Life insurance is one of those necessary expenses that you hope your family will never experience the value of having. It's meant to be a replacement for your income when you're no longer around to provide for your dependents.
Even though you know life insurance is there as a safety net, you don't want to overpay for it. Here are five tips for getting lower life insurance premiums:
1. Comparison Shop Life Insurance Prices
This is key in shopping for most things, especially insurance products. These days, it doesn't take much time to search online to find the best prices. But still, once you find them, you'll want to keep in mind other things you can do to lower that amount.
2. Make Some Lifestyle Changes
Do you smoke? Are you overweight? Do you have high blood pressure? All these are risk factors that impact your life insurance premium. Some health problems can be solved by changing your lifestyle. Start eating more fruits and veggies. Take up walking. Chew sugar-free gum to replace the cigarettes.
3. Choose A Term Life Policy
Most people will find that a term life insurance policy offers coverage for the lowest price during the time when life insurance is most important to them: their child-rearing years. Imagine you're a 28-year-old with three kids. By the time your 20-year policy is complete, your kids will be adults, and they'll be able to support themselves. Then you can reevaluate your need for life insurance, based on the level at which your adult children rely on your income, and your savings.
4. Pay Annually
Companies often give a small discount for paying annually. Help your budget by paying yourself 1/12 of your payment into a savings account. Then, when your next payment is due, you won't notice that money missing from your bank account.
Bundle with other insurance policies. For companies that offer a variety of insurance products, they'll usually give a discount if you purchase several policies from them. Consider switching your home and auto policies, and you might even save enough to barely see the increase from your life insurance policy.
To find an affordable life insurance policy, contact Select Insurance today!
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