More Ways to Lower Your Life Insurance Rates
insurance (Photo credit: Alan Cleaver)
Life insurance is an expensive never ending expense that many families have as part of their budget. Many people are over paying because they do not realize that by simply making a few changes they can reduce their life insurance bill by hundreds of dollars.
Get Healthy
When signing up for a life insurance policy the one thing that insurance companies want to know is the condition of your general health. One of the biggest factors in health is the amount you weigh. If you are over weight you are exposing yourself to a a lot of future health problems. By losing weight you reduce the number of ailments you are exposed to by the over weight condition. Losing weight will not only give you a healthier life but save you money with reduced premiums.
Pay Yearly
Life insurance like to have their premiums paid well in advance. To have the cheapest premium you need to pay your insurance yearly. If you can not pay in advance and need to pay monthly than expect to pay a higher price. Insurance companies will actually give you a discount if you pay for a year in full.
Check Out Term Life
When purchasing life insurance you will have the option of either buying whole life or term life. A wise insurance advisor once told me to invest like I am going to live forever and buy insurance like I will die tomorrow. Long story short, buy the cheapest insurance. Term life insurance is much cheaper than Whole life. Whole life insurance has an investment component and requires a higher premium. Term life insurance can save you money because the premium is less. This because you are purchasing insurance for a fixed period of time with no frills or investment options. So you are only buying what you need.
Stop Smoking
The first thing any insurance company asks you on an application is if you smoke. Smoking is the most important factor in determining the price you will pay for insurance. Smoking increases or multiplies the effects of other diseases that could cause sickness and death. If you smoke and want to apply for life insurance be aware you will be paying a higher premium the entire time you have the insurance. Do yourself a favor and quit smoking, you will be saving money and also be leading a life a lot more healthier. Click here for term life insurance quotes.
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