Posts tagged ‘cheaper life insurance’

10 Ways to Get Cheaper Life Insurance

Life insurance premiums are based on factors like age, health, and the amount of the death benefit. Consumers looking for adequate life insurance have to consider many things before committing to a policy.  Naturally, there are a number of factors that cannot be changed by policyholders.  However, others can and should be changed, because those alterations can result in cheaper life insurance premiums.

Tip 1: Stop Smoking

Smokers pay higher premiums for both health and life insurance since smoking can cause serious health problems and shorten an individual’s life span.  Cessation will  improve health, increase life span, and lower life insurance premiums in the bargain.

Tip 2: Lose Weight

Like smoking, obesity is associated with serious health risks and a decreased life span.  Unfortunately, this problem is even more prevalent than smoking.  However, policyholders who lose weight and improve their physical condition increase their life span and can get premiums.

Tip 3: Review Insurance Needs

Young people with families need extra life insurance to protect their families in the event of tragedy.  They could die or be injured, resulting in a loss of income. However, as children grow, the number of dependents decrease, so less insurance is needed and the death benefit can be lowered.

Tip 4: Consider Term Life Insurance

Although term life insurance policies have no cash or investment value, they offer the lowest premiums available on life insurance.  Those currently paying for whole life insurance may save on monthly premiums by switching to term life insurance.

Tip 5: Maintain a Good Driving Record

Since injuries caused in auto accidents are a major cause of death in the United States for people in all age groups, maintaining a good driving record can lower life insurance costs. Life insurance providers will check driving records and consider them when determining premium costs.

Tip 6: Get Physical

Applicants with a history of regular exercise are offered cheaper life insurance than those with a sedentary life style. On a life insurance application, include all physical activities like tennis or handball, and specify the amount of time spent exercising.

Tip 7: Maintain a Good Credit History

People with a good credit history get all the breaks, including cheaper life insurance. Credit history is considered a reflection of character and can also be an indicator of stress in a person’s life – and high stress levels lower life expectancy.

Tip 8: Join a Group

Group insurance rates are lower than the rates for individual policies, so consumers can save on insurance premiums by becoming members of a group. For instance, senior citizens who are members of AARP are eligible for group insurance discounts.

Tip 9: Get it Young

Buying a term life policy with a term of 20, 30, or 40 years at the age of 35 locks in lower premiums for the term of the policy, saving on insurance premiums which usually go up as people age. This guarantees cheaper life insurance for the term of the policy.

Tip 10: Shop Around

By comparing the rates and terms of different insurance companies, consumers can save hundreds of dollars.  Many websites offer a free comparison for the rates of several companies for consumers who register on their site; that makes comparing rates fairly simple.

The rules for saving money on insurance include improving physical health and presenting the lowest possible risk of premature death to the insurance company. As with most items, buying in bulk reduces cost, so joining a group which offers life insurance can also make cheaper rates available. The easiest way to reduce life insurance costs is to buy insurance when young and lock in low premiums for the longest possible term. Remember that it is possible to save money without sacrificing quality or service.

How to Get Cheaper Life insurance

Life insurance is something that everybody needs but nobody wants to get a return on. Life insurance policies are generally thought of as costly, but with the right techniques and research it is extremely possible to find cheaper life insurance than what is normally advertised to most of the population. There is more to cheap life insurance than just the lowest rate. You also need to take into consideration the amount of coverage provided and the general reputation of the insurance company. Rate, however, is very important, and there are several methods to help you get the lowest rates.

Consolidate Policies

Working with the same company for every insurance policy will save a lot of money. Don’t get a different insurance company for your car insurance, homeowner’s insurance, health insurance, and life insurance. Insurance companies often offer cheaper life insurance rates if you are adding it on top of other existing policies. For any policies already in effect with different companies, just wait until the terms expire before moving the policies to the same company.

Think About Term Life Insurance

This is a cheaper life insurance type that has longer contract terms. A policy can run from a year up to thirty years and more. The idea behind term life insurance is that you will have to stay with that company for the duration of the term, which works for the insurance company because they don’t need to worry that their customers will leave after a month. That’s why they typically offer lower rates, and if you don’t plan on switching anyway you can always take advantage of them.

Age Matters

Understandably, there are often different rates offered depending on age. A person in their late twenties will almost always get cheaper life insurance than a person in their mid sixties. The reason being that, well, the twenty-something year old is more likely to live longer, meaning that the insurance policy will not have to be paid out as soon as it might with the sixty year old. While not the most subtle method of doing business, it does make sense, so if you are young you can always take advantage of this fact by purchasing life insurance sooner rather than later.

Compare Rates

Without a doubt, the easiest and most effect method of finding cheaper life insurance is just to shop around. Getting a detailed quote from different companies allows you to compare the rates and the levels of coverage and make the most informed decision. The internet has really made it much simpler to make a quick comparison.

Simply by putting your zip code into the search box above, you’ll be able to get a list of all the life insurance policies available to you in your area. By having all the quotes in one place, you can compare, make a decision, and get on with your life without that one extra worry hanging over your head. The search tool saves the time and hassle of finding each individual quote all by yourself.

6 Tips to Get Cheaper Term Life Insurance

Saving money is a high priority for many people, especially in today’s economy. Many people are reevaluating their monthly expenditures and are trying to find ways to cut corners. While life insurance is important and necessary and should not be cancelled, it may be conducive to find a cheaper term life insurance policy to help save on monthly costs. Below are some tips to find cheaper term life insurance.

Shop Around

One way to save on your monthly premiums for a cheaper term life insurance policy is to shop around for the best rate. Insurance companies are continuously updating and changing their rates in order to stay competitive and there are many companies to choose from. Agents can also assist in providing comparison quotes at no charge.

Take Care of your Health

The healthier an individual is, the lower the rate is, reducing the monthly payments. As a result, you can add a cheaper term life insurance premiums to your reasons for staying healthy. Keep in mind that insurance rates are impacted by height and weight ratios as well as whether you are a tobacco user, in addition to current and family medical conditions.

Medical Exam

Rates are determined generally in three categories; standard, preferred and preferred plus. Preferred plus is very difficult to qualify for and it is awarded only to the healthiest of applicants. The determination for preferred plus status is made through a medical exam and blood work evaluation. Preferred plus is one more way to get cheaper term life insurance because preferred plus qualifies for lower rates.

Lower you’re Amount

The old adage that some is better than none is quite true with life insurance. Keep your term life insurance policy, if it is too expensive then shop around for a policy that has lower a pay-out amount. Reevaluate the amount of coverage that you need, even if it is just enough to take care of your funeral arrangements if that is all that you can afford at the present time.

Lower you’re Term

Another way to lower your term life insurance policy monthly premium is to lower your term. The term is the amount of time that you establish for your term life insurance and it can be anywhere from 1 year to 30 years. A shorter term will lower your monthly bill because the insurance company takes less of a risk.

Do not Put it Off

Life insurance rates are directly impacted by age and health condition, so do not put it off until later. One constant is getting older and age increases rates; however, every day that a person goes uninsured they run the risk of developing a medical condition that can potentially raise rates or cause an application to be denied all together.

Term life insurance is a necessary product essential to the well being of your loved ones. For individuals who need to find a cheaper term life insurance policy shop around or have an agent shop around for you; take care of your health; consider the immediate, if temporary, benefits of lowering the coverage or the term and do not put off buying a plan.