Here are eight money-pinching tips to save your life insurance premiums.
- Shop around
You do not buy your Christmas gift at the first store that you see.
So, why are you buying your insurance with the first sales person you meet?
500k term coverage is the same, regardless of which insurer you purchase from.
However, that 500k cover does not cost the same from different insurers.
- Buy Direct
Do you really need to pay more for financial advice ?
Some of the consumers out there are more financially literate than the advisors themselves!
For this group, buying direct may be the way to go.
- Taking care of your health
When you are in good health, the insurer will charge you the standard pricing.
On the other hand, insurers may levy additional premiums if you are overweight or have a health condition.
Therefore, taking care of yourself is also easing the burden on your bank account.
- Quit smoking
When you are a smoker, it will cost you more in insurance premium.
The cheapest 500k term insurance for a 30 years old male smoker is priced at $55,836 and only at $42,548 for a non-smoker. WHAT ?!!
- Buy when young
When buying at an older age, the insurance premiums are higher.
I am a mathematics nerd so I shall draw data from the comparison tool to make this point.
A 20 years old female non-smoker will pay a total of $67,904 for a 100k Whole Life policy whereas a 30 years old counterpart shall pay $81,432.
That’s a good 20% difference in saving !
- Buy in bulk
No, you cannot buy multiple policies and expect a discount.
However, instead of buying three 100k policies, you can avoid paying policy fee by having only one 300k policy.
See full story at www.clearlysurely.com
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