Oct 11
Save Money On Your Life Insurance
Of course, you can’t control how old you are and you can’t change the past in the way of pre-existing conditions and previous smoking habits. But there are some things you can do to lower your life insurance premium:
Ask for a lower price. This may sound elementary but like credit card rates, sometimes all it takes is a call to the company with a polite request for lower rates. It’s a competitive business and they don’t want to lose you.
Buy more. It may be counterintuitive but your premiums are determined by paying a certain amount per dollar of coverage. The more you buy, the less you pay per dollar, especially in large amounts like $250,000 or $500,000. For example, you might pay $1.05 per dollar for $235,000 worth of coverage but pay $.98 per dollar of coverage on $260,000.
Go on a diet. That’s right. And quit smoking. The Big Two in terms of insurance coverage are more than just optimistic new year’s resolutions. Life insurance companies charge half as much for policies on non smokers than smokers. Depending on the difference between your weight and the average, healthy weight for your height, you could be looking at a discount of 25 percent or more. It could give you quite a discount on your health insurance, as well.
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October 26th, 2007 at 11:24 am
Another to save on your premiums would be to pay your premiums on an annual basis, rather than paying monthly premiums. Your premium is usually a little lower this way.
High rish hobbies and occupations also increase your premiums. To get a lower premium you may want to stop any high risk hobbies.