There are a few things consumers looking to buy a term life insurance policy need to keep in mind, said a report.
For starters, those buying a new term life insurance policy shouldn't look in just one place, according to SmartMoney. Indeed, it's best to use a life insurance quote website to obtain as many quotes as possible from a number of different providers. Once they've narrowed down their choices, consumers should then research companies they are interested in to determine which have the best ratings for customer service and product offerings.
Consumers would also be wise to alert their family to their purchase of a life insurance policy and remain in communication with their insurer, said the report. Otherwise, they risk situations in which a beneficiary cannot cash in on a policy, either because they did not know it existed or because the life insurance company did not know the policyholder passed away.
Staying in good health is another good way to get lower rates on term life insurance, said the report.
Life insurance can be an important purchase for young and old consumers alike, and experts advise consumers include a policy in their retirement plans.