Your 2-Minute Guide to Buying Life Insurance

Reader’s Question:

Can you teach me the best way to buy life insurance? How do I get the best rate?

Kennedy

Miami, FL

Life Insurance is a very useful financial asset to have these days, regardless of economic conditions. This is why knowing how to get the best life insurance policy is essential. Below is a guide to help you get started:

Compute How Much Coverage Is Necessary

This is actually not as hard as it sounds. Buying coverage that is enough to cover your annual income ten times over is a good rule. You should also include debt, mortgage, loans, college tuition and other long-term financial obligations that you have in place for your dependents at the moment. You want to make sure they can still have the lifestyle they’re accustomed to even if you suddenly pass away.

Find the Best Insurers

Just how do you do this exactly? Go to the websites of independent rating agencies like A.M. Best, Moodys, Standard & Poor, and J.D. Power. Basically, they rate the performance of different companies and can tell you who the best-overall life insurance company is in your state/area. This will make it easy for you to know which companies you should be doing business with.

Compare Rates Effectively

Life insurance comparison portals (like this website) are a great way to find the best policy out there. You can get free and instant life insurance quote information and compare offers from many different companies simultaneously. This can definitely maximize your chances of getting the best rate on life insurance.

Best Life Insurance Policy Miami Florida FL

Reader’s Question:

Now that I have a family of my own, I realize that it is important to get a life insurance in Miami FL. What factors should I look into when choosing the best life insurance policy?

Jeff

Miami Florida

 

A best life insurance policy in Miami Florida should be something that can best answer your needs. So before you ask around about where and how to get the best life insurance in the market, you should consult first yourself and your family. Life insurance is for your family’s financial protection in case of untimely death on your part. First thing you and your family should look into is if they could manage with their day-to-day living expenses without your financial contribution. If not, you and your wife should calculate the enough sum of money they need while they find other financial resources to make up for your loss of income. If you think you can afford more than of the enough sum, then getting a life insurance policy with a bigger value might be a good decision.

Once you have an estimate of how much life insurance you need, then it’s time you go shopping for the best life insurance policy. There are 2 types of life insurance that you should know: term plan and permanent plan. Term life insurance plan is what they call the pure life insurance because it only gives you death benefits. While, permanent life insurance plan gives you death benefit, and it also serves as savings vehicle which, hopefully, will accumulate cash value in the long run. Because of the investment element of permanent plan, they come out as more expensive.

The best life insurance policy in Miami Florida is the one that can give you the most value out of your money. If you are low on budget, then term plan is the better choice for you. For term plan, you should look for a policy that gives you the biggest death benefit and longer term coverage at a minimal premium amount. Also look for a flexible term plan that gives you an option to convert to permanent plan in case you have changes in your goals in the future.

If you want to go for a permanent life insurance plan, aside from evaluating the cost of the life insurance, you should also check which insurer and policy can give you the highest rate of return to the investment part of your policy.

Term Life Insurance Calculator

Reader’s Question:

I’m deciding on the amount of term life insurance that I will get here in Miami, FL. What are the things that should be considered when making a decision on how much term life insurance coverage I should purchase?

Payton

Miami, FL

Term life insurance calculator would be a helpful tool for you to decide on the amount of life insurance coverage that you will get there in Miami, FL. You have a lot of options to choose from when deciding on the amount of life insurance needed. You can just make a guess, seek help of a life insurance agent, or use a term life insurance calculator that can be accessed online. Using the term life insurance calculator, the following are the things that should be considered when deciding on how much life insurance coverage you should buy:

1. The amount you think your family would need to cover for memorial service costs.

2. The amount you need to pay for estate taxes.

3. The amount of unpaid debt you have, not including your mortgage.

4. The liquid cash you believe will be good to allocate for urgent situations or emergencies.

5. The amount you need for the college education of your children.

6. The amount your family needs every year to survive if you are not there anymore to support them.

7. Your spouse’s salary will also be considered as this will be taken away from the amount needed.

8. The Social Security benefit that your spouse will get is also going to be taken away from the amount of coverage needed.

9. The type of liquid assets you and your spouse have and how much savings and investments you have.

Tags: life insurance, term life insurance, term life insurance calculator

Cheaper Life Insurance Miami Florida

Reader’s Question:

How do I get a cheaper life insurance in Miami Florida?

John

Miami, FL

People all know that death is inevitable. Leaving your loved ones is also a very tragic event. As a breadwinner in the family, you are tasked to earn money for the future of your kids. Leaving them without anything will be a very bad idea. So, getting a cheap life insurance in Miami Florida is the best way of making your family secured.

