How to Save Money on Life Insurance
As interest rates have declined over the last couple of years so too have premiums on life insurance policies. There’s never been a better time to buy life insurance, but it helps to know how to shop for it.
While insurance professionals are sure to disagree amongst themselves about it, there are several reasons to opt for term life insurance over whole life and universal life insurance policies. Term life policies will cost you a third or a quarter of whole or universal policies. With term life insurance you also keep your investments separate from your insurance – whole life and universal life policies intermingle them.
There are several ways to save on your life insurance, regardless of whether you end up with term, whole or universal:
- Keep your weight in check. You will pay more for life insurance if you are above the recommended level for your age and height.
- Keep your driving record clean. Most insurance companies will look at your driving record when determining their rates. If you have moving violations you’re considered a higher risk and will pay higher rates.
- Ace your medical exam. Life insurance companies will often want you to take a medical exam prior to issuing a policy. Of course, there’s not much you can do to improve your health overnight, but at least stay away from too much alcohol, caffeine and fatty food before the exam.
- Have a doctor explain any existing conditions. If you have conditions like high blood pressure or diabetes, make sure your doctor can verify that you have the symptoms under control.
If you have dependents, it’s time to get life insurance. Follow these tips and you’ll get a great policy at a great rate.