Buying a whole life insurance policy is a lifelong commitment, so it can be important to find whole life insurance rates that fit your budget needs and meet your life insurance protection goals.
Here are six tips to consider when shopping for aﬀordable whole life insurance rates.
Whole life insurance is a type of permanent life insurance policy and remains popular partly because of the lifetime coverage and living benefits it can oﬀer. There are a few things you can consider while shopping for a policy that may be helpful.
1. Buy the right amount of coverage for you
Keep in mind that the more life insurance coverage you buy, the more your policy may cost. Locking up a million dollars’ worth of coverage may sound enticing, but it can lead to premiums that are unnecessarily high if you don’t actually need that much coverage.
Take the time to carefully determine how much coverage you actually need. While predicting the future may not be an exact science, a life insurance calculator can go a long way in helping you purchase an amount of coverage that can help keep your whole life insurance rates aﬀordable for you.
2. Buy the right type of policy for you
There are a variety of permanent life insurance policies that can be purchased. Some policies oﬀer premiums that increase over time (allowing for lower rates while you are young), some policies can be paid for with one lump sum, and there are still other forms of permanent life insurance you can consider.
You can even find permanent life insurance policies that require no medical underwriting. This type of coverage is known as guaranteed issue whole life insurance. Coverage is subject to receipt of payment and verification of identity as required by law and is eﬀective upon receipt of policy.
3. If you can, consider buying life insurance while you’re young
Permanent life insurance policies can be more aﬀordable when you purchase your policy at a younger age compared to buying the same policy later in life.
Because some permanent life insurance policy premiums can be determined based on your age and health status at the time of applying for the policy, it can be advantageous to consider buying your whole life insurance policy sooner rather than later.
4. Consider improving your health
Life insurance policy rates can be determined partially by your age and also by your health at the time of applying for the policy. Considerations such as your weight, blood pressure and tobacco use can aﬀect your life insurance rates.
In order to obtain the most aﬀordable premiums possible, you may want to consider improving your health and lifestyle so that you can be closer to your optimal health when you apply for a policy.
5. Shop with a reputable insurance company
Finding an aﬀordable life insurance policy can be made easier by comparing your policy options with a reputable company, such as AIG Life Insurers. Call an AIG-appointed life insurance agent today at 888-428-8870 to review your options and find whole life insurance rates that may fit your needs.
Policies issued by: American General Life Insurance Company (AGL), Policy Forms: ICC15-15532, 15532, 15532-5, 15532-10. Rider Numbers: ICC15-15200, ICC15-15201, 15200, 15200-10, 15200-35, 15201, 15201-9, 15201-10 and 15201-35. Issuing company AGL is responsible for financial obligations of insurance products and is a member of American International Group, Inc. (AIG). AGL does not solicit business in the state of New York. Products may not be available in all states and product features and rates may vary by state. Guarantees are backed by the claims-paying ability of the issuing insurance company. ©2018 AIG. All Rights Reserved.
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