There are two types of life insurance in Florida. One type of insurance is that can be availed of only over a specified period of time. Such is the term life insurance.

A term life insurance is good to cover a home mortgage or a college education wherein there is an end to this expense. On the other hand, a whole life insurance or sometimes called as a permanent life insurance involves long term coverage. Choosing either of the two in Miami Florida can be your best option. But, it is better to choose a cheaper and most reliable life insurance policy that perfectly fits your needs.

In getting a cheap life insurance in Miami Florida, you should have a comparison from other life insurance companies in Miami Florida. In that way, it is easier for you to choose the best and the cheapest life insurance. Life insurance in Miami Florida is also advisable for couples who are starting their own family as well.
Start getting a life insurance now and live life without worries. Remember that either of the two life insurances, you can protect your family’s future if ever something unexpected might happen to you. Well, consider also that life is still precious and it must be taken care of by- none other than- you yourself. If you want to live longer and if you want to secure a cheaper life insurance rate, then adopt a healthy lifestyle.

How To Lower Your Life Insurance Costs In Miami Florida

Reader’s Question:

How can I get my current life insurer to give me a more affordable life insurance premium or rate here in Miami, FL?

Morrison

Miami, FL

Good question. First, you must understand what influences your life insurance premium and rates. Basically anything that could cause lifespan to shorten; dangerous activities you may participate in, habits hazardous to one’s health, obesity, smoking, prohibited drugs etc. will make your life insurance costs go up since these are the risks you represent to the insurer’s business.

So here are some of the top recommended ways to make your existing policy more affordable, or even help you find a cheaper, new provider:

Smoking Is Bad For You And Your Pocket

Smoking, and the use of all other types of Nicotine based products (Tobacco, cigars, etc.), will cause you to pay three to four times more on your life insurance premiums. This can easily translate to thousands of dollars every year! Add to that the amount of money you spend on every pack plus the serious health hazards it poses to your health, and you might just think twice about continuing the habit.

Get In Shape

For overweight people, the health risks this represents is taken very seriously by life insurers. Obesity is even a bigger factor, so getting back in shape, proper diet and a healthy lifestyle is essential not only to lower your premiums, but for a better quality of life as well.

Get Covered While You’re Still Young

Rates are at their lowest when you buy coverage at a young age. Since you’re still probably in a good state of health, you have a low-risk profile to the insurer which means a more affordable policy up until your later years.

Shop For Cheaper Rates

This is especially recommended to those holding term life coverage. Sometimes the best way to get an affordable life insurance premium is to switch carriers. Use the many dedicated online life insurance portals to get access to the latest rates in the market, and get to compare your options more effectively.

Tags: life insurance premium

Recommended Life Insurance Coverage Miami Florida FL

Reader’s Question:

How much is the right amount of life insurance coverage that I should buy? I will be speaking with some insurance agents here in Miami, Florida about a policy soon and I want to know what kind of policy I should look for. Thanks!

Fleur

Miami, FL

The right amount of life insurance coverage that you need to get should be dictated by your personal financial goals and needs as well as those of those who rely on you for financial support. There are many so called “rule of thumbs” out there that dictates that you have to get at least buy a policy that has 10 or 20 times as much value as what you earn in a year, and while these are very good suggestions it may put unnecessary pressure and costs on your behalf just to meet these requirements. Also remember that we all have unique financial needs, obligations and situations so whatever life insurance policy you choose there in Miami, Florida should reflect that.

Let’s begin by focusing on why you would need life insurance in the first place. Here is a short list of questions that would guide you in determining the right kind of life insurance coverage:

• Do you have any dependents or kids? How much money would they need if you want to put them through college?
• Are you still paying mortgage? How much debt do you have left? How much money would you need to pay for these to avoid foreclosure or defaulting on your loans?
• How much does your household spend monthly? Annually?
• Do you want to make sure that your funeral costs are covered so as not to burden family or relatives in the event of your untimely death?

Tags: Life insurance advise, life insurance premiums, affordable life insurance, life insurance quotes, life insurance information

Life Insurance For Retirement Miami Florida FL

Reader’s Question:

I want to get a life insurance policy as soon as I retire here in Miami, Florida, I don’t know what kind of life insurance I need, can you help me?

