Here at Insurancebloginfo we have two main goals: to provide you with the best and most up to date insurance information, and also to help you save as much money as possible.
To further this purpose we have gathered some advice relating to ways to reduce payments relating to insuring your life, we understand that for lots of U.S citizens, payables for insuring their lives may represent a significant portion of their income.
It’s quite ironical that a lot of those who need the safety nets that being insured offers whether due to age, or their financial situation cannot afford it. This makes it difficult to be able to leave a backup plan for their children should something untoward happen to them. And when they even struggle to get one, it even becomes more difficult for them to meet the financial obligations.
Check Online for Different Estimates
It’s good to have options, great actually. It only makes sense to check what other companies are offering. This is, in fact, one of the easiest and best ways to get to pay the cheapest on insurance. This search can be done via the internet.
All you need is a cursory google search, and you’ll get more options than you know what to do with. We recommend PolicyGenius, however, this is not the only good marketplace there. A lot of other exist, including sites like NerdWallet and Bankrate. Get price from at least 4 firms, of course, they should be firms with good reputations. The more the better.
Consider Pure Life Assurance
Pure life insurance policies also called term insurance because they have an expiration date. Been insured in this manner is cheaper for everybody. The firm might not need to pay claims to everyone, therefore the reason it is more affordable than whole life insurance. Those who should take out this policy are those who are young or still have children that need to be provided for. So at this point in time, the concern is providing for them should untoward events happen when they still need your finances.
This should suffice for them to pay fees and the likes. As your children leave school though an start to earn, you might not need this kind of insurance anymore as your children become independent.
There’s another way to insure one’s life. It’s called whole life insurance. This doesn’t end after a stipulated number of years, it ends at the demise of the fellow who was insured, and of course, it costs way more than its counterpart. We rarely recommend them to people.
Check with your employer to see if they offer discounted rates
Generally, we advise against purchasing life insurance through your employer, since many people choose to stick with the default, bare-bones coverage that is offered many times complimentary by the employer.
In addition to this, many people lose their coverage when they switch jobs or lose their job. Having said that, if your finances are very strained, you should consider this option as it is possible your employer may have access to heavily discounted rates which will allow you to have coverage you otherwise would not be able to afford.
If you currently smoke tobacco, stop your habit now or as soon as you can. This alone could be a great way to save money on your insurance payables. There are over 500,000 deaths from tobacco-related deaths per annum in the U.S.
There’s a lot to be gained if you can nip this habit in the bud, especially before you hit 40. If you can do this, then you slash your chances of dying from tobacco-related caused by over 90%. If you are male, you’re more susceptible to these risks, it’s a bit lower for women though.
Firms that insure lives are very much aware of the susceptibility and the health risks and life expectancy reductions brought about by smoking, and they will always ask on their applications whether you are a regular smoker or not.
No matter the temptation, you should never lie or hide this fact on an application, as if they ever find out you lied then there’s a very huge possibility you’ll be forfeiting any claims you might have been able to make, irrespective of when you die. Even if it is during the active period of the agreement.
Of course, smokers will most likely be billed higher premiums than non smokers.
Consider reducing your benefit amount
Depending on your age, your current financial situation and the financial situation of your loved ones, your answer for how much coverage you really need may be very different from your neighbour’s answer.
It is very important that you think long and hard about what is your number, and you should come to this number scientifically, by fully understanding your financial situation, how many debts you will leave behind, and what you believe the financial needs of your loved ones would be going forward.
In some cases, the number may be lower than what you originally thought, and in some cases, it will be higher.
Regardless of what the number is, ensure that you purchase coverage for that amount. In the unfortunate event that your finances are so strained that you simply cannot afford the coverage you want, it is better to get coverage for whatever you can rather than go without life insurance.
Remember, you do not know when an accident may happen, and it is much better for your family to have some protection rather than no protection should the time come that they need the help.
Ensure above all else that you keep in mind that once you insure your life, you are entering into a contract and it will be extremely unlikely that you will be able to reduce the premiums after purchase.
Due to this reason, it pays to take some extra time on the front end and properly take all the precautions possible before purchasing a policy.