How to Save Money on Your Life Insurance
As someone who once spent a few months selling life insurance to the public I know that it is a subject which doesn’t really grab people’s interest. However, if you want to protect your family then it is worth looking into it as soon as you can.
The good news is that you can use the following ways of saving money when you get your cover.
Get It Young
I don’t want to depress anyone, but I guess that it is no great secret that the older you get the higher the chances are of you passing away. This means that with every year that passes the premium you get quoted gets higher. There is nothing we can do to stop the ageing process but what we can do is get covered as soon as possible, to take advantage of the cheaper rates on offer. We also need to bear in mind that if you suffer any sort of serious illness this is going to affect your chances of getting cheap cover in the future. This means that arranging your policy when you are young and healthy is a fantastic idea.
Smokers pay more for their life insurance. It is pretty obvious why this is the case, as smoking significantly increases your chances of contracting a few different diseases. If you are a smoker and want to give up then you should check how long you need to have given up before different insurance companies will class you as a non smoker for premium calculation purposes. Maybe this could be the incentive you need to give up a bad habit?
Get the Right Level of Cover
When you are looking at a quote for life insurance it is easy to think that taking out a huge level of cover is a good idea. If you have done what I suggested above and got the quote while you are young and healthy it might be a relatively low cost policy at the start. However, if you are planning on staying protected for the foreseeable future the cost might start to get too much for you at some point, especially if you choose a policy whose premium goes up each year. My boss in the insurance company I worked for was a wise man, and he often said to me that I should never sell a policy the customer might not be able to afford, even if the commission for me looked too good to turn down. In those cases, it was always best to advise the customer to reduce the cover and be sure of being protected at a reasonable cost in the future. Just remember that if you take out a policy which is too expensive and end up cancelling it you won’t have the cover which you were keen to get in the first place.
Finally, we can’t forget that there are an awful lot of companies out there who offer life cover or that they all charge different rates. The more different quotes you get the more likely you are to find something which you are happy with. These days, it is incredibly easy to go online and very quickly get a good number of quotes from different companies. Of course, before you do this you should already have worked out what kind of cover you need and how much of it you want. This will let you compare on a like for like basis and also means that you won’t be swayed by anything which you don’t really want but which the company pushes at you.