Finding cheap smoker term life insurance is certainly possible if one is willing to put in a little time and effort. While it is general knowledge that smokers will pay higher life insurance premiums than non smokers it is not commonly known that smokers can find cheap life insurance rates of their own if they search around. Read on to find some ways to find affordable smoker term life insurance rates.
Life insurance in America is not a common thing. This may be due to the fact that these kind of insurance, unlike the other ones is associated with age and the needs that a person have when they are about to die. Unfortunately for the everyday American, life insurance is not being purchased that much by the public when in reality is a very important thing to have. Life insurance protects a person or a family from the death of a significant other, husband, dad or head of the household. It is because of the word “death” that many young people don’t have this significant insurance in their lives. Most Americans don’t think that they will die young and because of this they evade life insurance, it may be because it scares them. The fact of the matter is that a young person should think things twice and purchase life insurance to protect the people that depend upon them.
There are simply steps that you can take when trying to purchase a smokers life insurance policy. Before telling you the steps it is important to highlight that there are two main types of life insurance: term and permanent. Term life insurance is simply a contract made between a company and a person in which the company allows the person to pay premiums for a certain period of time (usually ten or twenty years). If the policy holder dies within those years then the insurance company will have to pay for the amount of money that the policy is worth. On the other hand permanent life insurance is a contract agreement FOR LIFE, in which you pay significant premiums that become savings and at the time of the policy holder’s death the beneficiary will take the saving dollars and use them at their own expense.
Term life insurance is what most people get nowadays because it allows them to pay lower premiums, while still being covered for the “risk” of death. Although finding cheap term life insurance is not that hard, there are five steps that you should follow in order to get the policy that you have always wanted.
1. Shop Around: This step is perhaps the most important one if you want to get a cheap term life insurance policy. There are many places and ways of shopping around for a better rate. If you decide to shop around online you can try to go to a search engine like Google or Yahoo and type in cheap term life insurance. You will see instant results and many pages will appear that will let you know they have cheap quotes. You can also visit main websites like MetLife and other big name companies. In order to get a quote from this websites you will have to fill out a questionnaire and then you will be able to receive the price. If you decide to visit main company websites make sure you go visit at least three and look for the best priced quote. You can also choose to go to an online comparison website that will allow you to see many quotes from different companies.
2. Buy When Young: Since term life insurance is a contract for ten or twenty years, the most important thing in order to get good priced premiums is to do it when one is young. The average age of people that fill out these life insurance policies is that of 30, but if you want even lower prices then you could start paying your premiums whenever you want. The younger you are the lower your risk of dying and for this reason the insurance company will give you cheaper rates.
3. Good Health: This goes along the lines of buying the insurance policy when you are young. At a younger age you are at a lower risk of having illnesses or diseases that will drive your premiums up. This means that you will be a lower risk of insuring that someone old that has complicated health. However, if you are of age and have perfect health you should also be able to get pretty good rates, just not as well as those of young people. Just because one smokes does not mean that they cannot do other things to keep themselves as healthy as possible.
4. Check for Price Breaks: This can work to your advantage dramatically. A cheap life insurance policy can also be defined as one that offers the most amount of coverage for a lower amount of money. Most people would go for a $225,000 policy instead of a $250,000 because the first one offers lower coverage and is cheaper. However, if the difference between both of them is only minimal then you should go with the second one because it offers your better coverage for a lower price!
5. Buy Enough to Cover What You Need: To make this tip quick, just make sure that you have enough insurance to cover your family or you dependents in case of your death. Make sure your family is able to have stability and not burden after the main contributor to the household income is gone. A quick rule of thumb is to purchase six to ten times your gross annual income. This will usually allow your family or beneficiary to receive enough money in case of your death.
As you can see finding cheap smokers term life insurance policy should not be a burden for anyone. The younger you buy your policy the better off you will be in the long run and the cheaper your policy will be! Shop around as much as possible, try to check for price breaks and buy enough insurance to protect your dependents in case of an unexpected accident.
The word “death” can send shivers down anyone’s spine, just remember that you have options to be covered and help your family in case something horrible happens. So go out and start shopping for a good smoker term life insurance quote because if you follow the tips above, the price at the end of the quote will be less than what you ever imagined!