I found some smart ways to save money on life insurance. I am providing those tips here.
1. Don’t take chances. Making monthly payments for something that you will never get to see would seem like a waste of money – it is not. His death will leave bills and other expenses behind for his family. If you put off buying a life insurance policy, it can cost you more money in the long run.
2. But find out if you really need it. If you do not have a family member or someone who is financially dependent on you who would benefit from the policy, you may not need a life insurance policy.
3. Take a look at your credit report. Most insurance companies will see your credit report when determining your insurance premiums. If it is in good condition, you will not have to worry about it. If your credit is less than stellar, you may want to consider giving that some loving care offer before leaving for a life insurance quote.
4. Shop around. Yes, you will see this bit of advice for just about everything, but if you don’t shop around for the best coverage at the best prices, you are most likely missing out on a good deal.
5. Get online. The Internet makes it possible to search multiple life insurance companies quickly and easily. You cover much more ground in much less time than you spend on my email, phone, or foot.
6. Always talk to a living person. Yes, using the Internet is convenient, but speaking live with an insurance agent or company representative can help you better understand what you are getting into yourself. Avoid confusions.
7. Look for “no commission” policies. These policies, often called “empty” or “low-load” policies, are generally cheaper because commission for agents and companies will not be deducted.
8. Ask about terminal illness benefits. If you are diagnosed with a terminal illness and 12 months or less to live, the sum of the policy can be paid – a great help during that crisis.
9. If you are married and buy your own policy. Married people who each purchase their own life insurance policy could pay slightly higher premiums, but who receive almost double the coverage of a common policy, which could definitely help them out financially in the future.
10. Buy ahead of time. It is easier to get affordable life insurance coverage when you are young and healthy. Life insurance companies view young people as being less risky to insure.
11. Assess your life insurance needs. Do you want pure life insurance coverage? Opt for a term life insurance policy. Do you want a savings component? Opt for a universal package or life insurance policy.
12. Look at the conversion of your policy. You may only need one term life insurance policy right now, but later in an entire life insurance policy may be better for you. Choose life span that you can turn into a lifetime later. Your premium may go up, but you won’t need a medical exam – it can really help keep your premiums down.
13. Plan for the future. You can have your heart set on a whole life insurance policy, but take a look at your budget first. If you are fresh out of school graduation and just entering the workforce, one term life insurance policy is the way to go – until you can commit to more.
14. Explore the different sets of life insurance policies. There is universal coverage, variable coverage, and a mix of universal and variable coverage, in addition to whole life insurance. Analyze your options and not just decide on life insurance.
15. Ask about renewal of warranties. If you buy a term life insurance policy, find out if your option to renew is guaranteed. If not, we could end up having a hard time getting another policy – especially affordable policy – once your original runs out of coverage.
16. Don’t be too quick to cancel the operation. If you buy a universal package or life insurance policy, hang on it for at least 15 years, otherwise you may find it difficult to get affordable life insurance later on.
17. Stay away from life insurance mortgage. This is usually more expensive than just factoring the cost of your mortgage into your life insurance coverage amount.
18. Ask about credit life insurance. Some credit card companies give you the option of purchasing life insurance to pay off your credit debts when you die. This may not save you money, but it could definitely help save your surviving money when you are spent.
19. Look for high profits. If you are a high-end shopping for affordable life insurance coverage, check out those companies that don’t advertise health screenings. You are likely to be more likely to save money on your life insurance if you can avoid exams.
20. Tell the truth. It is true that it is sometimes difficult to obtain life insurance coverage if you have certain pre-existing health conditions, or engage in risky behaviors such as smoking, but lying on your application does nothing, but it puts you at risk of losing coverage should your death be related to this condition or behavior.
21. Don’t leave anything out. Pick a time when you can completely thoroughly and complete your life insurance application – leaving out information or pointing out incorrect information could have consequences.
22. Ask about employer coverage. If your employer offers group life insurance coverage, take it, especially if you are going to be with them for a long time. Group benefits are almost always cheaper than individual life insurance policies.
23. Talk to the groups. Associations, organizations, and clubs that you belong to can offer a variety of benefits that members have, and group life insurance coverage is often one of them.
24. Individual life insurance plans are not excluded. Shopping around and asking about all the discounts for which you are eligible will help you save money on life insurance coverage.
25. Make sure the insurance company is licensed. You need an insurance company licensed to sell life insurance, and licensed to sell in your state. There are fly-by-night companies out there that will try to extract the runways for you, and if they are not licensed in your state, your state insurance department is limited in how it can help.
