Five Simple Ways to Reduce Monthly Premiums

In today’s economy, we’re all looking to cut costs and save a little money. Typically that means getting rid of or reducing anything we don’t absolutely need in our budget. For many people, that one thing that can be eliminated often happens to be life insurance. Although a policy is far from necessary just to survive, it shouldn’t be a luxury just for the wealthy. There are ways to reduce the cost of your policy or get a new one at a low rate. If you’re looking to save some money, check out these 5 easy ways to cut expenses:

• Possibly the easiest way to cut your expenses is to make sure you’re only buying what you really need. Far too often families purchase exuberant policies because they want to make sure their loved ones can live comfortably should anything unforeseen happen. While you definitely want your family to be taken care of, the general rule for coverage is to buy enough to maintain your family’s standard of living for the next ten years. Anything more is going overboard and will only serve to increase your premiums.
• If you’re looking for the most affordable type of coverage, then a term plan is definitely the way to go. Permanent life insurance just isn’t a logical option for most families and it can be completely unnecessary for others. Today, providers are offering term policies at some of the most affordable rates ever, especially for those that buy while they are young. Even those at an advanced age are capable of receiving a decent rate though.
• Although it may not be feasible for some families, paying your premium annually as opposed to monthly can help reduce expenses. Almost every company charges extra for paying monthly. Of course, if you’re already accustomed to paying in monthly installments, this might prove difficult, but even paying bi-annually or quarterly could net some savings. Find out how much you could save with a different payment plan then decide if it’s worth it.
• When it comes to policies, most people only buy one of them during the course of their lives. That’s why it’s vital to get it right the first time. Finding the best rate and the right coverage is of the utmost importance, so take your time and shop around. There are dozens of quality providers online, many of which offer discounted rates for buying online. Also, be sure you’re in good health when it comes time to take your medical exam. Going vegetarian could save you big bucks too!
• Finally, while it may require money to hire an agent, they can also help you cut costs on your policy. A quality insurance agent can help you decide the type of policy that’s best for you and the amount of coverage your family really needs. If they’re an experienced agent, they could even help in negotiating or price-matching premiums with providers.