Tips to Save on Life Insurance Policies
Here are some great quick tips to keep in mind if you are shopping around for life insurance. Did you know there are things you can do to reduce your life insurance premiums? Audrey, Sheridan Insurances Life Insurance Champion is going to share a few tips that will help you make a more informed decision.
- Shop around. Just like any other insurance product, life insurance premiums can vary dramatically from one insurer or broker to the next. We advise that you do your homework and shop around online and talk with an independent insurance agent to find the best price for you.
- Take out a policy for a shorter term. The reality is that the longer the life insurance term, the more expensive the policy will be! Remember, a key factor in determining life insurance involves your age, it looks at how old you are now and how old you’ll be when the policy expires. This translates as higher premium payments if your policy is for a very long time i.e. 30/40 years. If you know your dependents i.e. kids, will be self-sufficient in 15 years, don’t get a 25-year policy.
- Apply as early as you can. Age is a key factor for life insurance premiums. The motto of the story is apply as soon as you can because the younger you are when you apply, the less you’ll pay. If you are on the fence about applying, don’t leave it any longer, go ahead and apply now. You can always add an additional policy or increase your coverage if you need to at a later stage.
- Consider less insurance. IT depends on your individual situation. Some people will not need to protect their entire income. It depends on what you need to be able to provide for your family. You may not be in a position to pay a high life insurance premium and that’s ok too. You can opt for a lower face value. The important thing is that your family will have some protection and you won’t have to pay as much for your insurance each month.
- Health matters. Did you know that the financial difference between health classes can fluctuate as much as 50 percent? That’s a lot of hard-earned money. Simple things that can be achieved through minor changes in lifestyle can help you to lower your cholesterol and blood pressure and lose weight if your BMI is too high. These changes can help reduce your premiums by quite a bit.
If you would like to find out more why not chat with Audrey our Life and Income Protection Insurance Advisor.