Life insurance can be expensive so it’s important to save money if possible. Fortunately, there are many ways to save money when getting life insurance. Being aware of the ways you can save can greatly lower the cost of your life insurance.
Here are 5 top tips to help you save on life insurance:
Work with an agent
Working with an agent can greatly impact the cost of your life insurance. Look for an agent who works with multiple insurance companies rather than an agent who works for just one company. They can compare rates between companies and get you a great deal. This will also save you time because they can get multiple quotes very quickly and easily.
In addition, an agent can help to point you in the right direction. Life insurance rates vary by gender, age, and health status. An agent may be able to recommend a specific company that they know works with your status. This experience can be essential to lowering your insurance costs.
Get life insurance as soon as possible
Life insurance costs vary by a number of different factors. This includes health status, which can worsen as you age. You are more likely to develop health conditions as you get older. Additionally, insurance costs increase as you get older. If you’re going to get life insurance, get it as soon as possible.
Your health status has a lot to do with how much you pay for life insurance. Smoking can increase your insurance premiums by 342%. This has the highest impact on your premiums out of any potential factors. This is why it’s so important to quit smoking before you get life insurance.
Once you have been tobacco-free for 12 months, you can get a non-smoking quote. This one change can make a huge difference and it’s worth it. Though it may be hard to stop, it will save you a lot of money in the long run. Plus, you’ll live a happier and healthier life.
Pay annually instead of monthly
will give you the option to pay annually or monthly. What you choose should depend on your financial situation. If you can, you should pay annually. Life insurance companies will give you a discount if you pay the entire year’s worth of payments at once. Fees may be added onto monthly payments too.
Get the medical exam
Life insurance companies often require medical exams. Some life insurance companies have no medical exam life insurance options, but these shouldn’t be used unless absolutely necessary. You will be charged more for no medical exam life insurance because the company doesn’t know how risky it is to insure you.
What happens is life insurance companies evaluate your health to see how much of a risk it is to insure you. If you have serious health issues, your life insurance can be more expensive or they may refuse to insure you. Most people can easily be insured and should get a medical exam.