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life insurance sign on top of money pileThe importance of having Battle Creek life insurance simply can’t be overstated. Insuring your life will help your loved ones pay off any outstanding debts if you unexpectedly die. Whether this involves a mortgage or unsecured loans, this fact gives people the peace of mind in knowing that their dependents will be well looked after. Life insurance can also be used to pay funeral costs, as well as leaving the important people in your life a cash sum with which they can rebuild their lives. However, before choosing the best policy for your specific circumstances, there are a few things you should know about life insurance.

1. Consider “Term” Life Insurance

The trick to finding the best life insurance policy is getting the best possible payout for the lowest cost. A “term” life insurance policy will only pay out for a predetermined period and only if you die within that time frame. This allows insurance providers to manage risk more effectively, and they reward policyholders with lower premiums. The shorter the term, the lower the premiums. By taking this cheaper form of life insurance, you could use the money you’ve saved to invest in your family’s future.

2. Avoid Guaranteed Life Insurance Policies

Unless you have a serious underlying health condition, avoid guaranteed policies, which guarantee your acceptance for life insurance without the need for a medical exam. The riskier nature of such policies is reflected in higher premiums. Of course, having guaranteed life coverage is probably better than no coverage at all.

3. Don’t Buy More Than You Need

Before you decide on a life insurance policy, it is a good idea to assess your financial needs. If you have no outstanding liabilities and live a relatively frugal lifestyle, there is little to be gained from paying for a level of coverage you simply don’t need. As a rule of thumb, your total coverage should be between five and ten times your annual pre-tax income.

4. Consider One Policy for Two People

If you and your partner are in need of life insurance, try to look for a joint policy. In many cases, this will provide the same level of coverage at a greatly reduced premium, which can be as much as 15% less.

5. Avoid Monthly Payment Plans When Possible

Most insurance companies will charge you interest for the privilege of paying your premium on a monthly basis. While this is the only affordable option for many people, paying an annual premium in one lump sum could save you a small fortune.

6. Compare Several Policies from Different Providers

Life insurance policies can differ greatly between providers. Some insurance companies specialize in certain lifestyles and health conditions, so shopping around is the best way to keep your premiums as low as possible. The best way to do this is by enlisting the help of an experienced insurance agent with specific knowledge of the market.

Need additional help finding the right life insurance policy? Call Allen Harmon Insurance at 269-441-5156, and one of our agents will provide you with the help and guidance you need to make the right choice.

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