Buying life insurance: shopping list

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When shopping for term life insurance, you want to find the right amount of insurance coverage at a reasonable price with a company you can trust. But for many people, getting started is the hardest part that's where the following Life Insurance Checklist can help.

1 What you would like your policy to achieve?

Ask yourself what it is you want your life insurance to do. For example, do you want to have insurance coverage that will:

o Pay funeral arrangements?

o Pay the outstanding balance owing on a mortgage and other debts?

o Offset the loss of your income? And if so for how long?

o Contribute to the future education of your children?

o A combination of all or part of the above?

Knowing what you would like to accomplish with your life insurance policy and approximately how much you need to achieve these goals will help you determine how much life insurance you should consider purchasing. Online life insurance calculators are available to help you put a dollar value on the amount of coverage you need.

2 Who would you like to insure under the life insurance policy?

Most insurance companies offer a variety of life insurance products to suit your lifestyle and family needs. You can get an insurance policy on your own life, or you can get one policy for both you and your spouse (called a joint life insurance policy). The most common joint life policy provides coverage when the first partner dies, leaving the life insurance benefit to the surviving spouse.

3 How long will you need life insurance?

Consulting a psychic isn't ain't necessary, although it does require that you estimate the timing of your life insurance needs. For example:

o When will your mortgage be paid off? The Group period of your mortgage will often determine how long your term life insurance policy should be.

o When will your children be finished school? One day they'll finish their education and having enough life insurance coverage to pay their educational expenses won' t be necessary.

o When are you planning to withdraw? You will have less income to replace at that time.

Knowing how long you'll need life insurance coverage before you begin shopping will ensure you're comfortable with the life insurance product you end up purchasing. Online tools are available to help you figure out which term for your life insurance policy is most recommended for people with similar lifestyles.

So now that you've got the how much, who and how long questions answered, you're ready to shop.

1 Compare life insurance quotes from multiple companies:

It country to shop around because life insurance rates can vary considerably depending on the product you choose, your age, and the amount of coverage you request. This is the easy part, because with the Internet you can compare life insurance quotes easily online, anytime.

2 Which life insurance rate has been quoted - standard gold preferred?

There are two basic life insurance rate groups you should know about when shopping for life insurance coverage: standard and preferred rates. Standard life insurance rates are the rates the majority of Canadians qualify for, while about one third of the population is eligible for preferred rates.

Preferred life insurance rates are typically offered to very healthy people and means you may pay a smaller than most premium. Usually preferred rates are offered only once the results of the medical information and tests are known. It will depend on your blood pressure, cholesterol levels, height, weight, and family health history. Goal preferred rates are worth it. They could save you up to 30-35% off your quoted premium.

When comparing prices, make sure you're comparing 'standard to standard' or 'preferred to preferred' life insurance rates. If you're not sure, ask the broker. It would be disappointing to find out you were quoted preferred rates at the beginning, only to find out you don't qualify for them later.

3 Review the life insurance broker's availability:

How easily can you get a hold of the broker? What are their hours of operation? Whether it is through their website or telephone, the life insurance broker should be easily accessible to you should you ever have questions or need to speak to them about a change in your life insurance needs. Look for toll free numbers and extended hours of service as guides.

4. Review the medical information required to obtain the policy:

Typically the more medical information you provide, the better the price. For a policy that asks few or no medical questions, you can bet the premium is higher for the same coverage then a plan asking for more information. Regarding on the company, your age, and the amount of coverage you want, you could be asked to provide blood and urine samples. To obtain the samples, a nurse will visit at not cost to you.

5. Consider a life insurer's financial stability and strength:

A company's financial stability is something to consider if you are planning on making a long-term purchase like life insurance. There are organizations out there, like A.m. Best, that evaluate insurers and provide a rating on their stability and strength.

6 Ask about renewal options and requirements:

Once the initial premium is set, it is usually guaranteed for the length of the policy (often 10 or 20 years). But what happens when the policy expires? Most policies are renewable until you are 70 or 75 so don't forget to ask your broker if you will have to take a medical to renew your policy. While your premium will be higher on renewal, find out if they will also be guaranteed to remain level for the second term of the policy.

7. Confirm the policy can be cancelled without penalty:

Most term life insurance policies can be cancelled at any time without penalty. Make sure to check with your broker to see if the life insurance company has any unusual cancellation policies.

8 Consider the conversion options and restrictions for the policy:

As your life changes so do your life insurance needs and you may want the option to convert your coverage some day.

To convert a term life insurance policy means to transfer all or part of, the death benefit of the policy into a permanent life policy without a medical. For example, say you originally bought a term policy to protect a mortgage and child. Once the mortgage is paid and the child grown, you might find it desirable to convert the policy into one that will give you a new level premium for the rest of your life, and a death benefit that is guaranteed not to expire as you age.

When you purchase your life insurance policy, find out if there are any limitations on your age at the time of conversion. In most cases, you have the option of converting up until you are 60 or 65. As well, ensure you are given several options of the type of policies you can move into, the more the better.

