Shopping for life insurance
can often be an expensive and time-consuming process. Here are a
few potential money saving tips to keep in mind along the way.
Consider the total cost of your policy.
Some life insurance policies appear to cost more, but may, in fact,
be cheaper when you examine the total cost.
Don't underestimate your needs.
Before shopping for life insurance, be sure to calculate your total
needs. Buying one policy with greater death benefit at a younger
age will most likely be less expensive than adding additional coverage,
as you get older and your financial position changes.
Term insurance first.
Try buying term insurance for at least 6 months. Remember, you can
convert term to permanent, but not permanent to term.
Compare costs.
If you're considering the purchase of permanent life insurance,
compare costs and benefits of Whole, Universal and Variable policies
to your own term plan. You may save money!
First-to-die policies.
First-to-die permanent life insurance policies pay cash benefits
regardless of which spouse dies first. Covering both spouses with
one policy can be cheaper than buying two policies.
Consolidate policies.
If you have a number of small life insurance policies, you can save
money by consolidating your policies into one larger policy that
offers the same coverage.
Improve your health.
Quit smoking, eat healthier and exercise regularly. This will decrease
your premiums and increase your life expectancy.
Consider your hobbies.
If you skydive, deep-sea dive or participate in any other high-risk
activities, your premiums will be more expensive for obvious reasons.
Shop now.
There is no time to waste. It is important that you do your shopping
now while you are in good health, insurable and can qualify for
a good rate. Remember, the longer you wait, the older you will be
and the higher your rates may be. So, it's advisable to lock in
your best rate now and stick with it!
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