If you’re shopping for term life insurance, you’ve probably realized there are hundreds of sites where you can go to get quotes. This is probably the best and easiest way to shop for life insurance these days because it allows you to compare the rates from many carriers and companies.
Here are some tips on how you can save money when shopping for term life insurance:
- Compare term life insurance quotes online from several sources or find a good site that works with multiple carriers. This ensures that you get the lowest possible rates for your situation.
- Choose to pay your premiums on an annual basis if you can afford it. This is usually less expensive than if you pay you monthly or quarterly. It’s the easiest way to save 5 to 10% on your term life insurance costs.
- Be sure to look at higher levels of coverage because the difference in cost is usually very little. For example, If you need $160,000 worth of coverage, then make sure you look at quotes for $200,000 of coverage as well. For just a little bit more, you might be able to get a much bigger chunk of insurance.
- Watch out for policy fees. Find out if there are policy fees and see if you can have them waived. Sometimes carriers will eliminate all or some of the annual fees if you and your spouse are covered.
- Stop smoking. Now this isn’t an overnight fix, but it is worth considering because smokers pay an average of 2 to 3 times more for life insurance. You will have to be smoke-free for at least 12 months for most carriers, but the savings in money (and your health) are well worth it. Just to give you an example, a healthy 35 year old male who doesn’t smoke will pay around $300 per year for a $250,000 30 year level term policy. If he smokes he’ll have to pay more than double at $725 a year. It’s a big difference.
An experienced agent can steer you in the right direction towards the carrier who will have the lowest rates for your situation. He or she will take into account your age, health status, family health history, occupation, hobbies, and your driving history. Get a free quote today to compare multiple quotes for your individual needs.
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