Researching and buying the best life insurance policy is easier than ever before because of modern technology. Now you can make an application for quality coverage from your computer, phone or tablet — and all sorts of at any given time and put that's convenient for you.
That's not to say buying life insurance coverage is really a process to take lightly. It's an important decision that can help financially protect your family for the next 10, 20, 3 decades, or your lifetime if you go for permanent coverage. But, after some research, you are able to ensure that you're buying the right amount of coverage, the right kind of coverage which you're getting the best value for the hard-earned money.
Read onto find out what type of questions you need to ask and steps you need to take to easily obtain the right policy for you.
Who needs life insurance coverage?
If you have individuals who financially rely on you, whether it's your lover, your kids, or even your parents, then buying life insurance coverage may be the right move.
Life insurance might help provide for all your family members if you were to unexpectedly die. If you are married or perhaps in a committed relationship, wouldso would your lover have the ability to spend the money for mortgage or household bills if you were no more there? For those who have children, how would their childcare and education be provided for?
The correct amount of coverage should help your loved ones with expenses like:
- The mortgage or rent
- Shared debts — such as credit cards or car loans
- Child care along with other dependent expenses
- Funeral expenses
- A financial cushion for emergencies
When do you want life insurance?
Many individuals need life insurance coverage when your mindset ranges from me-to-we. This occurs when you get married, have kids, or when another person relies on your earnings to assist purchase bills (like those private student loans that the parents may have cosigned on.)
There's no wrong time for you to get life insurance. The benefit of buying it when you're young and healthy is that your rate is going to be lower and you may lock in more affordable premium pricing.
Is life insurance worthwhile?
There's usually a question that lingers when you're studying the researching and buying process: Is life insurance really worth it? If you have reached the stage where a spouse, child, or member of the family relies on you financially, then your response is pretty simple: It's absolutely worth it.
Since we plan to be for sale for the significant milestones our family will face, taking into consideration the “what if” scenario of dying before our time can seem like a far-fetched concept. However, using a life insurance policy isn't in regards to you — it's about the financial backup plan you're investing in place for your loved ones.
Term life insurance, particularly, could be a very affordable method to protect your loved ones during the years they require it most. For instance, a proper, 35-year-old woman can buy a 30-year, $500,000 Haven Term policy, issued by MassMutual, starting around $32 a month.
What kind of life insurance coverage do you want?
It might take a little research to find out which type of life insurance coverage is the best for your family. Two common types are permanent life insurance coverage and term life.
Whole life insurance is a very common type of permanent life insurance. This means that you have the policy (so long as you pay your premiums) until your death, regardless of how long you live. This kind of policy has got the advantage of greater longevity, however it comes at a cost. Premiums for whole life insurance are significantly higher than what you'll purchase term life. Whole life insurance also offers a cash accumulation feature.
Term life insurance, however, is coverage for a specific time period, or term. In other words, it features a shelf life, and there is no cash accumulation component. With term life insurance, you select the amount of time which makes probably the most sense for the family, whether it's a period of time that takes you thru retirement, your children through college, or until that mortgage pays off. Term life is comparatively inexpensive since it is for any few months.
For lots of people, term life is definitely an option which makes sense for their monthly budget as well as their future plans. It's also the only type of policy we sell at Haven Life.
Five easy steps to buying term life online
If you have chosen that the term life policy is a great fit for your requirements, it can be easy to order online. Recently, among the only ways to buy life insurance coverage was via a telemarketer. This process often involved in-person meetings or multiple telephone calls, paper forms, as well as an in-person medical exam. Today, you can buy life insurance almost entirely online. While you may require a medical exam (administered someplace that you pick) the process is made to be hassle-free. In order to seamlessly buy a policy, make sure you have your individual information on hand and therefore are ready to enter some health history info within the application.
Step one: Determine how much life insurance you need
The initial step in buying life insurance is figuring out the best coverage amount for you personally and your loved ones. This depends on factors as well as your age, income, number of dependents, and debt level. An online life insurance coverage calculator can help guide you to the best potential choice for you.
Step two: Obtain a term life quote
Once you've determined just how much life insurance coverage you need, obtain a quote for what that coverage would cost. A free quote tool can provide you with a ballpark figure. It is also smart to price compare across different insurers. When you compare, bear in mind not just the quoted cost, but such things as term length, face amount, and limited exclusions to make sure you know precisely what you're spending money on.
Step three: Check life insurance provider ratings
A life insurance policy is only just like the paper it's written on. Independent rating agencies such as AM Best investigate the financial strength and ability to pay claims for all insurance companies. These ratings may serve as indicators from the toughness for an insurer. We'd recommend providers rated A+ or better. Our Haven Term policy is disseminated by MassMutual, an A++ rated insurer by A.M Best.*
Step four: Apply for coverage
When trying to get life insurance coverage, you ought to be ready to tell the insurer information about your occupation, lifestyle, health, and personal and family health history. Additionally, be ready to thoughtfully name a principal beneficiary since you will be asked to do so after the applying.
With Haven Life, you can easily complete all this information online. And, in many cases, you can even have an immediate decision on coverage eligibility. There's no need to wait 4-6 weeks while the application is reviewed.
Step five: Have a medical exam
Depending on your application, you may need to obtain a health check to finalize coverage on a medically underwritten life insurance coverage. If this is the case together with your application, you need to plan a medical exam, which can be done in your home or office, because the final step of the application process. Often, you will have temporary coverage until the health check is finished and also you get a final decision on coverage eligibility.
With Haven Life's InstantTerm process, some applicants will qualify to skip the health check. That's because, in partnership with MassMutual, Haven Life has generated technology that can analyze application information instantly. When the insurer has a good enough knowledge of your health and risk, the formality of the exam may not be needed. However, it is essential to be truthful when completing the application. The issuance from the policy or payment of advantages may depend upon the answers succumbed the applying as well as their truthfulness.
Start the process today
While a term life insurance policy is one of those things you hope your loved ones will never need to use, it's also among those stuff that has so many advantages to buying today, as opposed to tomorrow, next week, or the coming year. While nothing in life is guaranteed, buying a term life policy today ensures that your rate will stay locked in at the same monthly price for the entire policy term. Besides this offer reassurance (helping make budgeting simple) but purchasing a policy now's one way to help get ready for the near future, and also the process couldn't be easier or less daunting. So get a quote. Research options. Apply. And do all that while awaiting your pizza to become delivered. Now, that's #adulting at its finest.
