Tips for Saving on Life Insurance

These days, a quality life insurance policy is a must for any family. It’s one of the best and surprisingly inexpensive ways to protect your family’s future. For less than a dollar a day you can guarantee a quality financial future for your loved ones should anything ever happen to you. But even with prices at an all-time low, paying for a policy isn’t easy in our struggling economy. Fortunately, you may be able to get your policy cheaper than you think. Here are some tips to help you save on coverage today.

  • When it comes to buying a plan, your goal is to replace the lost income should you unexpectedly pass away. The general rule is to buy enough protection to replace about 8-10 years of your income. In most cases, this should be plenty so don’t feel pressured to buy more than you need.
  • Just like any type of service, shop around to find the one that fits your needs and offers a reasonable price. All providers have different terms and policies, there’s bound to be one that fits your particular needs.
  • Trying to kick a bad habit like smoking? You’ll probably end up paying more for your habit since it’s considered a health risk, so consider buying a short term product at first. If you can quit smoking before your policy is up, you’ll be able to renew and possibly get a lower rate.
  • Find out if your provider offers any price breaks for buying a certain amount of coverage. You may find out that it’s less expensive to buy $300,000 of coverage than $275,000.
  • Check for changes or updates in your plan at least once a year. The company may offer lower rates or you may find that your situation doesn’t warrant as much coverage, like if you’re children are now grown up and on their own.
  • Ask your company about the various payment options they offer. It’s usually cheaper to pay for the product annually instead of every month.

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