Term life insurance is meant to provide a less expensive option than whole life coverage because it is only provided for a period of time and eventually runs out. Though term life is less expensive for premiums than whole life, it is possible to obtain cheaper rates and get the best prices available with a little planning. Cheap term life insurance is available if a few key points are followed.
Tip 1: Get Healthy
Good health is a major factor in obtaining the best rates for affordable term life insurance. Someone who has excellent health will receive much lower rates on their term life insurance policy than those who have conditions like heart disease.
Cheap term life insurance starts with the body. A healthy body requires a diet full of fruits and vegetables that also limits red meat and highly processed snack foods. When it comes to dietary changes that result in better health and thus lead to lower insurance rates, the key is minimizing anything that is considered “junk food” and opting for non-processed foods like fruits and vegetables.
Beyond the dietary changes, good health also needs some basic exercise. It is not necessary to spend hours a day lifting weights, but it does help to take half an hour for a walk, jog or any other preferred form of light exercise. Exercise can help improve heart health, resulting in healthy blood pressure and appropriate cholesterol rates.
The last part of good health that will help obtain cheap term life insurance is the elimination of smoking. Smokers have a high risk of developing numerous cancers and health problems that are ultimately deadly. By eliminating this habit, term life insurance rates will reduce.
Tip 2: Shop Around
The best way to obtain cheap term life insurance is shopping around for the lowest possible prices. Shopping around requires nothing more than looking at the quotes of numerous companies, but it can result in much better saving opportunities when working with a term life insurance company.
With so many insurance companies, it is possible to find a reasonable rate. The key is taking time to find out what other companies are offering as an estimated quote. By asking for quotes based on questionnaires and finding out the estimated price of a wide range of insurers, the company offering the best deals will eventually become available.
Term life insurance is a competitive business, so many companies will offer competitive pricing that benefits many of their customers. The more companies considered as a potential insurer, the better the prices will become.
Taking the time to look around is only one way to find great rates, but it is potentially one of the best because it will show who is offering the best current rates and who is priced a little high for the policy coverage.
Tip 3: Only Provide Honest Answers
It might be tempting to lie on the application when it comes to hobbies that are potentially dangerous or past habits that might result in health problems later. The problem with lying on the application is that it can result in a voided policy that does not pay the beneficiary if a death occurs or it might even result in being disapproved for the insurance coverage.
Honestly answering questions relating to past and current behaviors or habits will prevent this problem from occurring.
The company needs to know about past habits that might affect health or activities that might result in accidental death. In general, quitting risky behaviors will bring down the price, particularly if the behaviors are not likely to result in health conditions later.
In the case of past habits that might affect health later, the term life insurance policy might not increase the rate if a few years have already past since quitting. For example, someone who quit smoking ten years previously will often end up with similar rates as non-smokers who’ve never smoked in the same age group.
Obtaining reasonable rates on term life insurance is possible when a few changes are made to ensure optimal health and some time is spent in comparing different companies. Term life insurance can provide peace of mind, so it is worth taking measures to ensure it has an affordable price.