Afforable Life Insurance | 10 Ways To Get Cheap Life Insurance

10 Ways To Get Cheap Life Insurance

Filed Under Afforable Life Insurance, Compare Life Insurance, Life Insurance Claims, Life Insurance Costs, Life Insurance Premiums, Life Insurance Quotes, Low Load Policies, Poor Health Life Insurance |

As you probably already know, your age and health will affect what you pay for your life insurance. If you are in the military or into anything that is risky to your heath, forget about looking to get a really cheap policy. We have taken all this into consideration and have come up with the following 10 suggestions to save you money on your life insurance premiums so you can get truly Afforable Life Insurance:

  1. When an employer offers health insurance coverage, the premium costs are split between you and the employer. When you terminate service with your employer, you probably won’t be able to remain on the employer’s group plan unless the termination comes with some sort of severance package. Even then, the duration of coverage is typically limited to a few months. So don’t count on being able to save as much if you are no longer employed.
  2. Remember that you must be honest when applying for insurance. Ensure that when you are asked if you smoke, that you are specific in your answer.
  3. Be aware of premium discounts for particular amounts of insurance. Typically, you can pay your life insurance premium once a year, once every half-year, once a quarter, or once a month. Although paying quarterly or monthly might seem to be easier to fit into your budget, some companies levy high charges for paying premiums frequently. Others levy quite small charges to do this. If a company levies high charges for paying more frequently, try budgeting so that you can pay your premium only once or twice a year. This can help you get Cheap Life Insurance.
  4. If your application for life insurance is rejected because of poor health, there other are companies that specialize in high-risk applicants, although the premiums for these policies can be expensive and in many cases the face amount is limited. Some companies specialize in particular diseases or lifestyles. Companies such as Connecticut National and U.S. Financial offer competitive rates. These companies employ underwriters who are trained to analyze the extent of a given problem.
  5. Anytime someone is acting as your paid intermediary, whether he be an agent, a fee-only consultant, or some other capacity, there is a potential conflict of interest. You want your money to be used in the most reasonable, legal, and financially sensible way it can be. Your intermediary wants to get paid, whether through commission or direct fees. What easier way for him to generate this income than use and reuse your money, making a “sale” each time. The general term for this is churning — someone reusing your money for no purpose other than to make him money.
  6. A sure way to save money on term life insurance – lose weight! With a reported 65% of American’s weighing in as overweight, the American Obesity Association in Washington, DC found 40% of all US women and 25% of US men are trying to lose weight at any given time. Being overweight costs more than most can imagine – overweight people spend more on life insurance because increases in weight are related to increases in diseases and bad health.
  7. Whatever type of policy (or policies) your family decides to buy, it is important to keep your plan flexible. To do this, you can add special clauses, known as riders, to your policy. Two of these clauses, the renewable and convertible clauses available with term insurance, were described in the paragraphs on term insurance. Three other widely available riders add to the policy cost and may or may not be worthwhile for your situation.
  8. All policies are not the same. Some give coverage for your lifetime and others cover you for a specific number of years. Some build up cash values and others do not. Some policies combine different kinds of insurance, and others let you change from one kind of insurance to another. Some policies may offer other benefits while you are still living. Your choice should be based on your needs and what you can afford, so that you get low-cost Life Insurance.
  9. Low Load Policies are a valuable part of a sound business insurance plan. High immediate cash surrender values are carried as an asset on the corporate books so no assets leave the corporation. Companies can also use Low Load Policies to fund employee benefits using corporate dollars, thus reducing their at-risk capital.
  10. There are often hidden costs in life insurance policies, such as fees and large commissions, that you may not find out about until after you purchase the policy. There are so many different kinds of life insurance, and so many companies that offer these policies, that I recommend using a fee-only insurance advisor who, for a fixed fee, will research the various policies available to you and recommend the one that best suits your needs. To ensure objectivity, your advisor should not be affiliated with any particular insurance company and should not receive a commission from any policy.

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