The Dos and Don'ts of Getting Life Insurance

iQuanti: Getting life insurance can take time and may seem complicated. But knowing what you should and shouldn't do when it comes to buying a policy can make the process simpler. Here's a closer look at the dos and don'ts of getting life insurance, so you can choose the right policy for you and your loved ones: 

Do calculate how much coverage you'll need 

Knowing how much coverage you'll need will keep you from spending too much on life insurance. Calculate the amount of debt you have and the amount your funeral costs might be. Some debts to add up include your mortgage, your student loans, and your car payments.  

You can also multiply your annual income by the total number of years you want to keep your family covered. And if you want your policy to help put your kids through college in the event of your passing, estimate the cost of your child's college tuition. Calculating all of these numbers can help give you an idea of the amount of coverage you should get. 

Don't lie during the medical exam 

Lying about your health during your medical exam can bring serious consequences. Underwriters are able to access public prescription and Medical Information Bureau records to find out if you've given them false information. If a life insurance company finds a contradiction within your application, your coverage can end up being denied. Additionally, if you pass away and the insurer learns you obtained a higher value or lower rate based on false information, your claim can be denied. 

Do get life insurance quotes 

The cost of life insurance can vary depending on which life insurance company you get a quote from. So, it's important to get life insurance quotes from multiple companies to find the best value. While affordability is desirable, you shouldn't necessarily always go with the most affordable option. Along with considering the premium amount, review the features that come with each company's plan to decide on the best policy for your unique needs. 

Don't put off buying life insurance 

Life insurance gets more expensive as you get older since you're more likely to pass away. Beyond the increased cost, putting off buying life insurance puts your family at risk of not being financially protected if you die before getting a policy. So, consider getting a life insurance policy sooner rather than later to lock in lower premiums and give your family added financial security sooner. 

Do quit smoking 

Smokers typically have to pay a higher premium than non-smokers. Quitting as soon as possible can help you to get a lower rate. Insurers will only consider you as a non-smoker if you haven't used tobacco or nicotine replacement products within the last 12 months. The insurer will usually require you to provide urine or blood to verify your abstinence. Along with quitting smoking, it's also a good idea to give up any risky hobbies, as they may cause your premium costs to be higher. Keep these dos and don'ts in mind in order to get the right life insurance coverage at a rate you can afford. 

Coverage is underwritten by Aflac.

In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, and Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400 and Riders: ICC1368050, ICC1368051, ICC1368052, ICC1368053, ICC1368054, ICC1368055. Aflac Juvenile Life Insurance ‐ Policy Series 65000: In Idaho, Oklahoma, Pennsylvania, Texas and Virginia, Policies ICC0965JTO and ICC0965JWO; Policy Series B61000: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. This is a brief product overview only. Coverage may not be available in all states, including New York. Benefits/premium rates may vary based on the plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.

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Source: iQuanti