Four Simple Ways to Save Money on Life Insurance

Cost is the major reason that many Americans give for not signing up for life insurance, but it shouldn’t be. Life insurance, mostly term life insurance, is not as expensive as many people presume. Considering the importance of having life insurance, it pays to find ways you can save on life insurance.

1. Go for a term life insurance policy

Term life is sufficient for most people. The policy can cover your needs for a pre-determined amount of time. It features fixed death benefits as well as fixed premiums. The premiums are usually lower than those of whole life insurance.

2. Buy early

You will benefit from life insurance when you buy it in your early years of life. Whether you just had your first child or you just closed your first home, buy the policy as soon as you need it. Insurance companies charge less amounts on premiums for younger individuals. You might also land a good deal that will cater for your health needs in case you get a chronic or terminal illness.

3. Take the life insurance medical exam

Many companies will offer “simplified issue” and “guaranteed issue” life insurance, which means you get life insurance without a medical exam. It might sound convenient, but such policies will cost more than those where clients submit to a medical examination. So, agree to go through the tedious process because it will pay off in the long run.

4. Quit smoking

A study by the policygenius study of the healthiest states found that smoking is among the leading factors that impact on life insurance premiums (a 342% increase). In case you got your life insurance at a point where you were a smoker and you quit smoking, consider going for a review. You will be required to do the medical exam once more, but it will save you loads of cash in the end.