9 Easy Ways To Save On Life Insurance
As far as peace of mind goes with regard to your family's wellbeing, there's no sounder investment than life insurance. If you've recently got a life insurance quote and felt your heart skip a beat, though, don't resign yourself to living without it! For most people, life insurance is actually very affordable. Today we check out the 9 easiest ways to save on your life insurance.
1.Get different quotes
Different life insurance companies target different demographics; one may offer excellent rates for manual laborers, one may target their services towards seniors, etc. One life insurance quote isn't necessarily 'the price' you'll pay.
2.Bundle your insurance
If you have income protection, trauma or funeral insurance policies elsewhere, find out if you'd be eligible for a discount by bundling policies with the same insurer. Alternatively, you could also look for a life insurance policy that might incorporate all of these benefits.
3.Choose stepped rather than level premiums
Stepped life insurance premiums gradually increase each year as you grow older. This increase reflects the higher incidence of death associated with older age. Despite the slow increase in premiums, this type of structure may suit someone planning to hold their policy for a short period of time.
4.Or, choose level rather than stepped premiums!
Level life insurance premiums are generally cheaper if you plan to hold the policy for a long period of time. They are more expensive at the start, but you will always know how much your premiums will be.
Quit smoking for 12 months, and you can see a drop in premiums of around 30-60%.
Being overweight or obese is recognised as a major risk factor for many health conditions. Get yourself within a healthy BMI range, and keep it off for a certain amount of time, usually 12-24 months, and then ask for a new medical examination with your life insurance company.
7.Give more information
Insurance that doesn't ask for background information is like a loan that doesn't ask for your financial history ... anybody can get it, but it is usually very expensive. Don't avoid policies that require a lot of information; they are generally cheaper.
8.Don't overestimate your needs
A million dollar death benefit sounds lovely. However, if your family won't need this amount of cash when you die, the premiums simply take away from disposable income you could be using to enjoy your time with them!
People who buy a life insurance policy early in their life, when they are generally healthy, will have a greater choice of life insurance companies and more potential to save on premiums. Additionally, if you choose a company with a guaranteed renewable policy offering, even if you do get a serious illness or injury, they won't be able to cancel or put an increase on your premiums.
by: Hilary Briss