Oftentimes, life insurance can turn into something we purchase, put away in a drawer and forget about. It’s important, however, to take time each year to evaluate if your life insurance plan is still meeting all of your needs. As life changes, the amount of life insurance coverage or the term you have in place might also need adjustment.
One of the easiest ways to understand your life insurance options is to work with SelectQuote. Whether you’re considering changing your coverage amount, length of term, or beneficiary, we can help modify your existing policy or shop for a new one.
Shopping and Comparing Life Insurance Rates
When shopping and comparing life insurance rates, it’s important to understand what kind of factors go into determining your life insurance policy’s monthly premium:
- Type of policy
- Amount of benefit
- Length of term policy
- Your health and age at the time of purchase
- Your hobbies
- Your gender
Life insurance companies often change the cost of policies, so re-shopping and comparing coverage and rates regularly is a good habit to build. There may even be opportunities to save money or increase your life insurance coverage at the same price.
Along with fluctuating rates, certain life events can call for the need to re-evaluate your coverage.
Changes that may require updates to your life insurance coverage include:
- Changed jobs or received a promotion
- Purchased a new home
- Expanded your family
- Had a change in marital status
Factors that could improve your life insurance rate:
- Lost weight
- Quit smoking
- Change in medications
Life insurance rates can increase rapidly as you age, so if any of the above apply to you, it’s important to revisit your coverage.
Let SelectQuote find the right life insurance for you today.
A life insurance policy gives your loved ones affordable financial protection and peace of mind, but even after you have taken the important step of securing your family’s financial future, it’s important to make sure you continue to get the most out of your life insurance coverage.
SelectQuote has been helping people find the right life insurance for more than 35 years. We can help you re-shop your life insurance coverage, ensuring you’re getting the most out of your coverage at a price that works with your budget.