How to buy life insurance
- Be truthful if you smoke or else you will get declined or issued a higher rate. Rates will go down once you have quite smoking for 1 year
- Buy term for only the period you need
- Make sure the policy is not annual renewable, choose level premiums, especially if you have a long time to go
- No one can discount the price of a company's policy
- Only buy life insurance if you need it (If your family would lose their home without your income)
- If both spouses work, both should have life insurance to replace their own income.
- Don't buy insurance for kids.
- Buy a face amount of several times your annual income.
- Stick with term life insurance unless you need coverage past 75
Consider whole life insurance if you have an estate tax problem or want to pay for a funeral
- Shop term life insurance on the internet
- Try not to have many different life insurance policies on yourself, because of annual fees, billing, etc.