Yes, Cheap Life Insurance Is Very Possible!
Cheap life insurance is what everyone reasonably wishes for. Yes, you read it right. It is reasonable to look for less expensive life insurance because life insurance is not an investment that will certainly come back to you with profit.
You might wonder if it is possible to get cheap life insurance rates. The answer is an absolute ‘yes’. Here are the tips that will help you lower you insurance rate by half or even more.
1. Buy Insurance Before 30
The largest factor that determines your life insurance premiums (monthly or yearly cost) is your age. As a matter of fact life insurance rates are determined on the basis of a prospective buyer’s life expectancy. You know as we grow older, we move closer to diseases, decay and death. This is the reason life insurance companies charge higher rates as you grow older. So, the younger you buy life insurance, the cheaper your rates will be. Generally, the best age to buy life insurance is under 30.
2. Go for Term
Life insurance policies fall largely apart in two major classes according as the way they offer you protection. The term insurance protects your family for a set span of years. Upon your death within the term, it hands over to your family the amount of money that you sign the contract for.
On the other hand, whole life insurance does dual functions by providing you protection for the entire life and bringing profit to you. But whole life insurance can really be a heavy on your family finance. Compared to term insurance, it is several times costlier but not as profitable as you might be thinking of.
When only financial protection for some time ahead is what matters, you are looking for cheap life insurance, term life insurance has no alternative for you.
3. Buy Right Coverage
Term life insurance coverage increases lucratively dollar by dollar. This can be quite an alluring trap for you to raise the coverage still more. But that can be a bad idea in view of its not being an investment. As it happens with most people who outlive their policies’ terms, you are to get nothing back if you in luck and outlive your policy. So deciding on how much life insurance you need is very important. There is another aspect to it. The more time you choose the protection for, the more expensive your rates will be.
So it is very important that you choose the right coverage in terms of death benefit and duration.
4. Go Through Exam
The approval process of life insurance application comes in two ways: through physical exam and without medical exam. The latter, no medical exam life insurance is surely hassle-free and often promptly approved. But it will almost certainly be a blocker toward you getting cheap life insurance. Going for life insurance through medical exam is a sure way for you to get affordable life insurance.
5. Go Shopping
As life insurance rating system is company-specific, it is competitive as well. This leaves you scope for shopping around for finding better rates. Unlike the past, it is pretty easy now to do comparison-shop. All you need to do for this is to make use of the comparison tools that bring free life insurance quotes online and free.
6. Avoid Extensions
Life insurance policies often come with offers of extensions known as riders. They provide you certain protection upon purchase. It is most likely that your agent will put them forward before you and you might even be tempted to get them. The reason is life insurance riders are made in a way many find them irresistibly practical to buy. But this will prevent you from getting cheap life insurance.
7. Quit Tobaccos
Life insurance for smokers comes financially hard way through. In the USA, some companies are so anti-smoking that they charge up to 500 times more than their competitors. Drinking also affects your rates in a big way. So, the first thing you need to do is avoid them to get cheap life insurance.
You might wonder what if you are already in the habit and need time to change. Well, good news is once you have gotten insured and quit the habit, you will be eligible to apply for adjusting your rates after two years for cheaper rates. When you have passed 5 years, you will be eligible for getting the same rate a non-smoker or non-drinker does.
Hopefully, you can do what it requires to get cheap life insurance.
Disclaimer: Life Insurance Mentors is not affiliated to any life insurance companies or agencies.