Save money on life insurance

Imagine trying to replace the income of the sole breadwinner in a family in the event of a death. Life insurance protects your family members from experiencing additional heartache in such difficult times. However, life insurance is expensive and involves a monthly premium. How can you get the coverage that is right for you without spending a fortune? 

Buy it when you are young The older you get, the more difficult it becomes to get life insurance. Older people also have to pay higher premiums. If you can afford to get life insurance when you are young you will be able to lock in a lower rate.

Get into shape before your physical You usually have to get a physical before you are approved for life insurance. This is because the insurance companies don’t want to insure people that are at a higher risk of dying before the term is up. No insurance company is going to provide life insurance if they find out you are terminally ill with cancer or you have a history of a serious disease. The healthier you are, the lower your premium will be. This means you should do everything you can to get healthy before your physical. You can ask for a health reevaluation if you already have a life insurance plan and are in better shape now than you were when you originally took out the policy.

Fix your credit score Some life insurance companies look at your credit before you are able to get life insurance. If you have bad credit, you might have to pay a higher rate than someone that has good or average credit. You can make annual payments for your life insurance instead of fractional/monthly payments. This saves you a little money and sometimes helps life insurance companies to overlook your credit score.

Keep a Clean Driving Record Another thing that some insurance companies check your driving record to see whether you are a risky driver. Risk takers are more likely to die at a young age than people who drive within the speed limit and never get tickets. Get your driving record clean before applying, whether this means taking driving classes to clear your record or waiting a year or two until your infractions go off your record.

No matter what you do, don’t find yourself without life insurance — you’ll thank us later. Can you think of any other ways to save money on life insurance?