Postponing Life Insurance Purchases

The cost of life insurance is impacted by two major factors - your age and your health. The younger you are when you purchase life insurance, the less expensive the premium. Also, you are more likely to be in better health at a younger age.  Each life insurance company establishes its own health and lifestyle requirements to determine what premiums you may qualify for. Slightly high blood pressure may disqualify you for one company's preferred health premium, but might be acceptable to obtain another company's preferred health premium.  It is important for you to speak to an experienced agent who understands each companies underwriting requirements.  The cheapest quote on the web isn’t necessarily going to give you the best rate.

Buying the Wrong Kind of Insurance

Life Insurance options can be confusing. There are many types of plans available - term life, whole life, universal life, etc. Life insurance is designed as a means to replace your income when you die so that your family will be able to maintain a normal standard of living. Life insurance is not designed to fund your retirement or fund your children's college education, or to make your family millionaires after your departure. These are goals of your investment plan and are better funded by pure investment vehicles rather than insurance products.

Thus, for insurance planning purposes, term insurance is the best choice for most families. The major advantage of term insurance is that it generally is less expense than other forms of insurance, which allows for the purchase of greater amounts of affordable coverage. Term insurance is easy to understand, as well. Therefore price comparisons are a cinch. Note: Term life insurance is an excellent vehicle for a family needing a large amount of insurance and the amount of coverage can be adjusted as needs change. To obtain term life insurance quotes just visit:  www.Insurancequoteman.com

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Editor: InsuranceHeadlines.com

By: Pat Gilmore, CFP - PGA Financial Group