Effective Ways To Make Affordable Life Insurance A Reality

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Jessica Fox 21-09-2021

How To Make Your Life Insurance More Affordable?

Effective Ways To Make Affordable Life Insurance A Reality

One of the biggest complaints about insurance products is the cost. The good news is insurance premiums—like life insurance—aren’t set in stone. Fortunately, this means that if you take the time to shop around or research what your insurance provider has to offer, you can find great coverage at an unbeatable price!

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12 Ways To Reduce The Cost Of Your Life Insurance

  • Start With Term Life: Of the two life insurance products: permanent and term life, opt for term life if you’re looking to save money when you first buy into life insurance. Term life gives you a lot of coverage without breaking the bank. Another option available is combining both permanent and term life coverage.
  • Buy Life Insurance When You’re Young: The best and most affordable time to get life insurance is when you’re young and healthy. Buying insurance when you’re young allows you to lock down affordable life insurance premiums. Not to mention you’ll never have to worry about finding life insurance should you encounter health problems later in life.

  • Shop Around: As with any insurance product, your best bet is to arm yourself with multiple quotes from different insurance companies to help determine the best coverage for you; this includes finding a policy that fits within your budget. If you’re too busy, an insurance agent can collect quotes for you and walk you through your options.

  • Employer-Sponsored Or Group Life Insurance: If you’re secure in your job, ask your employer if they offer group life insurance as it’s an affordable option. Not to mention, group life insurance is often subsidized by your employer. Additionally, group insurance doesn’t require a medical exam, which is reassuring if you have health conditions.

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  • Inquire About Discounts: It pays to ask your insurance provider or prospective providers if they offer life insurance discounts. Some of the most common discounts insurers offer are: bundling insurance products, loyalty programs and healthy living programs.
  • Are There Discounts For Paying Upfront: Interestingly, insurance companies frequently offer discounts to policyholders who pay a lump sum upfront or even bi-annually. So if you can comfortably afford to pay upfront, it will save you money on your life insurance.  
  • Renewal Guarantee: If you have term life insurance, you can automatically renew your policy with a renewal guarantee; this also means you won’t need a medical exam. Further, your premiums are based on your age, not your current state of health, so if your health were to worsen, you’ll have the peace of mind that your life insurance costs will remain the same.
  • Use a Specialized Health Professional: Suppose you have been denied life insurance or have medical conditions that prevent you from getting more affordable rates. In that case, it’s in your best interest to work with a specialized health professional that works with high-risk applicants. The alternative to traditional life insurance is considering guaranteed or simplified life insurance that doesn’t require a medical exam.

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  • Increase Your Life Insurance Gradually: Ultimately, when it comes to life insurance, the best policy is, having one. Even if you cannot afford much, start with a small monthly premium, and as your financial situation improves, you can reevaluate and add more coverage to your policy. 
  • Healthy Lifestyle: You’ll never fear a medical exam if you lead a healthy lifestyle. Some healthy lifestyle choices are:
    • Limiting alcohol consumption
    • Exercising regularly
    • Eating a well-balanced diet 
    • Controlling stress levels
    • Choosing not to smoke or partake in recreational drug use 
    • Maintaining a healthy weight

      The best life insurance rates will always go to policyholders that are in good health. However, if you radically improve your health, you can ask your insurer to retake the medical exam as this will shrink your premiums.
  • Ensure Premiums Are Paid On Time: It is in your best interest to always ensure your life insurance premiums are paid in full and on time. If you’re unable to pay in full or miss a payment, your insurer can increase your premiums.

  • Buy What You Need, Nothing More: Buy the life insurance product you need. If you don’t need add-ons such as long-term care, accelerated death benefits, or guaranteed insurability, then leave them off and reevaluate down the road when and if you need them.

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Affordable Life Insurance Is Possible!

You can have it all, the peace of mind that you have life insurance without breaking the bank! The most important thing to remember when getting a good life insurance rate is to take your time researching and never be afraid to ask about discounts; this will help you find the best rates.

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.