Life insurance quote helps you understand what you are getting into before you actually sign the dotted lines or get into it.
How Life Insurance Works
Once you enter into a contract with an insurance company, to pay out a lump sum to your dependents, in the event where you are either diagnosed with a terminal illness during the term of the contract or when you are no more.
This coverage provides for your beneficiaries after you are gone. The policy cost is determined by a number of factors like your age, health, and lifestyle.
Requirements for getting Life Insurance Quote
If you compare your options, and wish to get a quote, here are the basic information you will need to supply, even though it does not cut across all insurance companies.
Information about your health, your family’s health and medical history, including pre-existing medical conditions.
Information about your lifestyle habits, including whether you smoke and drink.
Your age and occupation. This is because the younger you are, the cheaper your policy is likely to be, and your occupation can also affect the amount you pay.
Your partner’s details, like health and lifestyle and occupation, will also be needed if you want a joint cover.
How to Get Life Insurance Quote
To get a quote you can go through a third-party insurance agent or direct from the company. All you need to do is provide the above mentioned information as stipulated by the company and you will get the quote you need. Life insurance quotes are offered free of charge.
Factors that determine the cost of your life insurance policy
Your age: The cost increases at a rate of 8-10% each year you postpone buying one.
Your gender: On the whole, men pay more than women for comparable policies.
Your health: The health also plays a vital role in your policy cost. This is because the healthier you are, the cheaper your policy will be.
Your policy: The type of policy you choose, and with the term length and coverage amount, influences the base cost of your policy.
Your hobbies: High-risk hobbies, like sky diving and scuba diving, may raise your life insurance rates.
How to buy Life Insurance
- Compare rates and get free quotes.
- Decide on a policy.
- Fill out an application.
- Take a medical exam.
- Complete a phone interview
- Hold on for approval.
- Sign your policy.