Common misconceptions when buying life insurance

Jul 25, 2011

Shopping for life insurance quotes online can help consumers find an affordable policy

A report says consumers generally think up any excuse they can to justify their lack of life insurance. However, many of these reasons may be somewhat misunderstood.

According to Investopedia, consumers typically consider themselves ineligible for life insurance if they have a pre-existing condition. What that may be true for those with a terminal illness, most other pre-existing conditions will not prevent a consumer from obtaining a policy - they may instead have to pay higher rates.

Additionally, the report said consumers worry their obesity would make them ineligible. Again, they may be required to pay extra in premiums, however Investopedia says some life insurance agents will let buyers know if there's a certain weight limit at which the premium increases. Losing enough weight to get under what limit could save them money and put them in better health.

Others worry about life insurances' cost and the high number of options on the market, but shopping for term life insurance quotes online can help consumers narrow down an affordable policy that works best for them, experts say. A financial planner may also be able to point consumers in the right direction during this process.

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