Life Insurance Tips: How To Save Money

Life insurance is something that every person should have, especially if you have dependents or family members that would be left with expenses if something happens to you. However, for many people, the cost of life insurance can be prohibitive. Instead of canceling your coverage, use these tips to help you save money and make sure the loved ones in your life are protected in the event of a catastrophe.

Think in Multiples of $250,000

Life insurance premiums often have major breaks at certain coverage levels, and in many cases, those breaks come in $250,000 multiples. So if you’re looking for $225,000 worth of coverage you might actually find that buying $250,000 worth of life insurance could result in a lower monthly premium. Sometimes more coverage is actually a good thing, even when it comes to initial costs. That extra bit of money won’t hurt your loved ones, either.

Search for Low-Load Policies

Low-load life insurance policies have fewer expenses, which means you’ll save more when signing up. Low-load policies typically have fewer fees like agent commissions. However, not a lot of companies sell low-load policies, so you may need to consult your financial management company like TIAA-CREF or Fidelity for possible options.

Improve Your Health

It might sound a little bit obvious, but doing things to improve your health can help you lower your life insurance premiums. Quitting smoking and using tobacco products is the first thing you should do right away. Losing weight to help yourself fall into a “preferred” group can also be very helpful.

Don’t Choose Guaranteed Issue

Guaranteed issue policies aren’t necessary if you’re willing to go through a physical and make sure you’re healthy. If you believe you are you could pay a lot less for a policy that’s every bit as good.

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