Working with agents and adding free riders are the most common ways of getting better coverage, cheaper rates or sometimes both. This is regardless of whether you need cheap car insurance or any other coverage. On the contrary, you may become a knowledgeable consumer and even learn the tricks that will possibly help you get the best value of your money by freq2uently shopping for life insurance.
However, most individuals rarely purchase life insurance perhaps once in their lives and of course they might not know if they’re making mistakes along the way. Therefore, below are a few well-known strategies for buying life insurance.
Attach a Check to your Application
Actually, you really don’t have to wait until your life insurance policy is issued to lock in coverage. The underwriting process can possibly take several weeks most especially if your insurer has to wait for your doctor’s office to send medical records. As you wait for the whole process to end, you can certainly obtain immediate temporary coverage by sending in payment for your first month’s premium with your life insurance application.
Sending in the first month’s premium is critical as it ensures that your beneficiaries have insurance protection while you wait for the wheels of the application to turn. Even if you plan to pay your life insurance bill annually going forward, you might still need to send in one month’s premium to take advantage of temporary insurance. But there’s no requirement for you doing so.
Add a Chronic Illness Rider-for Free
A rider is simply a way of attaching extras to your life insurance policy. Although most riders aren’t worth the price, a chronic illness rider tends to be the most suitable and most insurers offer for no charge. When you’re having this rider and you experience a chronic illness you’ll be more likely to access your death benefit early.
Although it doesn’t add extra money to your policy, it lets you draw down your benefit while you’re still alive and your beneficiaries will receive the remainder. The chronic illness rider applies to more conditions though it might require a doctor to certify that the condition is likely to last the rest of your life.