THE 3 VARIABLES THAT DETERMINE THE EXACT COST OF YOUR LIFE INSURANCE POLICY ARE….
1. The amount of life insurance you are looking to buy. For example, a 50,000, 100,000, or 250,000 life insurance policy.
2. The most important decision you will make is when does the policy expire.
- Do you have a short term need or goal? If so, term life insurance is the way to go. You can lock your rates so your policy does not expire for 10, 15, 20, 25, or 30 years depending upon how old you are when you purchase it.
- Do you have a long term or permanent need or goal? If so, a lifetime policy like guaranteed universal life or whole life is the way to go. These policies have an expiration date at age 95, 100, or 121. Your short and long term goals will help you determine which is the best for you.
*** BE CAREFUL selecting your expiration date. You do not want to have your policy expire in your late 70’s, 80’s or 90’s and still have a want or need for life insurance. It is VERY EXPENSIVE to buy at that age even if you are healthy enough to qualify.***
3. What health class the life insurance company approves you at also effects your exact costs. Every life insurance company has about 12 health classes.
- Health class 1 is the best health class and least expensive BUT you have to be extremely healthy to get it.
- Health class 12 is the worst health class and the most expensive because of poor health.
***An agent or a broker can tell you what the cost of each health class is before you apply. No agent or broker can tell you what health class you will be approved at until the application and underwriting process is completed for the life insurance company.***
When comparing quotes from different companies you should compare by the health class that best matches your health, hobbies, habits, and lifestyle.
Before you apply to any company, consult that companies underwriting guidelines to see if you would qualify. Keep in mind that the actual cost on the policy will not be known until you have been approved and assigned a health class.
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