Is it possible to save money on life insurance?
In short, yes you can and potentially save yourself thousands over the life time of the policy. How is this possible you may be thinking. Below we have listed 4 methods to save yourself money on life insurance. These methods can be used by anyone anywhere in the United States to save your hard earned money. Why pay extra when you can save?
1 – Shop around
If you are buying a new auto, a new kitchen or new furniture you would shop around. Why not do this with your Life Insurance 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 location. Do not obtain just one quote, get at least three to ensure you can see the savings you can make.
2. Pay the premium annually
Insurers offer discounts on the policy if you pay the premium on an annual basis. This is because it removes an additional layer of administration (collecting the premiums each month). Check with the insurer what the annual payment saving would be and make an informed decision on the savings to be made. Remember that the annual payment will be set up to come out of your bank, so make sure you have the funds available to pay the premium on the due date.
3. Take a medical
Many insurance policies there days are written on the basis that the proposed insurer answers some simple medical questions and is provided the cover without the need for a medical exam. This actually suits a lot of people. However, if you are in good health then undertaking a medical can substantially reduce your premiums.
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.
Taking out Life insurance provides security to your loves ones and it is important 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 deal available to you.