5 Tips On How You Can Save On Your Life Insurance Premium.
Life Insurance is instrumental when it comes to protecting your loved ones in the event of death. Life insurance is also a way to relieve some of the anxiety that family members may feel as they wonder how they will get by should a breadwinner in the family pass on.
Here are some helpful tips on things you should do to ensure you are able to get the best possible premium for the coverage you want.
1- Quit smoking – Smokers can pay up to double on their life insurance policies compared to non-smokers. If you need life insurance it really is the time to quit. Many policies define a non-smoker as someone who hasn’t smoked for 12 consecutive months and that includes nicotine replacements and e-cigarettes.
2- Apply at a young age – The younger you are the better your premium will be. Life Insurance companies care about managing risk, so the younger you are the better your rate will be. The older you get, the higher your premium will be. This means you can save money by arranging coverage in your 20s or 30s, rather than in your 40s and 50s.
3- Live a healthy lifestyle – Insurance companies will take note of your lifestyle and weight. The medical exam is a major component in the process that defines how much insurance will cost you. The healthier you are, the better rate you will have.
4- Don’t buy more than you need – Evaluate what impact your death would have on your family (or business) financially. Some individuals will look to insure themselves on large amounts of money to keep their family well off, while others might just look to cover their funeral costs and final expenses. Deciding what your goals are for acquiring life insurance will help you evaluate how much is needed. There are several insurance calculators available online that can assist you in this process.
5- Get help from a licensed insurance advisor – Insurance advisors have a wealth of knowledge on the products available as well as how to find the right insurance plan for you. A licensed insurance advisor can also help you figure out your needs, goals and can help you obtain suitable coverage for your unique circumstance. In addition, advisors can shop the market on your behalf and find the best price for your coverage, which can help you save you money as well.
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