AlphaCore CEO Dick Pfister in MoneyGeek: How to Find Affordable Life Insurance

Life insurance can be one of the best investments you can make for your loved ones as it provides them financial protection when you are no longer around. However, with monthly premiums ranging from $18 to $365, selecting the right policy can be a daunting task. Fortunately, it is possible to find affordable life insurance, you just need to know how and where to look. To help you learn more about life insurance so you can find the most appropriate and affordable policy for your family’s unique needs, MoneyGeek turned to AlphaCore Wealth Advisory Founder and CEO Dick Pfister, CAIA, for insight.

When you begin your life insurance search, there are many factors that can impact the cost of your premium, which is typically determined through a process called underwriting. According to Pfister, the two biggest variables insurance companies consider during underwriting are age and gender.

“Statistically, women live longer than men, which plays into the premium equation,” explains Pfister. “Other factors that they consider are your current health, family health and life habits. Your friend who skydives and races cars likely won’t be looked at the same by these companies as your other friend who likes to watch movies and read books. Ultimately, the younger and healthier you are, the cheaper your monthly life insurance premium will be.”

However, regardless of your age, health or gender, Pfister believes that one of the most important steps you can take to find an affordable policy is to shop around. “No two life insurance companies are the same, so make sure to compare rates amongst three or four,” he tells MoneyGeek. “There are websites online that will do this for free. Make sure to have all of your health records, medications you take and anything else that is material to your health readily available.”

Click here to read the entire MoneyGeek article.

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