subject: 5 Ways To Save Money On Life Insurance [print this page] Buying life insurance is a financial decision that shouldn't be taken lightly. If you do your research and go into policy selection with both eyes open, you can find an affordable life insurance premium with the coverage that you and your family need in the case of an unfortunate accident.
Consider these helpful tips to save money on life insurance, without compromising necessary coverage:
1.Improve your health. Any reputable insurance agent will require you and your spouse to have a physical in order to underwrite a life insurance policy. The physical itself is user-friendly and convenient; a medical professional will be sent out to your home or office to check your current health and medical history to determine your life insurance rate. As a result, the healthier you are, the more money you will save on life insurance!
2.Purchase sooner rather than later. Many companies raise their life insurance rates based on your age, while other insurance companies increase their premiums six months prior to your birthday, also known as Age Nearest in the insurance game. When considering life insurance for the first time, ask your insurance agent about the best time of year to buy based on these factors.
3.Consider term at a young age. Although many young people shrug off the idea of life insurance, this may be the perfect time to get a cheaper rate. The goal of life insurance at a young age is to provide coverage for your primary assets, including your house and salary, to protect your family if an accident were to happen. Term life insurance can offer affordable coverage at a young age, as long as you are in good to above-average health.
4.Buy the right amount of coverage. The more life insurance coverage that you buy, the more that you will have to pay. Of course, you don't want to skimp on the essentials when it comes to protecting your loved ones, but you also don't need to waste money on an overly expensive premium. Do your research and consult with an insurance agent to determine the right amount of coverage for your unique household needs.
5.Find out about payment options. Many insurance companies will provide the option to pay monthly, quarterly, or even annually. While most people prefer to pay bills on a monthly basis instead of paying a year in advance, an insurance company may charge more for monthly billing compared to an annual fee.
Last but not least, make sure to consult with your insurance agent about any potential price breaks available for buying a larger amount of coverage. Although it may seem counter-intuitive, many insurance companies will offer a deal for buying more coverage, providing you a much greater return on your investment.
When getting a price quote on life insurance coverage, find out how much your baseline policy will increase when upgrading to a larger amount like $250,000, $500,000, or even $1 million. This is one effective way to lock in affordable rates with even more coverage for your family.
by: Dawn M. Price
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