eInsured Life Insurance

Are you looking for the Cheapest Life Insurance deal available today?

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If you want to get the best deal on your life insurance policy, it is a good idea to do your homework. You will find that there are a lot of companies offering cheap life insurance but it is always best to compare before making a final choice.

Comparing Types of Insurance

The cost of insurance policies will depend on the type of insurance that you get. There are two major types of insurance – term life insurance and permanent life insurance.

Term insurance is a popular choice because it is relatively inexpensive and its terms and conditions are uncomplicated and standard across all insurance agencies. Upon the death of the insured, a death benefit is paid to the beneficiaries.

Permanent life insurance on the other hand, is more expensive as apart from the death benefit, there is also an additional cash payout involved which the insurance has accrued over the years. However, it is still possible to get friendly rates as long as you shop around enough. Also, if you get a permanent life insurance while you are still young, the monthly premiums that you have to pay are usually lower.

Pass Up Guaranteed Issue Life Insurance

People on the lookout for cheap life insurance are advised to keep away from guaranteed issue life insurance. Some people choose this type of policy because these do not take state of health and pre-existing medical conditions into consideration. As a consequence of this “convenience” however, is the fact that these policies require higher monthly premiums. Because of these rates, the total amount that the policy costs may turn out to be higher than the death benefit that you receive.

Other than cost, you may also have to deal with unfavourable insurance conditions where the company returns the premium rather than paying out the death benefits.

Dos and Don’ts

If you need insurance consulting, it is best to get the services of an independent financial advisor (IFA), as opposed to agents that are affiliated with insurance companies. These agents will usually recommend products that their companies offer which might not necessarily be the best deals. IFAs on the other hand, essentially work for you and will try to scour the market for a variety of cheap life insurance deals.

Do try to achieve optimum health conditions and adjust some of your lifestyle habits. Insurance premiums usually increase because of health issues. Underwriters also look at risky activities that you engage in (sky diving, for instance) when evaluating how much your insurance should cost.