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How to Choose the Right Life Insurance The greatest thing about getting life insurance these days is that you have so many options to choose from. Well in fact, there’s a good chance you’ll be overwhelmed by those many options. But, it still is important to be extra cautious when making your choice because not all life insurance products are created the same. Well, even if every single life insurance policy has its unique features, the same thing holds true: that they’re the same when it comes to the purpose, which in this case is to leave a lump sum of money behind when you die. Now to pick the right life insurance product, it makes sense that you first know the things that influence your choice.
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Age
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You probably already know by now that age is a foremost consideration when it comes to choosing the right life insurance policy. The current trend is that if you’re older, it means you also have a narrower list of options to choose from. Therefore, the earlier you choose to get life insurance, the more options will be made available to you. Meanwhile, you also need to know that basic term life insurance can only be purchased for people aged below 60. Health Majority of life insurance products can only be purchased right after you undergo a comprehensive physical examination. The most obvious reason why this is required is for you to be deemed healthy before getting that life insurance. This likewise will correspond to the trend that the healthier you are, the less expensive your policy will be. Gender According to statistics, women live about seven years longer compared to men. Because of this fact, there’s a tendency in which life insurance products for women seem to be a lot more affordable. Budget Also, budget or price is another major factor that will certainly influence your choice of life insurance. Obviously, you can’t get a permanent life insurance if your budget is limited for a term life insurance. Well, it’s pretty obvious that term life insurance products are cheaper because the policy is only in effect for a specific time or period, plus the fact that there is no cash value built up within the policy. Duration The duration of need is also a very important factor you have to put into consideration, more so if you’re interested in a life insurance policy that will protect you for only a specific period. For instance, you come to realize you want to get a life insurance policy, but you recently purchased a home on a 30-year mortgage. So, if the main objective is to make sure your mortgage balance is resolved before you die, you definitely will need to avail the 30-year term insurance policy.