Final tip - choose a life insurance broker you trust:

While it doesn't necessarily impact the type of policy you choose to purchase a report with your broker is critical in feeling comfortable with the life insurance policy you buy and the information you've received.

For more information on life insurance, or to get quotes, kanetix. ca?s life insurance quote comparison service provides instant online quotes from some of Canada's most recognized and trusted life insurance companies.

6 Factors that may affect your Auto Insurance Premium

When it comes to auto insurance, many consumers have no idea what insurers look to propose the amount of the bonus all powerful. But believe it or not, the insurers pull your car insurance from thin air.

To help you get the lowest possible insurance rates, it is important to understand the factors that might affect your premium - and how to use these factors to the scale in your favour!

Factor # 1: Your driving record

There is probably no surprise to you that insurers watch your driving record. They do this to measure or assess the risk to you. But what exactly they are looking for? Insurers will analyze your folder of conduct for violations of traffic and claims, liability, accidents usually three to five years. If you have received marks against your driving record, you can bet that you will pay more for your car insurance.

Tidings: Marks against your driving record fall usually later in the eyes of your insurer after three years. You can avoid to be penalized for a less stellar driving record in defensive driving as possible and avoid filing small claims (such as hail) and pay for the repairs yourself.

Factor # 2: Previous insurance

If you are applying for car insurance under a new insurer, your prospective agent will almost certainly consider your previous insurance. He or she wants to know if that you pay your premium on time, claims how increase you from your former insurer, as well as any other problematic behavior your risk for.

Red flags in the previous insurance will probably lead to an increase in the rate of insurance. And unfortunately, if you were not insured previously, you can pay more auto insurance until you establish a history for insurance.

Tidings: You can avoid in the future, these penalties by paying your premiums on time, avoiding small claims filing and maintaining a respectful relationship with your insurers.

Factor # 3: Your credit history

According to a recent study by the firm of insurance Conning research company, 92% of top insurers 100 nation are factoring in automobile insurance credit history.

And while the insurers are looking directly at credit notes, they are more interested in how you have used your credit in the past. Insurers will focus on the length of your credit history the amount of revolving debt you have and all collections or payments overdue to form an insurance score.

And while critics and consumers accuse insurers to use based on credit rating as an excuse to inflate the car, there is a surprising amount of statistics for the use of the rating of insurance. In fact, studies have shown that consumers at the bottom pool of credit file claims 40 percent more than consumers with good credit. Insurers is also use your credit history to assess the likelihood of paying your premiums on time. It is for these and other reasons that rating insurance is probably here to stay.

Tidings: You can improve your score insurance paying your bills on time, paying down existing high balances (such as credit card) and have your premium car automatically withdrawn from your account each month.

Bonus tip: insurers tend to give rebates to customers whose balance automatic invoice!

Factor # 4: Geographical location

Can insurers charge you more because there where you live?

Yes.

Statistically speaking metropolitan areas see more incidents of car accidents, theft and vandalism. These factors increase the risk that an insurer takes to cover you. For example, if you live in the city, you pay more for car insurance if you lived in a more rural area or the suburbs.

Tidings: While your premiums may be traced in urban areas, you can mark the rebate if your car is preserved in a parking garage or a parking structure. Make sure that your agent know these safety - measures including any electronic theft deterrent in your car.

Factor # 5: Car question

This is a surprise to most new car costs often more to ensure that a which has been around the block a few times.

How is this possible?

With air bags and anti-theft devices in the car, you might think that your premium would be down. But the fact is that newer cars can be more expensive repair and replace - which will increase the amount you pay for the car.

Tidings: Don't discount discount! If your car has multiple airbags and other safety features, make sure that your agent is aware of all. And you can avoid premium surprises in the future by getting an estimate of your insurance before purchasing this luxury coupe.

Factor # 6: Using the car

Believe it or not, your insurer concerned with how you use your car and those that you use for. This may seem relatively little important to an insurer, more you are on the road already your chances to enter an accident - which translates into an increase in risk to the insurer.

Tidings: Well, it isn't you can do about it. Living near work should save a couple bucks, but if this is not an option (and sometimes it is not), make up for any increase of ask you additional bonus incentives offered and discounts. Chances are good that your insurer Pearl your premium up to a large part in this way.

An educated consumer is a powerful consumer!

While the final decision on automobile insurance premiums is ultimately in the hands of the insurer, by using the above advice can help tip the balance in favour of the consumer.

So to get cheaper car insurance premiums by educating yourself on the factors mentioned above. And remember, different insurers may use these factors in different ways - so shop and get multiple quotes to find the good market auto insurance you need!

On InsureMe

Megan l. Mahan is a writer and expert information on insurance with InsureMe in Englewood, Colorado. InsureMe links agents throughout the country with consumers, buying insurance. Specializing in health, home, life and auto insurance quotes, InsureMe network provides thousands of agents with insurance leads each year. For more information, visit InsureMe.com.