Are you thinking about buying life insurance? If so, you probably want to save as much money on your insurance policy as possible. I mean, in all honesty, this isn’t one of those purchases that you’re exactly excited about. A lot of people out there purchase life insurance, because it will give them peace of mind in knowing that their loved ones will be taken care of in case anything ever happens. If you’ve made the decision to get a life insurance policy, you’re in luck, because I’m going to give you some tips that will help you get the best price.
#1. Get Better Coverage and Save Money
This may sound a big crazy, but you should ask how much you would have to pay for each level of coverage the insurance company has to offer. Some insurance companies will actually offer up better prices when you want more coverage. These are often times known as milestone discounts. Therefore, you may get a much better deal on the $250,000 plan than the $225,000 plan. Just ask your agent, know what each package is and how much it costs. Don’t be shy when it comes to asking for discounts on higher packages, either.
#2. Know Your Payment Options
Insurance companies will often times offer discounts if you pay more money up front. For instance, you could pay annually rather than monthly and you would likely save a good bit of cash. Plus, some insurance companies charge a little bit extra when they take money out of your account. If you pay monthly, you’ll have these small charges 12x per year. If you pay annually, you’ll only have to pay this fee one time per year. It may cost a big chunk of money to pay annually, but it will pay off in the long haul.
#3. The Younger You Are; The Better
A lot of people don’t think about getting life insurance when they’re young, but this is actually one of the best times you can get life insurance if you want to save money, because young people are generally in pretty good health. The older you get; the higher your premiums will be. If you’re older and you’ve had some medical issues in the past, you may find it impossible to even purchase life insurance altogether.
#4. Shop Around
Just like with everyone else in life, it’s very important that you make sure to shop around as much as you can. Get different quotes from different companies and go with the company that suits your needs. You’ll be amazed at how much money you can save just by doing a little bit of shopping around.
#5. Submit to a Medical Exam
If you’re in good health it may suit your interests to have a medical exam. When health insurance companies are trying to gather a quote for you, they try to figure up how likely it is that you’re going to die. If they don’t know how healthy or unhealthy you are, they will average out your rate with everyone else. Therefore, you’ll be put in the same class as people that aren’t so healthy. Chances are you’ll be paying more money if you allow them to average things up for you, so I suggest you have a medical exam performed on you and you present your provider with the information. That way, they’ll likely be able to give you a better rate on your coverage.
