6 Ways to Lower Your Life Insurance Rates
1. Round up
Often, you’ll actually pay less for a little more life insurance as you approach multiples of $250,000 in coverage. For example, $240,000 of life insurance coverage might cost $275 per year, while $250,000 in coverage might cost only $260 per year. Find out the rate per $1,000 of coverage, which often drops once you pass a certain level of coverage. This figure will help you determine how to get the most life insurance for the least money.2. Find a “friendly” life insurance company
Some life insurance companies do offer competitive rates for conditions such as diabetes, heart disease and cancer. These companies employ underwriters who are trained in analyzing people on a case-by-case basis, rather than lumping everyone with a particular condition into one group.3. Consider quitting
Everyone knows that you’ll save money on your insurance premiums if you quit smoking, start exercising, and lose weight. But you might be surprised to find out just how much you can save. Many insurance companies charge smokers double the nonsmoker rate for insurance. (Don’t even think about lying, though. If you end up dying of a smoking-related illness, your insurance company can opt not to pay your death benefit.) Similar discounts can apply if you lose enough weight to fall into a preferred category.4. Forget the riders
While riders may add value to your life insurance policy in certain situations, many are simply an unnecessary expense. Paying extra money to cover an event that’s almost guaranteed not to happen just doesn’t make sense when you’re trying to cut costs. Additionally, many riders simply provide duplicate coverage once your overall insurance needs are met.5. Find out about hidden fees
You may not realize it, but your life insurance could end up costing you more if you choose to make “convenient monthly payments” rather than paying the entire premium up front. Before you choose a payment plan, compare the single payment price to the total cost of the monthly payments. Do the math, and decide whether the convenience is worthwhile.6. Shop around
When it comes to insurance, it pays to shop around because premiums can vary widely. And thanks to the Internet, it’s now easier than ever. Save time by going to a website where you can compare multiple insurance companies at once.
With the cost of health care today, you’re playing with fire if you’re not insured, but you can just as easily get burned by the insurance companies themselves. Insurance.com’s motto is “May the Best Quote Win” and they can help make sure your best quote isn’t ridiculously high with lists like this and other great tips/resources. It’s a great website to check out before you dive into a confusing industry full of salesmen on commission.
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