Esurance News Flash | February 2010

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The Secret(s) of Life (Insurance)
By now you know that having a clean driving record means lower auto insurance rates, but did you know that it can also lower your life insurance premium? Life insurance companies will look at your DMV record to learn more about you. The better your record, the better your rates are likely to be. But if you didn't know that, you're not alone.

Many people still believe that life insurance is a complex, confusing ordeal, and 53% of U.S. households don't have individual plans. Most think it's too expensive or that they simply don't need it. In truth, life insurance is more affordable than a latte-a-day coffee habit, and everyone should have it. To shed some light on life insurance need-to-knows, we uncovered a few industry secrets.

Term vs. whole: A term-life policy, which provides protection for a specific number of years, is generally the best option for most Americans between the ages of 20 and 50. Whole life insurance is a good choice for wealthier individuals and those over 50. But for the younger more budget-conscious crowd, term is generally the best bet. To ensure you get the right coverage at the best price, however, do your research and compare rates before deciding on a plan.

Health & life: By simply getting healthier, you can improve your risk class and pay a lower premium on your life insurance. Consider this: For $250,000 of coverage for 20 years, a fit 30-year-old man will pay approximately $161 to $192 a year, while a 30-year-old man who's overweight and smokes could pay $440 to $573. Resolve to get healthy this year. You'll feel better, live longer, and pay less for life insurance.

Work & life: Many people think that if they have life insurance through their employer, they'll remain covered if they take another job or get laid off. Most often, however, group life insurance policies aren't portable, meaning you can't take it with you when you go. Choose an individual policy that meets your specific needs and you'll be covered no matter where you go or what you do.

Make sure your life insurance policy is right for you and rest assured knowing you're protected whatever the future holds.


Tip of the Month
Your life insurance needs are constantly changing. Having kids (or more kids), increasing your income, or moving into a bigger home can all affect the amount of coverage you need. Review your policy on a regular basis to see if it's time for more coverage.


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