Life insurance allows you to rest easy, knowing that your family will be taken care of financially should you die unexpectedly. While this is an important purchase for people with families to take care of, it does not have to be overly expensive. You can save money on your term life insurance costs. Here are three tips to help you find low cost term life insurance coverage.
1. Get the Right Coverage
The first step is insuring that you have the proper coverage levels. Insure yourself with too low an amount and your family won?t be adequately protected. Insure yourself for too much and you are creating an unnecessarily high expense. Your local agent can help you determine which level is ideal. Here are some items you should consider when deciding on a coverage level.
Start by looking at your level of debt. You want your family to be able to live debt-free, allowing them to stretch the life insurance money further.
Be sure that you are insured for enough to pay off all secured and unsecured debts. Your insurance amount should at least cover the debt that you carry, plus several thousand dollars for funeral and burial expenses.
If you have children, consider the cost of a college education for each child. Increase your insurance amount to cover the cost of sending your children to college when the time comes.
Next, consider the ongoing expenditures your family will have. There may be fees for childcare. You will also want to consider the monthly cost of utilities, groceries, clothing and other regularly purchased items.
The final portion of your life insurance coverage level will be investment funds that can be used to create a monthly stipend which your family can use to handle these regular living expenses.
2. Shop Around
Comparison shopping can help you save money on life insurance. There are many providers for life insurance, including major car insurance companies. The quotes you receive can vary greatly from one company to another, so shopping around is important for finding the best price.
In addition to looking online at different companies, you should also consider the different organizations you are involved with. Some organizations have life insurance that is offered strictly to members. It is possible to get life insurance through your job, but these policies are typically smaller and will be lost if you ever part ways with the employer.
Check with your auto insurance company. Many national companies like Geico, Nationwide, Farmers and Liberty Mutual offer life and auto insurance. You can bundle the plans together to receive discounts on both policies.
Some companies also specialize in life insurance. Agencies like New York Life, Prudential and Mutual of Omaha focus heavily on life insurance and are typically able to provide customers with attractive rates.
Comparison websites can be the best option for finding low-cost life insurance. These sites will provide you with several quotes from different companies. Once you have obtained the different quotes, you can research each company to find the one with the best ratings and the most solid reputation.
Positive Health Changes
Most life insurance companies will require a physical exam before authorizing the policy. They will check for drugs and tobacco to be sure that you were honest on the questionnaire. They will check your weight and they will look into your medical history to ensure that you are healthy.
You can make positive health changes to increase your chances of lowering your life insurance premiums. Here are some things you can do to help you get a lower rate in the next year.
Stop smoking ? Tobacco users pay much higher premiums. The longer you are smoke-free, the more you can watch the premiums fall.
Lose weight ? If you have been meaning to shed twenty pounds or more, lowering your life insurance premium can provide you with additional motivation. Even losing just ten pounds can be enough to push you into a lower rate class.
Eat healthier to lower cholesterol ? Life insurance companies look at all kinds of numbers, including your cholesterol. There are dietary changes you can make to lower your cholesterol levels, potentially helping you to enjoy lower insurance premiums.
If you see that your health is improving, you can contact your insurance company and ask them to review your rates. If they are unwilling to review the premiums, you can choose to switch to another provider to enjoy more favorable pricing.
It is possible to find low-cost life insurance to protect your family. It starts by choosing term life, rather than whole life. Comparison shopping helps you find the best price that is available to you. The greatest savings can be achieved by taking steps to improve your health and dropping any tobacco habits.
Source: http://lifeinsurancehealth.net/3-tips-for-finding-low-cost-life-insurance/
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