Life insurance may seem like a grim topic, but getting a policy can help cover expenses after you pass. Like any other type of coverage, it can be expensive if you don’t know how to get a lower premium. Here are some tips that you can try to make your insurance policy much more affordable.
Maintain a Healthy Weight
Everyone knows that maintaining a healthy weight is the best way to prevent sickness. Life insurance companies want you to be adequately covered in the event of your passing, so they’ll require individuals who are overweight to pay more. A good way to lower your life insurance rate is to bring your weight down to an amount that the business considers healthy.
Don’t Use Tobacco Products
Tobacco can cause cancer, emphysema, and a host of other medical conditions that significantly decrease a person’s life expectancy. Life insurance companies charge those who use tobacco a much higher amount than those who do not. Occasionally, tobacco use can be cause enough for an insurance group to deny coverage altogether.
Control Chronic Conditions
Chronic conditions don’t need to be a barrier to affordable insurance. It is possible to afford insurance if you can manage these issues using medications or other means. “Controlling” means that you’re symptom-free of your conditions and you see a doctor regularly. Unfortunately, some conditions aren’t qualified for a lower rate even if you can control them. Two medical conditions that fit this category include lung cancer and diabetes.
Keep a Clean Driving Record
Most people may not know that their driving record affects their life insurance premiums. Some life insurance providers, such as Mutual of Omaha, check driving records for applications age 18 to 45 that request $100,000 or more of coverage. A clean driving record free of DWIs, DUIs, and traffic violations could lower your payments to something more affordable.
Buy Earlier in Life
Accidents happen unexpectedly every single day, and this is why you should never wait to purchase life insurance. A lower premium could be achieved by buying a policy earlier in your life. Best of all, you’re usually much healthier when you’re younger, which means you’ll pay a smaller premium each month.
Consider Term Life Insurance
There are two types of insurance policies—whole life and term. Whole life insurance is seen as permanent life insurance that covers you until you pass or stop paying. Term life insurance is issued for a predetermined amount of time and has lower payments than whole life. Term policies give you a budget friendly premium while giving you the coverage you need.
Ask for Price Breaks
Before settling on a life insurance provider, you should search online and call around. While getting rate quotes, you should ask for any price breaks that are available. Some carriers give breaks if you buy a certain amount of coverage. Some could adjust their rates to something lower to make it more affordable.
