Can you save money when buying life insurance?
Of course you can and potentially save yourself thousands over the life time of the policy. How can I do this? Listed below are 4 methods to save money when buying life insurance. These methods can be used by anyone anywhere in the United States to save your hard earned dollars. Why pay extra when there are savages to be had.
1 – Shop around
The first and most important thing to do is shop around. You would when buying any other big ticket item, so why not when buying life insurance. Remember a policy can run for many years, so a saving of a few dollars each month will mount up over the life time of the policy. You shop around for Auto Insurance and Homeowners insurance (if not you should!) why not the same for Life Insurance? Use a price comparison site to compare quotes from different insurers based on your zip code. Do not obtain just one quote, get at least three to compare the prices and see how much you can save.
2. Pay the premium annually
When taking out the cover, offer to pay the premium annually and request an amended quote. You will be surprised to see that they will offer an additional discount. If they don’t, then shop around for someone who does. Insurance providers are changed to collect the premiums, so they offer discounts to pay annually. Just make sure you have the money available when the annual premium is due.
3. Take a medical
Offer to take a medical. Many people are now quoted life insurance based on answering simple health questions. The rates are therefore factored to cover good and bad risks. Offering to take a medical ensures you are offered the best rates based on your good health.
4. Understand the types of insurance on offer
There are fundamentally two different types of life insurance being offered. Term Life Insurance, which as the name suggests provides life insurance for a specified period of time or permanent insurance. These permanent policies provide life insurance for the lifetime of the insurer (providing the premiums are being paid) and can provide an investment element, providing a value to the policy that can be accessed later in life. Because of these the costs of these types of insurance can be very expensive. You can access comparison sites that provide you the costs of permanent life insurance in order that you can compare the costs and make the decision that is best for your circumstances. By making sure you take out the best policy to suit yours and your families needs with the correct amount of life cover now, you avoid additional charges or new policies if you decide that you need additional coverage or a different policy later. My taking some time to think now, you will save money in the future.
Taking out Life insurance provides security to your loves ones and it is vital that you can take out what you require at the most competitive price available. Each dollar you save on the monthly insurance premium is a saving you will make each month over the lifetime of the policy. It therefore pays to shop around and find the best policy available to you right now.