Why do we lock our doors, keep an umbrella in our car, have that little bit of money in our sock drawer, and double check our zipper? Just in case. Life insurance is protection, just in case. A protection that we should not go without.
Life insurance is necessary. How do you find ways to save money on life insurance? SHOULD you pay less for life insurance? Follow these tips and you are sure to get what you need and spend less.
1. Remember a policy that doesn't meet your needs or a company you are not familiar with is not worth saving money on.
2. Start with an insurance agent or broker that you know and trust. Perhaps the company that handles your auto and/or home owner's insurance can offer you reasonably priced life insurance. Don't feel this is your only option, however.
3. Shop around! There are plenty of options in this highly competitive market. Use the Internet for fast comparisons. Does your employer sponsor a group plan? Even if they don't subsidize, a group plan could save you money and offer convenient payroll deductions.
4. Quit smoking! A 40 year old smoker will pay $31.07 compared to a nonsmoker who will shell out just $13.30 for the same $100,000 plan.
5. Get healthy. If you are at a healthy weight and exercise regularly you will save money (not just on your life insurance, either).
6. Ask your agent about the net cost index. This number makes it easier to compare plans with varied costs and benefits. The lower the number, the better.
7. Find out about premium discounts that may be available to plans with higher coverage. In some cases you may pay less for a higher valued plan!
8. Don't make monthly payments. Pay once or twice a year to get discounts.
9. If you are buying term insurance check for renewal guarantees that don't require a health exam to renew your policy.
Don't forgo the necessity of having a life insurance policy. It really can be quite affordable. Not having life insurance is much worse than being caught in the rain without your umbrella or even forgetting to check your zipper.
When you purchase an affordable life insurance policy that fits your needs you will have the peace of mind that comes from knowing your family will be cared for. Here's to hoping they don't use that life insurance policy for a good long time!