decline.
This is good for mortgage life insurance but if you want to protect your family assuring that they can continue their same level of living after your death this is not the policy to use. It would be better to use a 20 year term policy or a 30 year term policy even though the premiums are a little higher.
The premiums of the yearly renewable term insurance policy are constantly on the increase. If you intend to keep this policy for any extended period eventually the premiums will get too high to rationalize.
Some consideration should also be given to the whole life policy. The rate for this policy is much higher than the term policies but the guaranteed cash values and the possibility of earning dividends on your policy may make the extra premiums worth your while if you can afford them.
Keep these things in mind in your search for the best life insurance rate.
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