How to Get Life Insurance For Less

We all need to have life insurance in order to make sure our family is financially secure. With the economy the way it is today, we all want to save money. You may be able to cut the cost of life insurance if you use the following suggestions:

1. Do not buy a guarantee issue life insurance policy. This type of life insurance policy is going to cost you a lot more because of what it offers. The companies issuing these policies guarantee that anyone who applies, regardless of physical health, will be accepted and get a policy. That means they cover people who would not otherwise be able to get life insurance because of health issues. If your health is good, you can save a lot of money by getting a traditional life insurance policy. If you have health issues, though, a guarantee life insurance policy may be right for you.

2. Give up smoking. Smokers are viewed as high risk when it comes to life insurance and therefore are charged a much higher premium for their insurance. If you really want to save money on your insurance than you need to quit smoking. Once you are smoke free for a year you can contact your insurance company and ask for a lower rate on your life insurance.

3. Do some research and compare prices. Contact a few different insurance companies and talk to them about the type of life insurance they sell and how much it costs. Each company will probably come back to you with different rates. Also, if you currently have any health issues you will need to tell them. Again, each company may rate your health issues differently, which will affect your overall premium rate.

4. Stick to your ideal weight. When you speak to the insurance company ask them if weight is one of the factors that they use when pricing a life insurance policy. Some do and some don’t. If they do and you are severely overweight, ask them what the weight ranges are for your height and how much less you will pay for life insurance if you lose weight.

5. Look at other factors besides cost. Some of the cheaper policies can cost more in the long term. Look for an insurance company with an A+ or better A.M. Best rating because they offer a lot of benefits even though they cost more. When you choose a low cost life insurance company, you run the risk of them closing down and leaving you without any insurance. All the money you paid into the insurance policy could be lost if you choose a company that is not stable and that is at risk of shutting down.

As mentioned previously, the reputation and rating of the company you purchase from is a huge consideration when you are shopping for life insurance. You want to buy from a company that will be around for as long as you are, hopefully the next 50 to 80 years, or so.

By following the items shown above you can save money on your life insurance premiums. Remember to look for a company with an excellent rating so that they will still be around to protect your family when you need them.

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