hen you decide to invest premium. And you need to remember
in life insurance you you may have to undergo a medical
need to compare rates for exam at that time as the company
your individual needs from regards this as a new term life
various companies. policy.
Premiums on permanent life But the good news is that in
insurance policies are guaranteed Canada, you can buy a "Term 100
never to increase beyond the year" policy which takes you up
rates outlined in the policy, to that age at a fixed premium.
even though the cost to the It's more expensive than a "Term
insurance company for providing life 10 year" or a "Term life 20
the coverage will not be known year" policy but except for older
for many years. Due to this ages, it it still less expensive
uncertainty, premiums must be set than whole life insurance.
at a conservative or higher level
which ensures the company's The Cost Of A Term Life Insurance
ability to pay the benefits, Or Whole Life Policy Is
regardless of the future Determined By Three Basic
considerations. Factors:
Term Life Insurance Is Different Mortality. The life insurance
company initially assumes a
However for term life insurance, certain projected rate of
this is not the case as usually mortality for the lives of those
the periods of coverage are for a insured. This rate varies with
fixed period of years, for age, product, sex, health and
example 10 years. If you take number of years from the issue.
such a policy, you would then
need to renew it at a higher Expenses. The insurance company
projects future operating your premiums. If you are
expenses, such as policy overweight, find out what weight
acquisition costs, company will lower your premium.
operating expenses, and other
costs of doing business. Only about 11% of the public
actually qualifies for
Investment Returns. The insurance "preferred" rates - most people
company initially projects a rate pay standard rates.
of return on its investments,
usually based on current economic If a health condition causes you
conditions. to pay more for insurance -
insist on being told the exact
Smaller term life or whole life reason. Discuss the reply with
insurance policies do not your doctor to find out if it is
necessarily require the insured accurate.
to take a medical exam; just
supply some medical information. Remember the only way to find a
low life insurance rate, is to
Some Keys To Getting Low Term find an independent life
Life Insurance Rates insurance broker who does the
"shopping" to get you the best
Non smokers pay half the cost of possible rate for your whole or
term life insurance than smokers. term life insurance policy.
Sometimes losing weight can lower
About the Author:
Ivon T. Hughes of the Hughes Trustco Group is a licensed Insurance Broker. Author of The Life Insurance Handbook. Get a FREE Copy TODAY! Email: info@trustco.ca Web: http://hughestructco.com
Read more articles by:
Ivon T. Hughes
Article Source: www.iSnare.com 
