If choosing the best life insurance policy has you stumped, here are a few tips to make this easier for you:
1. Not checking the rate increases, Forbes points out. A lot of insurance companies feel they don’t need to flag the increase so it’s going to be entirely up to you to pay attention to your bills, see if there are any price hikes and pay the amended amount.
2. Not shopping around for a new one. If your premium seems to be going up after paying the same amount for 10 or 15 years—the entire span of your coverage period—you might want to put in a call to your insurance agent and talk about these increases. Before you do, do your homework and look around for insurance policies that offer the same features yours do but at a much more affordable rate. Then take this rate to your insurance agent. You might have a chance to lower the rate or regain your old one this way.
3. Getting the wrong insurance. It pays to do your own research and look into getting the right life insurance in Chesapeake VA for you. You could end up paying thousands for a policy you won’t use anyway. So focus on getting basic insurance without the frills. This should help you keep your premiums low and ensure you don’t have to shell out more money than you have to.
4. Not asking for discounts. Insurance companies actually offer a ton of discounts and deals. But unless you specifically ask for them and your insurance company knows you’re qualified, then you’ll have zero chance of hearing about them. So be proactive about finding a great deal or discount when it comes to your insurance package.
5. Dropping insurance for long-term care. Some insurance policy holders feel that a 40 percent to a 90 percent premium hike in long-term insurance is too high, so they drop the insurance and look for a new one. Before you drop yours, though, make sure you find one that’s better. If you don’t, it might be worth it sticking to your old one, even with the jaw-dropping rate increase simply because of your age. The older you are, the more expensive a new insurance could cost you, even more so than keeping the old one, rate increase and all.
6. So find ways to protect yourself financially. Know how to keep your insurance costs low with this handy list of tips.
Nina Ambrose Insurance Agy Inc. offers insurance assistance to ensure you get the best life insurance possible. To inquire or book our services, get in touch with us today!
