Term Life Tips
- Don't overbuy our life insurance amount. Use accepted rules (like x10 your annual income or your mortgage balance) to determine how much money it would take to cover your surviving spouse plus expenses until retirement, and/or your children’s expenses until they reach adulthood or finish college.
- Use term life because it's the cheapest and simplest option for most Americans 20 to 60 years old. Cash-value life insurance can make sense for wealthy people over the age of 60 – but for most people, term insurance is the way to go.
- Get quotes online. Web sites such as ours give you plenty of pricing information fast – although all of it will be subject to a more detailed application process and a medical exam.
- Get in shape so you are a lower risk to the insurance company. Quit smoking, lose weight, reduce your stress, cholesterol and blood pressure. FInd out if you can take a life insurance exam before you apply so there's no surprises.
- Understand life insurance commissions. Most sales people only money if they sell you an insurance product. Fee-only planners charge a fee for their guidance but don’t sell products; you would buy the insurance coverage on your own.
- Under life insurance basics before you decide to buy a policy on your own or use a salesman. Do not respond to sales pressure.
- Search complaints on your state’s insurance department or attorney general’s office.
- Raise or lower your life insurance amount when you marry, divorce, or have a child. When your kids are all grown, you may decide to to stop the life insurance altogether.
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