Save on Term Life Insurance
Life insurance is an important measure that will help your family cover costs if you pass. The most popular and affordable option is term life insurance. You can purchase a term policy that will stay in effect for 10, 20, or 30 years. Because these policies are not guaranteed until your death, just for a certain number of years, insurance companies are able to keep premiums low. In this article, we will go over BLANK ways you can save on term life insurance to keep premiums even lower.
1. Shop Multiple Companies
You should never just get a quote from only one or two insurance companies. Meet with a freelance insurance agent who can give you quotes from hundreds of insurance companies at the same time. They can help you find the most reputable insurance companies with the best price to meet your needs.
2. Buy When You Are Young
The younger you are when you purchase a policy, the more you will save on term life insurance. This savings will add up over time. So, do not put off purchasing a policy just because you think you are too young.
3. Watch Out for Guaranteed Policies
There are companies that will guarantee issuing you a term policy without a medical exam. Watch out for these types of term life policies. They typically are more expensive and have smaller death benefits. Even if you do have a medical condition, you would still most likely benefit from purchasing a standard policy with a medical exam. You will pay more than the average person, but it will most likely be less than what you would pay with a guaranteed policy.
4. Purchase a Long Enough Term
Getting a shorter policy term is not the best way to try and save money. This is the case because when the policy is up, and you want to renew, your premiums will go up because you are older. You are better off getting a longer-term policy that keeps your premiums consistent as long as possible.
5. Get It While You Are Healthy
It is important to purchase life insurance before your health becomes an issue. If you wait until you need a life insurance policy, its usually too late and you will end up paying higher premiums, if you get approved at all. If you already have a policy but your health has improved, like you have quit smoking or you have lowered your blood pressure or cholesterol, you may want to ask for a rate reconsideration. This may bring your premiums down based on your improved health.
6. Pay Your Premiums Yearly
Typically, the fewer payments you make, the less you will spend on premiums. Many insurance companies charge a small fee if you pay monthly, which will add up over the years of your policy. Some insurance companies will give you a discount if you pay up your premiums a year in advanced.
You Can Save on Term Life Insurance
By implementing these six tips you can save on term life insurance. Meet with an insurance agent who can help you implement these tips and more to get the best price possible on your term life insurance.
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