Ways to save money on life insurance
Shop around online for life insurance. This will provide you with an idea of what prices are when you are getting more serious about purchasing life insurance. It is a quick way to get an idea of what prices are going to be like for your life insurance policy.
Consider term life insurance
You will be saving money on the high premiums that whole insurance costs. Why not take the money you save on the premiums and invest the money yourself? You may end up making even more money this way.
Are you healthy?
If you aren’t healthy get healthy. If you are healthy don’t get a guaranteed issue policy, they don’t require a medical exam for a reason and you end up paying for it. If you’re healthy get the medical exam and the lower premium that goes with it. If you are not healthy quit smoking and do what it takes to get into the health that will lower your premiums.
Check for policies without a commission
Insurance agent costs can raise your premium substantially. Check for policies that are “no load” to avoid being hit with those costs. Many times they will be available from financial advisers that will charge a fee instead of getting the commission from the insurance companies.
Many insurance companies charge for the convenience of paying monthly premiums.
How’s your Credit?
Many insurance companies will charge someone a higher premium if they have poor credit. Take steps to improve your credit before purchasing your policy.
Don’t purchase more than what you need
Find out how much you need by consulting with a life insurance professional. Purchasing more than you need will cost you more in premiums than you need to be spending.
Get a rider if you need more life insurance
If you do need more life insurance consider getting a rider instead of getting a new policy.