5 Easy Ways To Save Money On Life Insurance

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Jessica Fox 11-06-2021

Simple, Effective Tips to Save Money On Life Insurance

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When it comes to tips to save money on life insurance, there’s no shortage of advice out there. Everyone wants to save money but still receive enough coverage to have peace of mind. 

We get it. It’s important to be protected without breaking the bank. 

That’s why we’ve created this list of five ways to save money on life insurance: To help you lock in a great deal and receive the coverage you want. 

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5 Easy Ways To Save Money On Life Insurance

  1. Buy Early: One of the most straightforward ways to save money on life insurance is to buy it sooner rather than later. The younger and healthier you are, the better chance you can lock in at a great rate and avoid higher premiums that come with age and ill health.
    It’s never too late to purchase life insurance, but buying it as soon as possible is a smart idea and one of the easiest ways to save money on life insurance.
  2. Compare Quotes: This should be a no-brainer: always, always compare quotes before you buy something as important as life insurance. Every insurance provider calculates quotes differently, so you’re likely going to see some variety. Comparing at least 2-3 quotes (and the coverage included in each) will help you get the best rate possible since life insurance companies are all competing against each other.
  3. Choose Term Life Insurance: When you’re looking to purchase life insurance, you can opt for term or permanent life insurance. Choosing term life insurance is another of the top ways to save money on life insurance because it typically comes with lower premiums. You get coverage for a set amount of years as well as a fixed death benefit and usually fixed premiums too. Unless you really need permanent life insurance, choose term life insurance to save money right now.

    Many term life insurance policies also come with a renewal guarantee, meaning that after your term expires you can renew it again; you’ll likely have to pay higher premiums, but you usually don’t have to undergo another medical exam or shop around all over again for new life insurance. 

  4. Take the Medical Exam: While you don’t always need a medical exam to qualify for life insurance, taking one can help you save on your life insurance premiums. If you choose not to have a medical exam, then you’re a higher risk to insurance providers because they don’t have a full view of your health. They’ll account for that risk in your premiums, so it’s definitely more cost-effective to take the medical exam—especially if you’re young and healthy.

    Note: even if you’re not in perfect health right now, you can retake the exam a year or two later and try to get a discount on your premiums if your health has improved.

  5. Be Truthful On Your Application: Nothing will potentially cost you and your loved ones more than not being fully transparent on your life insurance application. If you pass away, your insurance provider has the right to investigate your death and your application (especially during the first two years after purchasing the policy). If they find that you were not truthful about any part of it, including medications, surgeries, illnesses, they can deny or reduce your death benefit—even if it had nothing to do with the cause of your death.

    In terms of ways to save money on life insurance, this is the most critical because not being truthful on your application can cost you years of premiums for no death benefit payout. 

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In Sum: Ways to Save Money on Life Insurance

The best ways to save money on life insurance aren’t just shopping around for a great deal, but happen before you even get to the point of purchasing life insurance. Take care of your health, buy early, and be transparent on your application-these tips to save money on life insurance will save you significantly over the years, more so than just finding a great rate. 

Jessica FoxJessica Fox has been a freelance writer for five years, with a specialty in health, wellness, and insurance. During this time, she’s written for some of the biggest B2B and B2C brands from around the world. Jessica is also the mother of two young daughters and loves coffee, writing, and working out.