Term life insurance rates change periodically and the carrier with the best rate today, may not be the best rate in 6 months. When we shop the carriers we get the most current up to date rates that exist on the market currently for term life. It is important to make sure that rates are still applicable to when you are applying for the coverage. Clients will often wait on applying and the situation may have changed by the time that they get around to it. Not only can the rates change, it is important to know that it is just a quote. A quote doesn’t become a rate until you qualify for it in underwriting. Often times, clients will assume they can get the quoted rate, but when they apply they get a worse rating or declined.
Another item to consider with the current term life rates is whether the carrier is actual age or next age. If the carrier is actual age, you are eligible to qualify at that age and rate while you are that age. If a carrier is next age, you turn one year older 6 months prior to your next birthday. You can save age by backdating the policy prior to your actual birthday or your insurance birthday. It requires the policy date to be before the event and for the client to back whatever back premium to save age. Please come by www.paramountlifeinsurance.com to get the most up to date rate quote for your situation.
What is the best term life insurance? That is an interesting question and how do I determine what that means?
I generally think this can be answered through a basic analysis when selecting the carrier you want to work with. Which carrier will underwrite me the most favorably based upon my specific underwriting situation? If you have sleep apnea and take medication for a couple of different purposes, then it might be one carrier. If you have type 2 diabetes it may be a totally different carrier. Based upon which carrier will underwrite your situation the best, that will determine your underwriting rating and your ultimate premium. See what offers a Florida life insurance consultant can help with you.
Another aspect of determining the best term life insurance for you is what is the company’s financial strength. Generally you want to select a company that has an A rating or better. This is something you will want to be comfortable as you select the carrier you work with.
When determining the best term you want to look at your short and long term goals and needs with the insurance. For example, will you only want the term for the term period? Will you possibly want to convert all or a piece of the term to permanent insurance? If you will want this as an option then you want to look at what the term carriers offer as conversion options. Do they have a good whole life option? Universal Life? How long do you have to convert it with no proof of insurability?
These questions might help you if you are trying to figure out what the best term life insurance is. It is going to be specific to your situation and varies per person.
Jacksonville, Florida — Please make sure you stop and check out what to do if you have lost a whole or term life insurance policy. If you have misplaced or lost records it can create havoc in the event of a persons death. Many family members may not be aware that any wills or term life or whole life insurance policies even exist after that passing of a loved one, leaving them to sort out the assets and liabilities left behind. Read more today.
“Unfortunately, there are no public records relating to life insurance transactions. If a database existed it might be easier to determine if a deceased family member has obtained whole life insurance, but no such database exists”, said Vince Bagni of Paramount Life Insurance.
When faced with such a dilemma, some basic detective work may have to be employed in order to find missing policy information. One of the first places to search is the deceased person’s bank. Find out every bank that the person may have conducted business with, and you will first want to review all of their past bank account records. Cancelled checks or automatic withdrawals for premium payments to an insurance company may have policy information on them. Next, check out any safe deposit boxes as many people will keep life insurance policies in them.
Ponte Vedra Beach, Florida (32082) — Shopping on the Internet is becoming very popular for everything from clothing to cars, and painters to plumbers. Insurance products are no different and term life insurance in particular has gained a large share of Internet market sales. As with any type of purchase transaction, it pays to do some homework and become familiar with the products you are purchasing. Learn more today, Call Vince Bagni, from Paramount Life Insurance to get a FREE analysis. Read the full article and learn more about online life insurance today.