Saving Money
Like other forms of insurance, saving money on Life Insurance is really just about shopping around for the best quote and understanding how much coverage you actually need. Also like other types of insurance, you want to convince the insurance company that you're lower risk than others. Given that, here are our tips:
- Be as healthy as possible: Healthy people pay less for life insurance. Specifically:
- Don't smoke.
- Maintain a healthy body weight. Overweight people will pay more because they're higher risk for heart problems, diabetes, and other health issues
- Eat healthy foods.
If you bought life insurance when you weren't as healthy as you are now, ask your insurance agent if you can now qualify for a better rate.
- Buy term insurance. We explain Term Insurance here. It's less expensive because you don't build equity. Also, it only covers you for a period of time (and therefore it is more expensive for older people--think about how long you'll want insurance to be sure that term insurance makes sense for you).
- Shop around! Look online for many insurance companies that will offer you initial quotes and/or put you in touch with their agents. Shop around to find the best prices--they DO vary!
- See if your employer offers group insurance. These plans usually cost less than insurance you buy on your own.
- Try to find a "no load" policy. If you think that you understand all of the nuances of life insurance and you don't need an agent, you may be able to find a policy that you can buy directly from the insurance company. These policies may not have the same fees associated with buying a policy through an agent.
We are not affiliated with any of the establishments listed on this site. The advice on this site is based on our own experiences and those of other visitors who have contributed. We imply no guarantee, and the research here should NOT be taken as professional advice. Disagree or have something to add? Email us! This is a community-based site--feel free to contribute or link to us if you found it useful!
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