Esther

Miami, FL

The best kind of life insurance that you need is one that fits your financial goals and requirement in the long-run, especially once you decide to retire there in Miami, Florida. Everyone has their own unique needs and it would be up to you to decide what life insurance policy is best. However, there are some basic guidelines and information that you should know, or take into consideration while looking to get the right kind of coverage:

Overall, a whole life insurance policy would be better suited for those looking to get life insurance for the rest of their life. This is especially good for those about to retire since it allows you to have a stable regular rate and would not have to be subject to expirations and renewals. This is good since one would never know what might happen in the future that could make you un-insurable, so already having a policy before that happens saves you a lot of burdens.

Unlike Term life policies, there is a “Cash-Value” feature found in whole life policies where part of your premiums accumulate. This feature allows your policy to earn interest and make some amount of money withdrawable from your policy for future needs. The obvious drawback of this policy would be the expensive amount of premiums in the initial years but those would level out in the long run.

Tags: Elderly life insurance, term life insurance, whole life insurance, life insurance information

Life Insurance With Asthma In Florida FL

Reader’s Question:

Will I be able to buy life insurance in Florida if I am asthmatic?

Abby

Miami FL

Yes you can still purchase a life insurance but it would be best to shop around before your buy. Some of the deciding factors of the insurance company whether they will consider your life insurance policy are the severity of asthma, how persistent it is and how well you respond to the treatments. The life insurance company will check the pulmonary function test results, your peak flow meter reading and how well is your breathing to know the risk that you have. If, for the past three years, you have not experienced worse asthmatic episodes, you may appear to be favorable and qualify a standard life insurance premium.

There are goals for asthma treatment that the National Institutes of Health has set. This includes a low occurrence of cough, shortness of chest and breath tightening and wheezing. The asthma should not affect your sleep or disturb your school or work schedule. Despite your condition, you should still be able to participate to physical activities. If you had stayed in a hospital or visited an emergency, the reason should not be asthma related. Lastly, if you are taking an asthma medication, this should take effect without adverse side effects.

Tags: life insurance

Regular Smoker Life Insurance Coverage Miami Florida FL

Reader’s Question:

What options do I have for life insurance coverage here in Miami, Florida if I am the type who smokes regularly?

Cindy

Miami, FL

You would still have about the same life insurance options there in Miami, Florida as would a non-smoker, the only real (and big) difference would be the amount of life insurance premiums you will be charged for being a regular smoker. Life insurance companies typically charge three, even four times, higher premiums for someone who smokes. Someone categorized as a “non-smoker” (not having used nicotine products for the last three years) can get a policy with a face value of $500,000 and only pay around $23 – $35 monthly on average, while a smoker would have around $60 to $80 for premiums just to get the same level of coverage.

 You could choose to get a No-Exam or Guaranteed Acceptance life insurance coverage but these tend to be more expensive since there is no medical data or information to determine how long you will live, hence you are automatically tagged as a high-risk customer.

Some people do tend to pretend that they are non-smokers to get a better rate and you may even pass the medical exam if you have not smoked for the past 72 hours prior to taking the test. If you chose to do the same, just remember that you have a legal contract with the life insurance company and if you death is related to your smoking then they may opt not to grant your death benefits.

Tags: life insurance questions, smokers life insurance, life insurance advise, term life insurance

Obesity Life Insurance Coverage Miami Florida FL

Reader’s Question:

Would Obesity affect how one pays for Life Insurance here in Miami, Florida?

Romeo

Miami, FL

This is a very good question. And a very relevant one considering that there are over 120 million American’s today who are considered to be either overweight or obese. Obesity, or being excessively overweight, just like smoking and other health-threatening habits or conditions, can definitely cause your life insurance rates there in Miami, Florida to get bloated (no pun intended). Life insurance companies take into account factors that can shorten your lifespan or cause premature death. This determines how much of a risk you pose to them in terms of life insurance coverage, in other words, if they have a bigger risk of paying your death benefits which will cost them a lot of money. The more likely that your untimely death is brought upon by complications such as diabetes or a heart attack, the higher you’re life insurance premiums become as well.

You can actually run some quote checks through a number of life insurance portals on the web who requires you to supply height and weight data, (the system calculates your BMI or Body Mass Index) notice how significantly bigger premiums are for those whose BMI’s is considered overweight.

Knowing that your weight greatly influences your life insurance costs is one step in avoiding huge life insurance premiums. To those people who see the glass as half full, the significant savings you can get towards your life insurance premiums by slimming down and advocating a healthier lifestyle can be a great motivation.

Tags: obesity life insurance, high-risk life insurance, life insurance, advise

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