The amount of competition for your business when it comes to insurance is amazing. A simple Google search for insurance will yield 452 million results! Because there’s so much competition, prices are falling through the floor. If you purchased life insurance even a few years ago, chances are you’ll be able cancel your policy and get a better deal now even though you’re a few years older. Here’s how you can shop for a new life insurance policy and get the best deal.
First you should understand what type of life insurance you want. In almost every case, term life insurance makes sense. There are very few if any situation where whole life insurance, universal life insurance, or variable life insurance make sense. These products are very high in commission, and your family does not get to keep the cash value inside the policy when you die. In addition, the interest you earn on your cash value is a pittance compared to what you could make by investing in solid mutual funds. Term life always makes sense.
You should also figure out how much money you need in life insurance. Right now you might have enough, and a lot of families do not. You’ll want to get about eight-to-ten times your annual income in life insurance, so if you make $50,000 a year, you’ll want to have about $400,00 to $500,000 in life insurance. This way your family can invest the money that comes from your life insurance policy, and live off of the interest without eating up the principal.
If you don’t want to go visit an insurance agent, you can shop online. You can visit a number of different sites such as SelectQuote and IntelliQuote which will scour their databases of a number of different insurance companies and find you the best price that’s out there for somebody in your situation. You’ll just fill out a form, then you can buy the life insurance on the spot, it’s that simple.
If you’re living in the United Kingdom and are in need of life insurance, get a LV= life assurance quote from LV.com.