If getting life insurance is on your cards for this year, finding an affordable policy that covers all that matters to you is possible. A common misconception is that life cover is expensive, but there are affordable options if you know where to look. We have you covered with these 6 handy tips to help you find the right fit.
There is no better time than now
The best time to take out life insurance is when you are young and healthy. There is still time to take out life insurance even when you are older, but keep in mind that premiums tend to be more expensive, and most insurers do not cover people who are older than 65 years old. Having a cover in place as soon as possible can help you in becoming financially prepared to handle the costs that come with life's curve balls such as being diagnosed with a terminal illness or death.
Use an online calculator
Not sure where to start when it comes to answering the big question - "How much cover do I need?" Using an online life insurance calculator can remove the stress by giving you an estimate of how much cover will be enough for you. Your situation is different to the next person's which is why it is vital to find a policy that matches your needs. There is also the option of requesting an obligation-free quote to have an insurer call you and give you a quote free of charge or help answer any questions you may have.
Check the features
Affordable doesn't mean you have to skimp on quality. It's still possible to get affordable life insurance that comes with features that will take care of you and your loved ones. Knowing what to look for in a policy will let you know if a cover will be suitable for you. Always make sure to ask an insurer about anything regarding your policy before signing on the dotted line or agreeing to a policy.
Make some lifestyle changes
Did you know that some of your lifestyle choices can affect your premiums? Insurers assess you based on your health to see how much life cover you need or if they can cover you. Anything that puts your life at risk can increase your premiums or cause an insurer to not cover for you. For example, a smoker can get a policy but there may be a slight increase in their premiums due to the risk that smoking poses against their health.
Compare your options
Looking at your needs, your income and the loved ones you would love to protect financially can give you a good idea of what type of cover you will need. It will also cut down your research time when comparing your options. Remember to always compare your options to avoid having to switch or cancel your cover after a short time of having it.
Does it come with benefits?
Not all policies are equal. Therefore, checking what benefits come with it to get more value for your money can be handy. For example, MiWayLife offers a 4-in-1 life insurance policy that comes with a built-in funeral cover, terminal illness cover, funeral cover for family members and accelerated benefits under one affordable premium. As much as finding an affordable policy may be a top priority, make sure that it comes with benefits that will be useful to you when you need it the most.
