Insurance Companies

Five Easy Ways to Lower Your Life Insurance Premium

in Life Insurance Cost

Are your life insurance premiums becoming a strain on your budget? Are you thinking about canceling your policy to save some money? During a recession, money seems tighter than ever and many families look for any way they can to save money. Believe it or not, people actually cancel their life insurance policies to free up some money each month or they just stop paying out of necessity. You’ll probably agree that life insurance is an important part of your family’s financial house, so canceling your policy or letting it lapse should be the last thing you do.This article will go over five easy ways to lower your premiums so that you can save money.

Shop Around First

Above all else, you should shop around when you buy a life insurance policy. The internet is the perfect and most easy way to compare term life quotes and whole life quotes. Comparison shopping is important when you first decide to buy a policy or even after you have one because you never know if you can find a cheaper rate. Life insurance carriers have their own unique requirements and guidelines so their quotes can vary by as much as 50%. If you shop around and work with an experienced agent, you can be sure that you choose the absolute lowest priced policy four your situation.

Choose Term Life Insurance

There’s no argument that term life insurance is the most affordable type of coverage. If you have a whole life insurance policy and the premiums have become unaffordable then you could easily save hundreds or thousands of dollars per year by opting for term life instead. You’ll be able to get the same amount of coverage or maybe, which is the most important part, for much less money.  Make sure you choose the right term to cover your needs.

Stay Healthy

Your height and weight play a big part in how much your life insurance policy will cost you. Insurance carriers calculate your BMI (body mass index) using your height and weight. The more you weigh, the more risky you are viewed by the carriers. That’s because statistics show that people who are overweight and obese have a higher likelihood of developing high blood pressure, heart disease, diabetes, and other health problems. If you’ve already bought a policy and you received a higher rate because you are overweight, then it’s not too late to save money. If you get your weight into a healthy range, many carriers will lower your premium. This might require another physical to verify your weight.

Talk to An Agent

Now that life insurance policies are available online, many people are choosing to stay away from life insurance agents. For some reason, agents have a scary reputation for being pushy or aggressive, but they can actually save you a ton of money because they have the inside knowledge that you need. A knowledgeable agent will give you advice about which companies have the lowest rates for you.  There are so many variables that affect your life insurance premium and no two carriers view them the same. Opening up to an agent about your smoking status, health issues, and anything else that might affect your rate will end up saving you money. If you want to speak with an experienced insurance professional about your needs then call toll free 1-877-801-4402 to get some advice as well as current rates over the phone.

Get Started As Soon As Possible

The sooner you get your life insurance policy, the cheaper it is. This is because carriers base a majority of your premium on your age. The older you are, the more it costs. Many people put off the decision to buy life insurance for years and years. Don’t get caught up in this way of thinking because it will only cost you more money for the same coverage. If you are shopping for life insurance then get a free quote today. You can compare many policies, which means you’ll save money.

Related Posts:

  • How to Find the Best Life Insurance Rates Online
  • Life Insurance at 52 Years Old
  • How to Save Money on Your Term Life Insurance Policy
  • Life Insurance at 65 Years Old
  • How Much Will Your Life Insurance Cost?
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    How to Find the Best Life Insurance Rates Online

    in Life Insurance Cost,Quotes

    If you are shopping for life insurance then you undoubtedly want to get the lowest rates possible. If you save just $10 per month on a 30 year term life policy, that adds up to a savings of almost $4000 over the life of the policy. Many people are choosing to use the internet to shop for life insurance these days. Your options are plentiful. Just google “life insurance” and you’ll get over 100,000,000 results. Wow. So what should you look for in a site and how can you find the best rates for life insurance online?

    The first thing that you need to know is that rates are determined by the life insurance carriers, not the individual website. For example, if Metlife releases new rates then the life insurance websites will publish those rates. They cannot publish a lower rate to entice you and they can’t publish a higher rate to make a bigger profit or something. The rates are the same across the board no matter what site you go to. With that in mind, here are some things that you should look for to help you find the best life insurance rates online.

    How many carriers do they have in their database? Life insurance rates can vary by hundreds or thousands of dollars between carriers for the exact same person. That’s why it is so important to get quotes from as many carriers as possible. A website that offers quotes from 12 carriers might not be able to get you the best rate for your situation as a site that has 40 carriers in its database.

    How long has the site been in business? There’s a big difference between a site that has been around for one year and a site that’s been around for 20 years. Although they can both provide quotes, an established site will probably have better service and be more knowledgeable. Knowledge is important because a life insurance rate has many facets to it. It’s not based just on age. Your health, family health, occupation, driving history, and many other things are taken into account when determining a life insurance rate. A site that’s been around for a long time probably has a big network of experienced agents who you can talk to. This is important because an experienced agent can help guide you towards a carrier that will offer you the lowest rate for your situation.

    Remember that life insurance quotes are easy to obtain. There are quote engines all over the internet, but there is more to shopping for life insurance than just typing in a few details about yourself and pressing go.  Here’s an easy way to get free quotes. Just fill out one page of information and you can compare multiple rates.

