Term Life Insurance

Do you have life insurance? If not, you should. If you do, congratulations! But are you paying more than you need to?
Almost everyone should have a life insurance policy. If you have a family, the benefits are obvious. A good life insurance policy lets you provide for the financial security of your loved ones should the unthinkable happen to you. But even if you’re retired without dependents or single, life insurance is still a very good idea.

Washington State’s Office of the Insurance Commissioner provides assistance to consumers who have complaints against life insurance providers, but unfortunately it doesn’t provide assistance in selecting and purchasing a life insurance policy. You’ll have to do the legwork on your own.
When you’re looking for the best life insurance coverage for the least amount of money, there are several things that you should keep in mind when shopping around.

First, if you have a medical condition, tell the life insurance company about it right away. They may view it as a “pre-existing condition,” and their coverage may be severely limited. In some cases, it may make you ineligible for coverage. If that’s the case, it’s best to know up-front, so that you don’t waste your time exploring all the other details of the policy, only to find out later that you can’t even apply for it.

Second, ask your employer’s HR department what life insurance benefits are offered through the company. Many large companies let their employees (after they have completed their probation) register for a group life insurance policy. This rarely provides a large amount of coverage, but it might be sufficient for your needs.

If you find out that your employer does indeed offer this kind of life insurance, but you aren’t yet eligible for it, think about buying a policy for term life insurance. These types of policies are effective for a short period of time, so when it expires, you can then switch to the company-sponsored policy. As an added bonus, term policies tend to be much cheaper than whole life policies.

Third, purchase a life insurance policy while you are still young. Younger people are seen as less of a risk, so their monthly premiums are almost always lower than those of older people.

You may not want to start shopping around for a life insurance policy, but it’s time to bite the bullet and just do it. Once you’ve shopped around, found the best deal, and become a policy holder, you’ll sleep better knowing that your family will have the financial security it needs when you’re no longer there to help your loved ones.