Universal Life Insurance

Reader’s Question:

I need life insurance coverage for just the next ten years, any tips on what kind of life insurance I should buy? Also, how do I get the best life insurance rates? Thanks!

Maverick

Dallas, TX

Good question. Seeing as you only need coverage for a fixed period of time, a term life insurance plan is highly recommended. This is probably the simplest kind of life insurance that you can find. You just pay premiums to maintain life coverage until the term period is up. You will be glad to know that you can get significant amounts of coverage (”face value” or the amount of death benefits on the policy) at very affordable rates.

Here are some tips to help you get cheaper life insurance rates:

1. Shop for Life Insurance Quotes Online – Online life insurance comparison websites are a great way to find the best rates for life insurance today. It saves you time and it’s completely free! Compare many different life insurers in your area easily.

2. Pay Annually – Your life insurer may provide you discounted premiums or lower rates if you decide to setup an annual payment plan. This is actually a very common practice nowadays and can lead to significant savings in the long run.

3. Ask about Discounts – Do make sure to ask for discounts that you may be qualified to get. Most companies today offer discount options. Discounts can be a great way to lower your life insurance premiums.

4. Buy Higher Coverage – Choosing the next highest coverage tier might actually give you better rates and some additional perks. Ask your life insurer about this as well.

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