An important aspect of your personal financial plan is life insurance. It is very necessary to have a life insurance policy but we can see that people are confused about the types of life insurance policies. A great option for anyone seeking life insurance is term life insurance. MoneyMindz, Financial Advisory Portal guides you with the necessity of term life insurance.
A term life insurance policy provides you with a high amount of coverage and a reasonable price. They have a set length of time-usually between ten and thirty years.
Basically the main reason of term life insurance policy existence is to protect your family as you build up your nest for retirement. Suppose if you die during your income earning years, this particular coverage helps your family bridge the gap until retirement.
Usually term life policies have an age limit and maximum issue ages usually 80. There are some companies who will write term life insurance all the way to age 85.
5 Awesome Money Saving Tips For Term Life Insurance
1) Extend Your Benefit Or Payout Period
Some companies will allow you to choose a special election to pay your policy out over a series of years, rather than a lump sum death benefit. The income option is beneficial for individuals who are seeking income replacement for beneficiaries, who wish for their beneficiaries to be more responsible financially, if your beneficiary has special needs or if you want to provide a long-term benefit to a charitable organization.
You can save up to 30% just by prolonging the payout instead of taking it as a lump sum.
2) Reduce Your Current Life Insurance Coverage
Life changes. That is why you need to reassess your life insurance. You can save money by reducing your coverage – especially when your life situation does not require a high death benefit. Most life insurance companies will allow you to reduce your death benefit, and will reduce your term life insurance premiums consequently.
3) Bundle Policies
You can save up to 15% by bundling life insurance policies with other insurance options. Many companies offer a multi-policy discount when you bundle with life, auto, business or home. You will generally see better deals with business and life bundling.
4) Lose Five Pounds, Save A Ton!
You probably did not expect to get weight loss advice on a life insurance article, but this is one of the easiest ways to save money on your term life insurance policy. Since life insurance rates vary based on points related your health and medical history, making small changes in your health can result in significant savings on your premiums.
5) Take The Medical Exam If You Have The Option.
Choosing a term life insurance policy that requires a medical exam can save you up to 40% on premiums. Since life insurance is all about risk, underwriters want to know the details about your health. These details are rewarded with lower rates.
If you are in good health, always consider the benefit and cost savings of a term life insurance policy with medical exam.
Hope by now you got to know about the importance of term life insurance policy in your life. Smart Financial Adviser, Kuber Mindz advices you to purchase a term life insurance policy for yourself and your family in order to save from any such miseries in life. Don’t waste time and purchase the finest term life insurance policy from taking financial advice from India’s First On-call Financial Advisory Portal, MoneyMindz.
For more information visit www.moneymindz.com or give a missed call to 022-62116588.