3 Tips for Buying an Affordable Whole Life Insurance Policy!

Whole life insurance is the best form of permanent protection, but it is a bit pricy. We want to help you and we offer 3 tips for buying an affordable whole life insurance policy:

Accounting Series - Reviewing Tax Booklet1)     Do not reschedule the application date for too many times. Age is a decisive condition of selection for almost every insurance policy, including whole life. If you just wait and do nothing, the chances of getting cheap life insurance or even getting insurance drop significantly.

The company will offer you a ratting that implies more risk and you will either be refused or charged extra. The premiums values follow a chart designed by each company. On this chart the premiums are correlated with each age category.  As you increase in age, the liability and the risk become greater while the life expectancy becomes shorter. It is normal for the companies to compensate for these factors.

2)     Analyze your financial possibilities. Before deciding what to buy, see if you can afford buying this service. Keep in mind that unlike term life, whole life premiums are expensive right from the start, but they are kept at the same value. This policy is very effective on a long term, but only if you can afford it.

Talk with a specialized accountant or spend some time calculating all expenses and determine how much money you can spare for life insurance premiums. If you do not resolve this issue, you will end up with an investment that would financially ruin you, rather than offering much need it financial protection.

3)     Analyze the market.  Just like Sun Tzu said in his famous book “The art of War”, you should try to know the enemy if you want to succeed in every battle. In this case, the “enemy” is the insurance market. If you want to make a great, beneficial deal, you must know all the players on the market and what they have to offer. Obtain life insurance quotes from either a life insurance agent or with the help of authorized websites.

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