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Most Important Factors in Choosing Life Insurance When you plan on getting a life insurance, you should know that you’re lucky enough to choose from a wide range of products available these days. Well in fact, there’s a good chance you’ll be overwhelmed by those many options. But then again, even if there are a handful of choices, it doesn’t mean you simply pick one without even figuring out if it’s the right one for your needs. Well, even if every single life insurance policy has its unique features, the same thing holds true: that they’re the same when it comes to the purpose, which in this case is to leave a lump sum of money behind when you die. Now to pick the right life insurance product, it makes sense that you first know the things that influence your choice.
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You probably already know by now that age is a foremost consideration when it comes to choosing the right life insurance policy. In fact, the older you are the narrower your options are. And that also means the earlier you decide to get life insurance, the more options are made available to you. Now if you’re over 60, you must know that you can no longer purchase basic term life insurance. Health You also should know that to purchase majority of available life insurance premiums these days, you first need to undergo a comprehensive physical exam. The obvious purpose for this is for the insurance company to determine your state of health. So, it’s accurate to say that if you’re healthy, your insurance policy is most likely going to be more affordable. Gender You probably don’t know it, but women actually live seven to nine years longer than men. Because of this, it seems like life insurance products offered to women are less expensive. Budget Be reminded as well that your budget in purchasing a life insurance is a major determining factor in choosing which type fits you. If you have more than enough to spend, a permanent life insurance is ideal; but if your budget is limited, a term life insurance is probably your only option. The main reason why a term life insurance product is more affordable is because the policy in itself is in effect for only a specific period and that there’s no cash value raised inside the policy. Duration of Need The duration of need is also a very important factor you have to put into consideration, more so if you’re interested in a life insurance policy that will protect you for only a specific period. One very notable example for this is when you recently purchased a new home with a 30-year mortgage payment period and at the same time, you realized you want to secure a life insurance policy. So, if the main objective is to make sure your mortgage balance is resolved before you die, you definitely will need to avail the 30-year term insurance policy.