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6 ways to lower life insurance rates



All busy families, young professionals or married couples know: saving money is a good thing. And yet some expenses – such as life insurance – are significant. Many experts believe that life insurance is invaluable. But it is still possible to save money and remain protected with a full or lifetime policy.

To begin with, we encourage everyone of all ages to have a policy. Not sure if it's in the budget? See how coverage can cost less than your daily coffee or shopping habits.

And here are some tips to further lower your life insurance rates and make your insurance more affordable than you thought. Explore them all:

  1. Apply when you are young. When it comes to life insurance, a younger customer can often secure a more affordable insurance. Why? Overall health and fewer existing conditions come into play. Because younger individuals often have few health risks, the earlier you apply, the lower the price you can get. And remember this: the price you start at is the price that is locked in for the future.
  2. Keep a healthy lifestyle. There are certain health conditions and restrictions that are beyond our control. But for things like exercising and eating right, improving blood pressure, quitting smoking and more, you can take healthy steps down if you take healthy steps. When you follow a healthier lifestyle and have a medical examination to show improvements, your insurance company may be able to lower your premium.
  3. Evaluate dangerous hobbies. Did you know? Excitement seekers who pursue higher risk hobbies such as outdoor rock climbing, scuba diving, scuba diving and more may have higher life insurance premiums. An insurance company would never ask you to find new hobbies, but they can charge extra premiums simply to protect against disaster.
  4. Get a Term Life Policy. Whole lifespans and lifetimes both have their advantages. While a Whole Life policy offers comprehensive lifetime protection, a Term Life policy may be cheaper right now if price is your main motivator. Term Life offers coverage for 10, 20 or 30 years at a more affordable price. When that time frame expires, you can evaluate your goals and financial situation and decide to start a new Term Life policy or switch to Whole Life coverage.
  5. Think about the coverage you need. If you've had a policy for a while, take the time to recalculate coverage. What would your family need if something happened to you? If you have more coverage than would be necessary, see if you can reduce your coverage amount or apply for a lower interest rate.
  6. Reassess riders. Within your policy, you may have additional coverage benefits called riders. Talk to your agent about which riders are included, what you need and what you might be able to remove if you hope to be able to lower your interest rate.

We understand each family's life insurance needs are unique. The best place to start is to talk to your local, independent agent. They guide you through insurance options and help you get the best coverage at the best price. Join a local, independent agent today.


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