That being said, there are many ways to lower your life insurance premiums, even if you fall into a higher-risk category. Following are some simple tips for lowering your life insurance premiums:
1. Quit smoking
This one is definitely a hard one. Not only that you'll have to quit smoking but you will also have to start exercising otherwise you will gain weight because of the changes in the metabolism caused by the Nicotin.
But this will definitely lower your life insurance rates. Some insurance companies charge double the price from smokers.
2. Lose weight
This is my favorite tip, everyone hates it. It needs more than words to implement this tip, but remember that the insurance company will charge you less if you lose weight and besides, you'll be amazed to know how many women you can get if you look your best.
3. Buy sooner rather than later
As they say, the sooner the better.
Life insurance is most affordable at the lowest age range. The higher the odds that someone will die in a little while, the higher such a person's life insurance premium.
The older a person gets, the more the probability he will die soon.
For instance the policy will be quite expensive for a 60-year-old man than that for a 30-year-old man.
4. Do not tell more than you have to
Don't lie, but do not give out information that you should have kept to yourself. Dont' tell the insurer things that will let them think your life could be dangerous. For example, If you are sleeping with your wife's best friend.
5. Be healthy You should get your cholesterol and blood pressure levels down to a normal level before you take a physical for an insurance company. By doing this, you are putting yourself in the insurance companies 'healthy' bracket. This means lower costs for you.
If you are looking for online quotes for life insurance then just go online. Forget about the insurance agents, we don't need them anymore, we can do that online for free.
Plus, you should make an effort to research your options as they relate to the various life insurance companies. It'll be to your advantage to know what you want and need in terms of cheap life insurance before you start getting quotes.
Term vs. whole life
The first big determinant of cheap life insurance is the type you select. Term life insurance will almost always cost you less than whole life insurance. Term insurance is purchased for a specific period of time, for a specific face value.
Whole life, as the name implies, provides life insurance benefits for the rest of your life, whether that ends up being 10 years or 50. Whole life insurance policies generally have a cash value aspect meaning you'll pay more in monthly premiums. The amount over and above that which is necessary to cover the premium is used for investment purposes.
Even if you do choose whole life insurance, your costs can be lower if you look around for a policy that has lower fees. The fees you want to pay attention to aren't really fees, they're commissions. Commissions can eat away at the cash value of your whole life policy. When researching, look for the term, ?low load? as that generally means lower fees.
But be careful. You'll find this type of life insurance won't be cheap if you withdraw funds. When the policy's cash value is greater than the premiums paid, you'll likely have to pay taxes. A loan against the cash value may have the same end result.
Think long and hard about this type of life insurance policy; it's not meant to be a substitute for a more traditional type of investment plan. And the premiums you'll pay will be hefty.
Steer clear of guaranteed issue policies
Also when looking for a cheap life insurance policy, you won't find it in a ?guaranteed issue? type of policy. These policies are guaranteed to cover anyone, regardless health. No medical exam is required but that convenience comes with a big price tag.
Because the life insurance company is taking a substantial risk by insuring individuals without knowing their state of health, premiums will be high. If you're healthy, opt instead for a traditional term policy.
If you're not healthy, taking steps to improve your health may help you find cheaper life insurance. Lowering weight, blood pressure, and cholesterol levels are beneficial steps. Kicking the nicotine habit is also advisable. The better your health at the time of application, the cheaper your life insurance premium should be.
Finally, to get cheap life insurance, purchase just what you need. Reevaluate your life insurance needs periodically and adjust upwards or down as necessary. The bottom line: Finding cheap life insurance is possible, but it does take work.
Both Poser Com Com & Darren Yates are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.