Term Life Insurance Q&A
- Why should I choose BeyondQuotes?
- Which companies do we represent?
- Is BeyondQuotes licensed where I live?
- Is my information confidential?
- Do you only offer rate quotes?
- How do we choose which companies to represent?
- How much Term Life Insurance do I need?
- What are "level" policies?
- What should be the term length?
- Is it worth insuring my spouse on my policy?
- Can you explain the difference between Term and Whole Life plans?
- I suffer form a pre-existing condition. Can I still be insured?
Applying for a Policy
- How do I apply for Term Life Insurance?
- How do I find the best value plan for my needs?
- What is the waiting period between applying and coverage?
Financial Analysis and Insurance Coverage
Many people who are in the middle of purchasing term life insurance at 60 are unsure of the amount of coverage they should have. They find it difficult to balance between the amount that will be sufficient for their family and the amount of money they can put in to purchase that coverage. The first step is to get life insurance quotes from as many companies as possible.
Majority of the companies are willing to provide insurance quotes for free. This way you will have real number to decide on. You will know exactly what coverage each company is providing and at what cost. Get quotes from companies that are registered to operate in your local area as rates vary from one place to another.
Individual Financial Analysis
The second step is to make a self analysis with reference to the monthly expenditure that your family incurs. Take into consideration the expenditure on education of your children if any, pending loan amount, and daily household expenditure. Above all those add some amount to act as buffer in case of some unexpected expenditure.
You can also take help from your friend or relative who is already enrolled in term life insurance at 60. This way you will have an idea on how to work out your monthly expenditure. Once you jot down all the parameters where, you are, or, might have to spend money in future. You will have a clear idea on the amount of coverage that will be just right for you.
Picking Term Life Insurance at 60
With your monthly family expenditure at hand, all you have to do now is to match with the insurance amount that will be sufficient for you. Drop the companies that are offering coverage at a cost that is beyond your budget limits. Once you have a handful of insurance companies that matches your specifications. It is time now to get in touch with them.
In this world of intense competition and companies fighting for each potential customer, they are more than ready to reach out to you and make you buy their term life insurance products. But one should exercise caution here as at times insurance companies make false commitments. And even established and well reputed companies may indulge in such activities at times.
After all, one still needs to sell their products even though they are at the top. One the other hand there is one thing that every person should remember. Do not lie at any time while purchasing term life insurance at 60. Insurance companies will never spare you, however gracious they are if they find that you manipulated information to purchase a life insurance policy. And in majority of the cases the insured person does not get a penny in the end.