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Buying Universal Life Insurance Policies At Affordable Insurance Life Rate Is Not Impossible

The life insurance quote can help you to check the cost of a policy by inputting various parameters. Indeed, if you increase your age or invent some kid of ailments, you will find that the quote has increased quite a lot. In fact, the four variables, which have maximum effect on the cost of insurance, are age, gender, tobacco use and health class. While nothing can be done to alter the first two factors, the following can help you to garner lower rates:
• Receive multiple quotes for proper comparison
• Lead a healthier life and improve your health
• Stop tobacco intake
• Maintain right body mss index
• Avail group insurance
• Try the current provider
• Recover credit score
• Wait and restore motor vehicle or police records
• Try out cheaper policies

An important factor that will increase your insurance life rate is if you are a smoker. Hence, quit smoking for at least 6 months before applying for life insurance. While the basic price of insurance is the same among different companies, premium rates can vary and each company can have different add-on packs. So, request a life insurance quote from several companies before you decide on whom to go with.

Tobacco products always have an adverse effect on your health. Quit the habit for a year at least before you apply for coverage. Higher body mass index can also cause many diseases and so try to bring it down to normal level as well. Another way to garner affordable insurance life rates is to try group insurance. If your employer does not already have such plans, try to convince him into buying such plans. With your employer paying half the premium amount, you get a wide coverage at an affordable rate.

If your employer already has such a plan running, it is well and good; otherwise you can try them through clubs or unions. However, because the employers pay half of the premium amount as incentive, employer sponsored group insurance policies are much cheaper. If you already have a policy running, you can approach the same insurer to avail ‘multiple policy discounts’. Such discounts depend on the amount of business you are already doing with him. The more policies you buy from him, the larger will be the discount he provides. If you are looking for the convenience of life insurance no medical, you should try one of these options at least; otherwise, the rates are going to be too high.

Your credit worthiness is another point. If you have good credit score, the carriers will know that you will not default on premium payment and so they will definitely look into it. Therefore, if you have bad credit rating, try to improve upon it. Bad driving records should also be improved upon if you truly want the rates to affordable. People with criminal records, history of drug abuse etc may even be deprived of the coverage. In such a case, you have to wait out and repair the damage.

Those who want the cash value option can go in for universal life insurance, which is a kind of permanent life insurance. It is very different from term life insurance – the first difference is that it has a cash value, which the policyholder can borrow from in time of need, whereas term life insurance does not have a savings option. The next difference is the length of the policy – term life insurance can be taken for a maximum of 30 years while universal life insurance can continue for the entire life of the individual until he dies.

Another difference is that, you can buy a term life at the most for thirty years, but a universal life covers you until your death. Therefore, under universal life, there is no chance of the insured outliving the term even as he is still in need of the coverage. Another advantage of universal life policies is that it induces compulsory savings and so if you are not financially that disciplined; it is a far better option. Term life is cheap, but it requires you to invest separately for capital building and self-insurance.

Universal life insurance too can have quite a few variations. Among them the indexed life insurance and variable universal life insurance need special mention. In the first category, the interest is based on certain financial indexes and the policyholder will be offered protection even if the index falls below zero. Under the second category, you get a better chance of return and you can also have a say in the investment procedure. However, it is natural that universal life too will have some con side. It is upto you to find out the details and choose a policy suitable for you.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on term life insurance quotes and low cost life insurance, visit his site today.

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