Term Life Insurance Articles
How Single Parents Can Find Affordable Term Life Insurance Online
2010-11-09
Single parents often feel the drive to buy life insurance as a way of protecting their children from potential financial disaster. For these parents, term life insurance is a sound choice, as it's inexpensive and offers very high benefits relative to the cost of the policy. As is the case with any other form of life insurance, term life insurance policies are more expensive for single parents than they are for married couples. This is due to the actuarial tables used by insurance providers. There's a statistically higher chance of death for unmarried individuals than for couples, so single parents pay more. However, there are still ways to control one's term life insurance costs and to get a less expensive policy.
One way is to change some of the other factors that lead to a higher-than-average term life insurance quote. The health of the policy holder, for instance, is a far more important factor than that person's marital status. Improving your health can significantly reduce your rates, especially if you visit a doctor for a checkup before applying and use your clean bill of health as a point of negotiation with term life insurance agents. Single parents should also monitor their cholesterol and sodium levels and quit smoking. Smokers face the worst term life insurance premiums of any group, and quitting will provide relief from high rates (although it may take two years or so before rates go back down to a normal level after a single parent stops smoking).
It's also important to choose the right coverage amounts to protect your children. Single parents often overbuy when choosing a term life insurance policy, because they assume that they need to plan for long-term support of their children. Depending on the age of the child, this may not be the case, and even if it is, the purpose of a term life insurance policy should be to provide financial comfort-not luxury. Make sure that your term life insurance benefits aren't set at a ridiculously high level and you'll see much more reasonable premiums attached to your quotes.
Speaking of quotes, it's also important to keep track of what term life insurance should cost given your age and other factors. Look online for term life insurance quotes before purchasing a policy; otherwise, you simply trust your insurance agent to give you a fair deal. Try to collect as many term life insurance quotes as you can and consider negotiating with your agent for a fairer price. While single parents may pay more than married couples for term life insurance, a few smart purchasing tips can greatly limit their monthly premiums.
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Single parents often feel the drive to buy life insurance as a way of protecting their children from potential financial disaster. For these parents, term life insurance is a sound choice, as it's inexpensive and offers very high benefits relative to the cost of the policy. As is the case with any other form of life insurance, term life insurance policies are more expensive for single parents than they are for married couples. This is due to the actuarial tables used by insurance providers. There's a statistically higher chance of death for unmarried individuals than for couples, so single parents pay more. However, there are still ways to control one's term life insurance costs and to get a less expensive policy.
One way is to change some of the other factors that lead to a higher-than-average term life insurance quote. The health of the policy holder, for instance, is a far more important factor than that person's marital status. Improving your health can significantly reduce your rates, especially if you visit a doctor for a checkup before applying and use your clean bill of health as a point of negotiation with term life insurance agents. Single parents should also monitor their cholesterol and sodium levels and quit smoking. Smokers face the worst term life insurance premiums of any group, and quitting will provide relief from high rates (although it may take two years or so before rates go back down to a normal level after a single parent stops smoking).
It's also important to choose the right coverage amounts to protect your children. Single parents often overbuy when choosing a term life insurance policy, because they assume that they need to plan for long-term support of their children. Depending on the age of the child, this may not be the case, and even if it is, the purpose of a term life insurance policy should be to provide financial comfort-not luxury. Make sure that your term life insurance benefits aren't set at a ridiculously high level and you'll see much more reasonable premiums attached to your quotes.
Speaking of quotes, it's also important to keep track of what term life insurance should cost given your age and other factors. Look online for term life insurance quotes before purchasing a policy; otherwise, you simply trust your insurance agent to give you a fair deal. Try to collect as many term life insurance quotes as you can and consider negotiating with your agent for a fairer price. While single parents may pay more than married couples for term life insurance, a few smart purchasing tips can greatly limit their monthly premiums.
