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Buying Life Insurance

A guest post today, from Crystal –

A lot of things can affect your life insurance premiums. Your family health history, gender, age, and lifestyle choices can have an impact on the policies you are eligible for, and what you ultimately pay for them. Insurance laws and the rights of the insured vary from state to state. Of course, insurance can be a confusing quagmire for those shopping for a new policy.

Most states offer some wiggle room when it comes to late payments. State laws meant to protect consumers help reduce penalties for late or missed payments. This is important because state laws are one of the main forms of regulation and consumer protection. That is, state legislatures regulate and write many of the laws that insurance companies need to follow. This prevents the large insurance companies from running roughshod over the insured.

Whether you are shopping for a whole or term life insurance policy, you have to consider how these state laws might affect your policies. This is particularly important when moving from state to state. Certain aspects of an old policy could become null and void when carried out in a new state. Every state has its own website (like this one for Washington state) listing official insurance laws and regulations.

If you are in the market for a new policy and trying to educate yourself before making any final decisions, the following Health IQ quiz will be very helpful. Take a few minutes to take this life insurance quiz, and you will definitely learn some vital info about how state laws can effect insurance policies.  Also, visit www.HealthIQ.com/quiz to find other financial health quizzes, such as Student Loan Refinancing or Loans: Debt Snowball or Avalanche.

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