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Lower Your Insurance Premiums
For many people, particularly those with a family that depends upon them, having an insurance plan in place is a necessity. With a policy in place, parents can take comfort in knowing that their children will be taken care of. Similarly, even if you do not have children, a life insurance plan will guarantee that your spouse is able to handle the financial burdens of your funeral and will also be able to afford to maintain the lifestyle you have built together.
Although insurance is a necessity for most, that doesn’t mean you have to pay high insurance premiums.
To lower your premiums, try implementing these steps:
- Only buy what you need. The more coverage you acquire, the more your premiums will be. Sit down and take a look at your finances in order to determine just how much coverage will be necessary for your dependents to have after your death.
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- Shop around. There are literally hundreds of insurance companies available to select from. Do your homework before signing up with a company and make sure you select the company that offers the best prices for the coverage you need. Get plenty of quotes before making a decision and ask lots of questions to make sure you are getting exactly the type of coverage you need.
- Purchase renewable policies when buying insurance coverage. As the name suggests, term life is only in place for so long. After that period is complete, you will have to renew the policy if you wish for the coverage to continue. This will usually cost you more and, since you will be older when looking for a new policy, you will have a more difficult time finding a policy elsewhere. By purchasing a renewable policy, you will have the option of renewing at the same low price if you decide to later.
- Don’t buy riders unless absolutely necessary. Riders are a form of additional coverage
that you can choose to add to your policy. Of course, they will also add to the cost of having a policy. If you don’t need them, don’t pay extra to have them.
- Take care of yourself. While you don’t have control over things such as your height and age, both of which can impact your insurance premium costs, there are plenty of other factors that you do control. Maintain a healthy weight and you will likely enjoy the best rates possible. If you smoke or drink alcohol, quit doing so and your premiums will likely go down. There are also companies out there that sell ecigarettes, that are an alternative without the harmful side effects of tobacco smoke. Similarly, take care of your body so you avoid developing diseases that can lead to higher costs.
- Take advantage of free or reduced cost group rates. Many employers offer free life insurance to their employees as a part of their benefits package. Or, if it is not free, they can offer rates that are much lower than you would pay if you were purchasing the insurance coverage on your own. In addition, these group policies often do not require health screenings. This makes life insurance through an employer even more attractive for those that fall into the high risk categories. If your employer doesn’t offer insurance, look at other groups that you can pull together to obtain group life insurance, such as church groups or other community groups.
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