MONDAY, APRIL 26, 2021
Life insurance is a necessity for most individuals and families, providing a cushion in case a breadwinner suddenly passes away. Unfortunately, life insurance can grow to be an expensive extra cost.
Even though you know life insurance is there as a safety net, you don't want to overpay for it. Here are five tips for getting lower life insurance premiums:
1. Comparison Shop Life Insurance Prices
This is key in shopping for most things, especially insurance products. These days, it doesn't take much time to search online to find the best prices. But still once you find them, you'll want to keep in mind other things you can do to lower that amount.
2. Make Some Lifestyle Changes
Do you smoke? Are you overweight? Do you have high blood pressure? All these are risk factors that impact your life insurance premium. Some health problems can be solved by changing your lifestyle. Start eating more fruits and veggies. Take up walking. Chew sugar-free gum to replace the cigarettes.
3. Choose A Term Life Policy
Most people will find that a term life insurance policy offers coverage for the lowest price during the time when life insurance is most important to them: their child-rearing years. Imagine you're a 28-year-old with three kids. By the time your 20-year policy is complete, your kids will be adults, and they’ll be able to support themselves. Then you can reevaluate your need for life insurance, based on the level at which your adult children rely on your income, and your savings.
4. Pay Annually
Companies often give a small discount for paying annually. Help your budget by paying yourself 1/12 of your payment into a savings account. Then, when your next payment is due, you won't notice that money missing from your bank account.
5. Bundle Your Insurance Policies
Bundle with other insurance policies. For companies that offer a variety of insurance products, they'll usually give a discount if you purchase several policies from them. Consider switching your home and auto policies, and you might even save enough to barely see the increase from your life insurance policy.
If you believe you are paying too much for life insurance, be sure to shop around and compare quotes. Keep in mind that withholding information on your life insurance forms to save money can actually land you in more trouble, as compensation could be denied when a claim is filed or your policy even cancelled.
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