26. Contact your state department of insurance. Not only can your state insurance department help you choose a legit life insurance company, but they can also help you find companies willing to sell you a policy if you are having a hard time finding one.
27. Talk to the Better Business Bureau. The BBB will let you know about all complaints filed against a certain life insurance company. This knowledge further helps you make a decision. Surely you don’t want to take a chance with a company with multiple hacked, unresolved complaints?
28. Check the company’s financial rating. A financial rating insurance company gives you a very good idea of how strong and reliable the company is. It is unlikely that an insurance company will go bankrupt, considering the heavy burden of regulations, but you will feel better knowing the company you choose is positive.
29. Log into the NAIC. The National Association of Insurance Commissioners provides valuable information on insurance companies by state, including licenses and financial status.
30. Choose a company that follows the IMSA codes. The Insurance Market Standards Association has a set of codes and behaviors that help make sure that you, the consumer, are not being teased, that is, subject to questionable procedures that could cost money.
31. Purchase of multiple lines of insurance. Contact the insurance companies you already do business with to find out if they offer life insurance policies, too. Most insurance companies offer discounts to policyholders who purchase more than one line of insurance.
32. Look at discounts for coverage of certain amounts. Some life insurance companies will offer insured discounts when you purchase a certain amount of coverage. Ask about these types of savings strategies, and if the amount of coverage works for you, by all means, take advantage of the discount!
33. Get the index numbers. Obtaining the net index numbers from your insurance agent will give you a better idea of how to compare the costs of long-term insurance policies, rather than what you will start to pay.
34. Talk. Just because there is a discount does not mean that you will know about it. You are trying to save money on life insurance, so ask the agent about all the discounts for which you may be eligible.
35. Make payments on time. Staying current with your payments ensures that you will not have late fees or risk canceled life insurance coverage.
36. Not paying your monthly premiums. Sounds contradictory to the above, right? Well, the truth is, you can usually get a discount on life insurance if you pay the lump sum once a year, or once every six months.
37. Only when it is necessary to borrow. Unless you surrender your life insurance policy, the accumulated cash value is not yours. Sure, you can borrow against it without giving up the policy, but interest will be charged. Borrowing only in times of severe financial stress.
38. Remember taxes. We can agree to the above, the accumulated cash value is not taxable until withdrawn. Save some money by not withdrawing – and paying taxes – unless absolutely necessary.
39. Hang around for a while. Some insurance companies show their appreciation for rewarding long-term policyholders with discounts.
40. Review your policy from time to time. You may find that you are paying for coverage that you no longer need, or that you are not getting the coverage that you need.
41. Don’t be fooled by the low prices. Of course, you want to save money on life insurance, yet you also want to get the coverage that you need. There is no point in paying for low premium life insurance if the policy does not cover you adequately. Look for the policy that offers the coverage you need and the price you can afford.
42. Read the fine print. Find out what life insurance policy you are considering does and does not cover, and how it affects all of your coverage.
43. Preventive care practice. Not only does taking care of your health help you get lower life insurance premiums, it also helps ensure that your family will not have the benefits of life insurance anytime soon.
44. Stop smoking. This goes along with preventive care practice. Life insurance companies are more likely to insure you – and at a lower cost – if you are not a smoker.
45. Be sensitive to women’s health problems. Heart disease, breast cancer, and HIV / AIDS are the leading causes of death among women. Take the necessary steps to protect and / or treat yourself so that you will not have to cash in your policy to pay for medical expenses.
46. Be sensitive to men’s health problems. The same idea that applies to women applies to men, too. Prostate cancer, colon cancer, HIV / AIDS – take care of it.
47. Contact your government. If you are having difficulty obtaining affordable life insurance – or life insurance coverage, for the rest – contact your government. There are many programs out there designed to offer coverage for people who cannot obtain it otherwise due to pre-existing health conditions or other such factors.
48. Don’t just buy and forget. Your life insurance needs can change over the years. Be sure to keep your policy current to avoid paying for coverage you no longer need.
49. Of course, there are brokers, too. If you find you need more life insurance coverage than a certain policy is offering – if you’ve had the policy for years or have just signed the dotted line – buying a rider may be less expensive than choosing another life insurance policy.
50. Get re-evaluated. After you’ve had your life insurance policy for a few years, and remained in good health, ask your insurance representative if you qualify for a new evaluation. This can hurt quite a bit of your premiums.
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