Life insurance provides a safety net so that your family is protected. General term insurance can provide your family with income, cover debts and basic needs and even help pay for the mortgage or college. Hit & Go Insurance offers customizable policies to meet your needs and those of your loved ones.
Do you have the coverage you need?Many people put off buying life insurance or don’t purchase enough coverage. In fact, J.D. Power and Associates states that 40% of Americans have no life insurance at all, and that 50 million people in the U.S. lack adequate insurance. Those who do buy life insurance often don’t understand how much to buy or what price is fair. Here are some tips on when and how to get the best insurance for you and your family:
Be honest on your applicationOne of the worst things you can do is to lie on your application. It’s tempting to fudge your answers “to get a better rate”–maybe even “forget” to mention a medical condition. One of the biggest lies is about tobacco use. Many people know that tobacco is bad for their health–and their insurance rates–so they lie about their use. Other lies involve drug use, depression, income (to qualify for higher coverage amounts) and traffic violations. A lie can result in a denied claim.
Buy young!Older is not wiser in the life insurance market. Rates are based partially on age. The older you are, the closer you are to death. Each birthday you pass increases your rates. Your best strategy is to apply for insurance while you are young and healthy to qualify for the best rates.
Don’t purchase too little insuranceOne of the biggest mistakes when buying life insurance is to get too little. Don’t be one of the 50 million people who are under-insured. Rather than follow a rule of thumb like “buy eight times your salary,” look at your individual situation. Consider your debts, as well as the income that your family is likely to lose from your passing. You want coverage that will pay off all your debt as well as provide income for your family. Health insurance, retirement account contributions and child care are all perks that your employer may be subsidizing–and that disappears once you are gone.
Be sure to really examine what expenses your family is likely to pay over the next 15 to 20 years, according to the ages of your dependents and the financial obligations your family has. Buy enough insurance to cover them.
Don’t light up:Thinking of lighting up a cigarette while out hanging with friends? Think twice if you have a life insurance medical exam on the horizon. We already know that smoking increases your health risks, and smoking also increases your life insurance premiums–a lot. Smokers, even in good health, can expect to pay two, three or sometimes four times the amount that nonsmokers pay for life insurance. After you kick the smoking habit or lose 15 pounds to put you in a different class, you can ask your insurance company to re-evaluate your situation and lower your premiums.
Protect the future of your loved ones with term life insurance from Hit & Go Insurance. We offer a variety of low-cost plans, some without the medical exam requirement.