No one likes to think that they are going to die one day – but, as the old saying goes, there are only two things certain in this life, death and taxes. There isn’t much we can do about taxes, but we can make life easier for our loved ones after our death by purchasing a life insurance policy now.
There are several factors which determine how much you will pay for your life insurance in Missouri. The size of the policy you take out, your age at the time you take out the policy, your health, your lifestyle, whether you buy a term insurance policy or a whole life policy…even your credit rating affects the amount you pay for your life insurance.
Let’s start by discussing the two basic types of life insurance – term and whole life.
A term policy is good for a certain time period (the term of the policy). At the end of that time period your insurance lapses and if you want more coverage you will have to purchase a new policy – at a higher premium.
A whole life policy covers you for your…whole life. Whatever premium you pay when you buy the policy is the same premium you will pay for your entire life. A whole life policy also builds a cash-value savings account over time, which can be used for a variety of purposes and may even be borrowed against.
Initially the monthly premium payments on a term policy are lower than a similar whole life policy. The problem arises once your term policy runs out and you need to buy a new policy – at a higher rate. This could conceivably happen several times during your lifetime, requiring you to pay more and more for your insurance as you get older and older.
The choice is yours. But before you hop online to find the best rates on life insurance in Missouri perhaps you should take a few moments to consider ways of keeping your monthly premiums as low as possible regardless of whether whole life or term insurance is best for you.
First, buy a policy before your next birthday. Every year that passes means a higher insurance premium.
Get and maintain a healthy lifestyle. It doesn’t take a genius to realize that the healthier you are the less your life insurance is going to cost. If you smoke or use tobacco products in any form you need to stop. Period. Using tobacco in any form substantially raises your monthly life insurance premium.
The same goes for being overweight. You know the health risks associated with being overweight. Losing weight can be extremely difficult, but for most people it can be done given the proper mind-set. Let saving possibly hundreds of dollars a year for many, many years be the impetus you need to finally lose those extra pounds.
Maintain your good credit rating. Whether that means paying off several credit cards, or simply making payments on-time each month, just know that most life insurance companies base your premium rate at least in part on your credit rating.
Finally, go online and start making comparisons between different life insurance policies and different life insurance companies. Remember, the exact same policy for the exact same person can cost considerably less from one life insurance company than it will from another.
When making comparisons on the internet make sure you take the extra time and effort to enter all of your required information onto the form at a minimum of 3 different websites; this will insure that you are seeing true comparisons from as many different insurance companies as possible.
Yes – it is a lot of work, but the reward of saving hundreds of dollars, perhaps several thousand dollars over your lifetime can make all the trouble you take today well worthwhile.