Saving Money On Life Insurance

Make no mistake; purchasing life insurance is a big deal! It is an important way of ensuring that your family’s financial future is secure in the event you die. However, because you are seeking coverage that replaces your income does not mean you need to pay exorbitant premiums. Here are a few tips to get better rates when applying for life insurance:

Shop around

There are hundreds of companies offering life insurance policies. This is not a suggestion to skimp on premiums but companies weigh risks differently. Ultimately, lower premiums are offered to those who live a safer lifestyle. For those who have risky occupations, risky hobbies and frequently travel, it is recommended that in your search for the perfect life insurance package you obtain quotes from different companies.

Buy when you’re younger and healthier

The elderly and people with major health problems pay higher premiums. Though you may not need to buy life insurance in your twenties because you have no dependents, you may want to consider it as soon as you do. This is because the younger you are, and healthier you are, the more time the insurer has before your policy is likely to require a pay-out.

Eating healthier

Your health is an important consideration to insurance companies. By eating healthier you lower your risk of hypertension, diabetes, cholesterol and other illnesses. Medically underwritten life insurance will take your eating habits into consideration when fixing a premium.

Exercising

This is another lifestyle factor that insurers will regard as favourable when fixing premiums. Insurers often ask for weight and height as this ratio is an indicator of health. Exercising helps regulate this ratio and is likely to help you obtain a more favourable rate.

Quit smoking

Smoking or using other tobacco or nicotine products can drastically affect your health and by extension, the cost of your insurance. Quit using these products at least a year before you buy life insurance.

Avoid Traffic Tickets

Insurance companies will consider your driving records to assess how frequently you are in life threatening situations for example speeding tickets and DWIs. By avoiding traffic infringements and keeping your driving record squeaky clean you lower the amount you are likely to pay for life insurance.

Prep for your Medical Exam

Medical exams taken in the early morning tend to record lower blood pressure and better cholesterol levels. Also fasting for 24 hours prior to the exam also slightly lowers cholesterol levels. Ensure that coming up to the date of the physical examination you take all your medication as prescribed and avoid salty foods, caffeine and alcohol. For the day before the exam, avoid strenuous physical activity and get a good night’s rest.

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