Reducing Life Insurance Costs
You can control your cost of life insurance to some extent. Here are some tried and true tips:
Always get more than one quote for life insurance. Comparing prices is critical to getting the right life insurance at the right price. I recently got quotes on term life insurance for $250,000. Quotes ranged from about $40 a month to over $80 a month. This is a clear case for shopping around. But don't just buy on price - I compared life insurance companies with similar financial ratings (mostly by A.M. Best), and similar policies. Then, I bought life insurance based on the life insurance policy itself and its price.
Buy only the life insurance that you need. If you buy more life insurance than you need you will pay more for it - and the chances are in the life insurance company's favour. You are not likely going to collect on that policy. Your chance of being off work for more than 90 days is higher than your chances of dying between the ages of 40 and 64. Keep this in mind.
Consider guaranteed renewal policies if you buy term life insurance. It will cost you a bit more initially, but you won't be paying higher premiums on every renewal.
Buy life insurance while you are healthy. If you buy young you are at the lowest possible risk. If you buy life insurance after you have developed a serious health problem you have just become a bigger risk - and your life insurance premiums are likely to be higher.
Don't smoke. Non-smokers get a discount on a life insurance policy.
Keep a fit weight. If your weight changes substantially - either up or down - the life insurance company will take this as a bad sign. If you keep yourself fit and within a healthy weight range you will likely get a lower life insurance premium.
Buy Group life insurance if you can. Group life insurance is virtually always cheaper than individual life insurance. Check out alumni groups from your college or university. There maybe other associations that you already belong to that offer group life insurance. It's worth a bit of research.
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