Rate Banding
Many insurance companies lower the cost per
thousand at certain intervals. This is called "Rate Banding". For
example it may cost $1.00 per thousand dollars in coverage for face
amounts up to $249,999, and only $.75 per thousand dollars in
coverage for $250,000 and more. This means that you may be able to
buy twice as much coverage for less than twice the premium!
Payment Modes
Deciding how to pay for your new term life
insurance policy can be a decision that could save you money each
year the policy is in force. Most companies offer annual,
semi-annual, quarterly, and monthly payment options. The least
expensive way to pay the premium is always annually. Choosing an annual payment could save you 5% or more over
monthly automatic withdrawels, quarterly or semi-annual premium modes.
Return of Premium
Some carriers offer products called "Return of Premium". These products generally have premiums higher than traditional term insurance but give you a refund of your paid premiums if you choose to surrender the policy, as much as 100%. If you hold these policies to the end of their guarantee period you could receive all of your premium back - meaning your cost is ZERO!
Actual vs. Nearest Age
There are two methods of determining your age for insurance purposes: actual and nearest age. Depending on the
company and how far off your birthday is, you could be considered a
year older than your actual age when the policy is issued. That is
why we say: "The longer you wait, the older you get, and that means
higher premiums!" Without you even realizing, you could have an
insurance birthday!
Child Riders
Many companies offer insurance for children as a rider on a parentıs policy. The specified amount is added to the parents premium each year you desire coverage, up to the predetermined cutoff age (usually 21-24, depending on the company). Many child riders are convertible later to stand alone insurance policies without having to show new evidence of insurability.
Please call
ConsumerQuote USA at 1-800-994-SAVE(7283) with any questions and see how much we you can save on your insurance today!
