Guest post: 4 Easy Steps to Get Affordable Life Insurance

by hedy on January 5, 2014

Life insuranceIf you want to get affordable life insurance coverage that will protect your family without taking a lot out of your pocketbook, it is easier than you may think. Follow these four steps to getting life insurance coverage to protect your family.

First step – think about how much coverage you may need

If you want to get adequate coverage, you may need to spend a little thing thinking about why you need the life insurance, and how big a policy you may need. For example, if you are 30 years old and have a spouse, a $500,000 mortgage, and two young children, you may need more life insurance coverage than if you are 60 years old, your children are grown, your mortgage is paid off, you have no debt, and you have $4,000,000 in the bank.

Life insurance can do multiple things:

· Pay for your final expenses

· Pay off any outstanding debt you may have

· Support your family without your income

So you can think about how much outstanding debt you have, and figure out coverage for that, so that your surviving spouse isn’t saddled with the bills when you are gone. You can also think about what the loss of your income will mean to your family, and figure out the coverage that way – a good rule of thumb is seven to ten times your annual income could be the life insurance coverage you need. Or you can check out this life insurance calculator.

Second step – get online

The best way to find affordable life insurance may be right where you are reading this article – on the internet. That is because you can easily comparison shop for rates at a variety of sites, such as at Best Life Insurance Deals. And because you can comparison shop much easier than you can in person, chances are that you will find a more affordable deal than you could otherwise.

Third step – fill out your information

In order to get a life insurance quote online, you will need to start with filling out some sort of questionnaire about yourself. It is extremely important that you are truthful here, in order to make sure that you get the life insurance rate information you are eligible for. You do not want to fudge the truth or lie and then get found out – you might end up losing your rate quote, or even your life insurance coverage.

These days, life insurance companies will compete for your business online, which

Fourth step – Compare rates and pick a policy

When you fill out the quote form, you may get information from a variety of life insurance companies. If you are honest about your health, chances are that the rates you are quoted will be accurate, and you can pick a life insurance company from that. Depending upon what company you choose, you may or may not have to take a physical before the policy is in place. If all goes well, you should have an affordable life insurance policy. Good luck.

Lisa Swan writes for a variety of business and finance blogs.

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