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Saturday, May 23, 2009

Looking for Discount Term Life Insurance? Some Useful Tips

The general scenario in the business of term life insurance has changed a lot. Now a days, everybody is looking for discount term life insurance rates…..including me. Of course, sometimes, it appears that getting to find a term insurance with a low/discount rate is damn tough job, and also a rare event. But you all take my word….it is not that hard, provided you know how to look around for one. Now a days, many policy seekers have started looking for a low rate and some already found. Thanks to my work as a finance & insurance advisor, I need to interact with clients as well as expert finance authors, insurance content writers etc. and discuss about all the latest happenings and updates in the world of personal finance & insurance, during which I get to enhance my knowledge base too. Recently, I have learned from them about some really important factors we all need to watch out for, if we are up for buying a term life insurance policy, and trying to find out some discount rate. I would love to share those useful tips here to all my insurance policy seeking friends and dear readers……

1) Most of the insurance brokerage firms are the best option……according to my opinion. Many expert insurance workers would also suggest you to deal with a broker. There are many famous brokerage firms, who are professional enough about their work and who are well aware of the trade strategies, ins and outs, and near future work plans of several life insurance companies. We, the fools often think that we know the underwriting rules of all of these carriers. Of course, that of Some fomous carriers we have come to know, but they are only a handful. The rules of most of them are not known.

2) Proper consultation with experts is very important in finding a better policy, before going even a single step ahead. Many Insurance planners and advisors are there in market, who have perfect knowledge of different insurance rates, and are well familiar with the underwriting rules of multiple carriers. These finance experts can best predict when any rule of any carrier is going to be bent.

3) Are you always into a rocky, extreme lifestyle? How adventorous, or to be more presise, how risk-loving you are? If you love to be regularly into sky diving, reckless speedy biking or cr driving etc, Beware! Now a days, most of the term life insurance companies are refusing to pay the death claim of persons with such “risky” life style. So in case you are actively involved in such games or fun, and feel that you just cant survive without those, do make sure you inform your life insurance company about all those habits at the time of application.
Another advise: if ever you give up those risky habits which are not accepted by your insurance company for consideration of payment, contact your agent and do inform your company.

4) Some term insurance policies are available in market which exclude some risky activities, like-sky driving etc. from the list of possible situations of death occurance for claim of policy payment. In case of those policies, the dead person’s beneficiaries would get no money if he dies while into any excluded activity. Apperently, such policies may look non-profitable, but they also give a good advantage: no need to pay extra money beyond the cost of the policy you have purchased.


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