When it comes to buying life insurance coverage, rates do vary by insurance company, policy type, and amount of life insurance, as well as, based on your own personal risk factors for coverage.
That means, you have several ways to lower the cost of your life insurance policy.
1. Choose term life insurance over permanent life insurance.
2. If you smoke, quit smoking, as smokers pay a higher rate based on a shorter life expectancy.
3. If you are overweight, lose weight, since overweight people have a shorter lifespan, and are more susceptible to health problems.
4. Choosing a shorter term of coverage will cost you less, as 10 year term life plans have a lower rate than 20 year term life, since the odds of you dying in the next 10 years are lower than for 20 years.
5. Choose a lower amount of life insurance, since the higher the amount of coverage, the higher the rate you pay.
6. Choose to pay your premiums once per year (annually), instead of monthly - this may lower your total premiums for your policy.
7. Buy life insurance when you are young and healthy. The younger you are when you buy your policy, the lower your rate.
These are a few helpful tips for lowering the cost of your life insurance coverage.
However, one of the best ways to save on life insurance is to compare multiple life insurance rate quotes from several highly-rated insurance companies before choosing a policy.
That means, you have several ways to lower the cost of your life insurance policy.
1. Choose term life insurance over permanent life insurance.
2. If you smoke, quit smoking, as smokers pay a higher rate based on a shorter life expectancy.
3. If you are overweight, lose weight, since overweight people have a shorter lifespan, and are more susceptible to health problems.
4. Choosing a shorter term of coverage will cost you less, as 10 year term life plans have a lower rate than 20 year term life, since the odds of you dying in the next 10 years are lower than for 20 years.
5. Choose a lower amount of life insurance, since the higher the amount of coverage, the higher the rate you pay.
6. Choose to pay your premiums once per year (annually), instead of monthly - this may lower your total premiums for your policy.
7. Buy life insurance when you are young and healthy. The younger you are when you buy your policy, the lower your rate.
These are a few helpful tips for lowering the cost of your life insurance coverage.
However, one of the best ways to save on life insurance is to compare multiple life insurance rate quotes from several highly-rated insurance companies before choosing a policy.
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