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What is the best life insurance policy

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Finding the best life insurance policy for your needs can be a daunting and confusing experience. At insurance info guide our aim is to help this process easier a help people understand the different options available so they can make the right choice.

In short, the “best” life insurance policy depends on a number of variables that relate to your current health, age and circumstance. When buying life insurance, don’t feel the need to make a quick decision, take your time to read reviews and get all the facts and always ask for the product disclosure statement (PDS). The guide below covers the best insurers for the top 3 circumstances, we have done the research so you don’t have to spend hours reading and comparing the various options for life insurance.

Life Insurance for Seniors

Life insurance for seniors is one of the most expensive policies to take out but should be considered for those entering retirement age or the twilight of their years. Having cover in place allows you to avoid passing on any financial burden to those you love most and gives you peace of mind knowing that you can leave financial assistance to your beneficiaries. Life cover offers a financial safety net to to your loved ones in the event of your death and also take care of any existing debt you may have so they don’t have to.

Best Life Insurance Rewards Program

Most life insurers want to reward their customers for living a healthy lifestyle and this is where rewards programs come into effect. Rewards programs helps to develop customer loyalty, some even offer money savings and reduced premiums if certain conditions are met while you are insured with them. The following are some of the common rewards that are offered:

  • Reduced premiums for loyalty or taking out multiple life insurance policies
  • Benefits for improving or taking care of your health like quiting smoking
  • External program bonuses when you sign up
  • Bonuses for referring friends or family members

Best Life Insurance for Pre-Existing Conditions

People with pre-existing medical conditions often find it difficult to get affordable life insurance. There’s no one particular policy that’s best for anyone with a pre-existing medical condition as they vary based on the type of condition and the perceived risk of your condition being terminal. People with pre-existing conditions should target insurers that can be up-front with them about whether they will end up actually covering them or not. Insurers factor pre-existing conditions into their policies but the decision will depend on their underwriting process and risk calculations.

What is the average life insurance cost per month?

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Average cost of life insurance for ages 18 to 70. A health person whose age falls between 18 and 70 can expect to pay an average $67.88 a month for a $250,000 life insurance policy. Of course, this cost varies wildly depending on which end of those ages you are, your lifestyle and your overall health. In brief, the cost of a life insurance policy is determined by the probability and risk of you dying within each year of your policy. The younger and healthier a person is the lower the cost of their premiums per month, conversely, if you are older and are a smoker your life insurance costs will be higher. It goes without saying that the choices you make towards a healthier lifestyle such as quitting smoking or exercising regularly can decrease the cost of your life insurance plan.

Is life insurance worth buying?

Life insurance (sometimes called ‘term life’) is a product that pays out a sum of money to your family/beneficiaries in the event of your death, or if you’re diagnosed with a terminal illness. These funds can be used to help your family pay off debts (e.g. home loans), send your kids to school, or act as a nest egg for your partner’s retirement.

So, how much life insurance do you need? Research firm Rice Warner suggests roughly 10 times what you would typically earn in a year. Life insurance premiums are different for every person, as they are calculated based on your health, how you decide to structure your premiums, and much more.
Life insurance explained.