    Related Posts:

  • Five Easy Ways to Lower Your Life Insurance Premium
  • Life Insurance at 52 Years Old
  • How to Save Money on Your Term Life Insurance Policy
  • Life Insurance at 65 Years Old
  • How Much Will Your Life Insurance Cost?

    • Life Insurance at 52 Years Old

    in Ages 0 to 85,Life Insurance Cost,Quotes

    At 52 years old your life insurance needs have probably changed a lot since you were in your 20s, 30s, and 40s. You might need less life insurance because your children are grown and on their own now or maybe you’ve paid off your mortgage. Or maybe you need more insurance because your children are just starting to enter college or maybe you’ve bought a bigger house. Either way, you can still find affordable life insurance at 52 years old. If you are looking for term life then you should know that you can still qualify for a 30 year term life insurance policy if you are in good health. That means that you will have insurance coverage until you are 82 years old.

    Life Insurance At 52 Years Old – Sample Rates

    Here’s an idea of what you might pay for term life and whole life insurance coverage at 52 years old. These are example quotes based on a preferred health rating for a non-smoker.

    $250,000 30 Year Term Life Insurance

    Male: $1350 per year
    Female: $910 per year

    $250,000 Whole Life Insurance

    Male: $4000 per year
    Female: $3200 per year

    Life Insurance at Age 52 – Compare Rates Today

    The first step is to shop around and compare rates from several carriers. Get a free quote online and compare multiple policies from top rated companies. If you have some questions about what type of coverage you need, or if you want to obtain rates over the phone, you can call 1-877-801-4402 to speak with an experienced insurance professional.

    Life Insurance at 65 Years Old

    in Ages 0 to 85

    Your life insurance needs change along with the phases of your life. At 65 years old, you probably don’t need as much life insurance as you did when you were 30. This is assuming that your children are grown and have made it through college and your home is paid off. Age 65 is when most people make the decision to retire so it’s the perfect time to reevaluate your life insurance coverage. Whether your group coverage is ending because of retirement, your term policy is expiring, or you just want to downgrade your life insurance because you don’t need as much coverage, there are still plenty of options for life insurance at 65 years old.

    Term Life Insurance at 65 Years Old

    At this age, most carriers will allow up to a 20 year term, which will give you insurance coverage until you are 85 years old. Here are some examples of what a $150,000 20 year term policy might cost you. This is based on a preferred health rating.

    65 year old non-smoking male: $1890.00 per year
    65 year old non-smoking female: $1265.00 per year

    These rates are assuming that you are in great health. If you have some health issues, as most seniors do, you can expect to pay a little bit more. High blood pressure and cholesterol and common issues for seniors and, when adequately controlled, do not pose as much of a problem as more serious health problems such as cancer, heart disease, or a history or stroke or diabetes. If you have some of these health issues, then be sure to get a free quote from an experienced agent. In most situations, you can still find life insurance coverage but you’ll need to find the right carrier to cover you. An experienced agent will be able to guide you in the right direction to the carrier who has the best rates for you.

    Whole Life Insurance at 65 Years Old

    If you want permanent coverage that will last you for the rest of your life, then whole life insurance is a great option at 65 years old. You can get a smaller policy for final expenses and be comfortable knowing that your family will be able to take care of funeral and other expense if / when something happens to you. Whole life insurance costs more than term life, but your premiums will be level for the rest of your life and the coverage is there whether you live to be 66 or 106. Here are some rate examples for a $35,000 whole life insurance policy. These rates assume good health.

    65 year old non-smoking male: $260.44 per month
    65 year old non-smoking female: $201.12 per month

    These are just some examples to give you an idea of the cost. Because life insurance premiums are based on many other factors such as height, weight, driving history, occupation, and family health history, it is best to get a quote from an experienced agent to find out what your rate would be.

    How Much Will Your Life Insurance Cost?

    June 6, 2009

    The premium you pay for life insurance is absolutely unique to you. The reason for that is because there are so many factors that play a part of how a carrier determines your life insurance premium. Here’s what affects how much you pay for life insurance. Age. This is a no brainer- the older you [...]

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    Term Life Insurance at 55 Years Old

    June 4, 2009

    If you are 55 years old and looking for life insurance, then your needs for life insurance are probably very different than when you were in your 20′s, 30′s, or 40′s. By this age you might be lucky enough to have a paid off mortgage or maybe your children have made it through college and [...]

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    Buying Life Insurance With Heart Disease

    June 2, 2009

    If you are need to buy life insurance and you have heart disease, then you should know that some carriers will offer you better rates than others. Some people who have heart disease fear that they won’t be able to get any life insurance or they worry about paying extremely high rates. It all depends [...]

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    How A DUI Affects Your Life Insurance Rates

    June 2, 2009

    Whether you are shopping for term life coverage or a whole life policy, insurance carriers want to know everything about you when they underwrite your life insurance application. This means your health history, your family’s health history, your smoking status, your job, your hobbies, your travel plans, and your driving history. If you are in [...]

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    How Age Affects Your Life Insurance Rates

    June 2, 2009

    Although it isn’t the only thing that affects your life insurance rate, age is one of the biggest factors that life insurance carriers take into consideration. The cost of life insurance and your age go hand in hand. It’s actually very simple. The older you, the more your life insurance will cost. The reason for [...]

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