Jan 29
Tips for saving money on term life insurance
There are several things to consider when you’re purchasing term life insurance. First, don’t wait till you need the coverage. Buy it when you are young and healthy. As you get older, term life insurance rates increase.
When shopping for coverage, keep in mind that the highest financial rating doesn’t necessarily mean the best price. When shopping online, the important thing is to at least be looking at an “A” rated company.
If you are considering buying $450,000 of coverage, buy $500,000 instead. Life insurance companies often give breakpoints at $100,000, $250,000, $500,000, $750,000 and $1,000,000.
Once you’ve made your decision on which policy to buy, be sure to pay annually if you can afford it. Paying annually can save you up to 20% with some companies versus monthly, quarterly or semi-annually.
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