How To Reduce Your Life Insurance Costs

Published September 22nd, 2021 by Elliot Glass Insurance

1. Comparison Shop

Once you have decided which type of life insurance coverage best fits your financial goals, don’t just sign up for the first plan that crosses your eye.  We highly encourage you to shop around (internet is a great place to start) and get a feel of the market. This helps you to bargain hard and get the greatest coverage at the lowest possible price.

2. Choose Term Life Insurance

The quickest way to lower your life insurance premium is to opt for a Term Life Insurance policy instead of a whole-life policy.  The main idea is to keep insurance as what it is and not turn it into an investment product.  You can get insured under a term life policy at the fraction of the cost of a whole-life scheme with typically the same coverage amount.  The main thing to remember is that Term Life Insurance covers you only for a pre-defined period.

3. Live A Healthy Lifestyle

Be a low-risk proposition for your insurance provider by maintaining a healthy lifestyle by keeping yourself away from smoking, drugs, and alcohol.   Eating healthy, keeping hydrated and exercising are essential.  A good health record will result in considerable reduction in your life insurance premiums.

4. Consult an Insurance Advisor

To reduce your life insurance premium, the easiest thing you can do is to consult a good Insurance Advisor.  The advisor is educated in the insurance marketplace where they will find you the most affordable deal in line with your budget and coverage requirements.  A good insurance advisor compares the different market rates for you and negotiates the best rates on your behalf.

5. Sign up at a Young Age

Insure yourself at a young age.  Life insurance premiums at a young age is a fraction of what it will be when you are well into your middle-ages.  The reasoning is young and healthy people are the lowest risk segment.  Additionally, the low mortality risk is a great incentive for insurance companies to insure you at much lower premiums.

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