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?
0 comments:
Post a Comment