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Ten Things You should know about Life Insurance
Ten Things You should know about Life Insurance
Only a few people don't need life insurance; most people need it because they do not have the funds readily available to cover all debts and funeral expenses.
Toronto,
ON,
Canada
(pr4links.com)
11/01/2011
Toronto, ON, January 03, 2010 --
Virtually everyone should have life insurance
Only a few people don't need life insurance; most people need it because they do not have the funds readily available to cover all debts and funeral expenses, they want to offset the loss of their income to their spouse and/or children, or simply because they want to leave additional money to extended family or a charity.
Get the most life insurance coverage at the lowest cost
Of the many life insurance products out there, term life insurance typically is known to offer you the most coverage for the least amount of money; and although there is no investment or saving component, there are many who would tell you to "Buy term, and invest the difference."
For more information on term life insurance read: Term 10, 20, 30 and term to 100 life insurance - Key similarities and differences
Avoid guaranteed issue life insurance policies, if you are healthy
Guaranteed issue life insurance policies typically offer smaller insurance amounts and can be purchased without a medical exam. A guaranteed issue policy is available to everyone, healthy or not, but the ease of purchase is reflected in higher premiums as compared to term life insurance for the same coverage amount. Of course, a guaranteed issue policy is still worth having over no life insurance coverage at all.
Buy only what you need
It's not a good idea to buy too little insurance, but buying too much is unnecessary and will only cause your insurance premiums to be higher. So before you buy, review your needs and what it is you want your coverage to achieve and go from there.
You'll find that many industry insiders suggest that the amount of life insurance coverage you should buy should be five to ten times your annual, pre-tax, income.
Still not sure? Try the Kanetix Life Insurance Needs Calculator to get an estimate of how much life insurance coverage you might need.
Save money with one policy that covers two people
If you're looking to get life insurance for yourself and your spouse or partner, then consider buying one joint policy, instead of two individual policies. The premium is usually about 15% less for a joint life policy than 2 single life insurance policies of the same coverage amount.
For more information on joint term life insurance read:
* Joint term life insurance explained
* Life insurance for couples: Buying one joint policy or two single policies-helping you make the decision
Avoid monthly payment plans if you can
Save money by paying your annual premium all at once, instead of setting up a monthly payment plan. Almost all life insurance companies will charge you a little extra to cover the cost of administering your payments every month.
For more money-saving tips read:
* Term life insurance: Money-saving tips (they do exist)!
The 'when' of life insurance
People often look to buy life insurance when they are planning on getting married, starting a family, buying a home, changing jobs, facing unemployment, starting up a business, or retiring. It is during these life event milestones when your life insurance needs are most likely to come to the forefront.
In 2010, more people shopped online for life insurance on www.kanetix.ca in January, February, March and April than any other months in the year.
Average life insurance policy amounts
According to 2009 industry statistics, more than 20 million Canadians own life insurance and the average policy amount owned was $169,000 for individuals and $337,000 for households.
Workplace life insurance is often not enough
Your workplace life insurance coverage may not protect you and your loved ones as much as you think. Review how much your employer-paid life insurance provides and calculate whether this is enough to keep your family comfortable in the absence of your income.
Premium prices vary wildly across life insurers
Compare the life insurance policies and prices of competing insurers because every company prices their policies differently. A real easy way to do this, without having to listen to a sales pitch is to compare premiums and policies online. It's a great way to compare life insurance prices and see what different companies have to offer.
Compare life insurance quotes online today.
Contact:
Gregory Ellis
Co-founder
Kanetix
Toronto, Canada
1-888-854-2503
pr@kanetix.ca
http://www.kanetix.ca/
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