FIVE TIPS TO SAVE ON LIFE INSURANCE

Life insurance is a necessary expenditure for most people and provides vital financial support for your beneficiaries should the worst happen. However, if you aren’t careful, you could end up paying more than you need to. Below are five tips to help you save money on your life insurance policy.

1. Work with An Independent Broker

An independent life insurance broker will be able to show you quotes from many insurers in your area and can work with you to find the best policy within your budget. Going off of your friends’ advice alone isn’t enough as different insurers offer different prices, and different coverages for different people.

2. Consider Term over Whole Life Insurance

Term life insurance is more bare bones than whole life insurance, and the premiums are generally significantly lower. If you are in your later years and only expect to live 10 to 20 years longer, this is a more affordable option.

3. If You’re a Smoker, QUIT!

Not only will quitting improve your health, but it can also save you tremendous amounts on your policy. It’s known that life insurance policies for smokers can be up to 3 to 4 times more expensive than non-smokers. Quit today and enjoy a longer life and a more affordable plan.

4. Pay Annually

If you choose to pay your policy with an annual payment, you can save on the fees insurers usually add for paying premiums month-to-month.

5. Buy When You’re Young

If you just had a baby or bought a new house and feel you might need life insurance, now is the time to buy. Policies are usually more affordable for younger adults because they pose less of a risk to insurers.

We hope that you found these tips useful. Let us know if you have any additional suggestions!

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