Dallas Life Insurance
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Jun 22
I heard you can buy life insurance on the Internet now, is that a good way to buy life coverage these days?
Suri
Dallas, TX
The good thing about life insurance these days is that you don’t have to rely solely on agents and brokers to get the best life insurance Dallas, Texas rates and policies available. If you have a computer and Internet connection, then you are just as capable of finding the best life insurance rates in the market as any licensed agent/broker can. Below are some tips to help you buy life coverage these days:
Tip No. 1: Go Online and Compare Your Options
Online life insurance websites are a great way to get the latest rates today. You can run a free rate quote search and be able to instantly compare many insurers. This helps you identify those insurers that have the best offers for you.
Tip No. 2: Buy a “Low-Load” Policy
This simply means buying a policy that spares you from shouldering expensive agent/broker commission fees. Usually you will have to ask for this kind of coverage specifically. Also get as much information from the insurer since “low-load” policies are not for everyone.
Tip No. 3: Utilize Information from Rating Agencies
Get vital consumer information from independent rating agencies (Moodys, J.D Powers, etc.) to help you pick the best overall top-performing life insurance company.
Tip No. 4: Forego Policy Riders
Policy riders like accidental-death riders might sound good but really is just another way for life insurance companies to make more money out of you. Most of these riders have very low probability of occurring so save your money instead.
Tip No. 5: Negotiate
Yes, you can negotiate the final price of your life insurance premiums. Especially if you are in good health, maintains an active lifestyle, does not smoke and is generally a low risk to the life insurance company.
Q: I am overweight and my sister is underweight will this effect our rates on life insurance?
A: On the other side of losing weight is gaining weight. There are some people who do not weigh enough. If an applicant has a low BMI, they may be unhealthy. By gaining weight and having a new physical, your life insurance company may help you with your rates by lowering them due to the lowered risk.
Something else that can lower your rates is to lose extra weight. If you are over a certain percentage of your BMI (body mass index) number, you will be charged more for life insurance premium. Being overweight is seen as a health risk, and the rates given by the insurance companies will reflect that. Because you have the ability to ask for a new physical at any time, you may be able to show the company your weight loss and hope for a lower rate.
Some companies do offer incentives for losing weight in the terms of lowering your term life insurance rates. If they do not, you may want to consider another company.