All of us are looking for ways to save money. So, if you haven’t taken out a life insurance policy yet because in your mind, you feel like it’s an additional expense that you don’t need, we want to take out a moment to provide you with a few solid reasons why having life insurance is a good idea.
For one thing, should you happen to pass, it will provide your family with the monies that are needed to pay for any medical bills and funeral costs. Secondly, if you happen to leave any unpaid debt or taxes behind, life insurance will cover that too. It’s also a good thing for your family to have in case you want to leave an inheritance behind so that things like your house or your children’s college education can be paid for.
If there’s a part of you who is still wavering simply because your budget is extremely tight and you’re not sure how you can fit a life insurance premium into it, the good news is that there are several easy and effective ways that you can lower your life insurance costs. If you’d like a few ideas on how you can do that, we’ve provided five of them below:
Shop around. If the first couple of companies that you’ve looked at seem a bit on the steep side for you, it’s a good idea to keep looking. There are actually several online websites that can connect you to many life insurance companies so that you can compare your premiums. One of them is Efinancial.
Check with your health or house insurance company. There’s a pretty good chance that you already have health or house insurance and many insurance companies will offer a discount rate for “bundle packages”. So, another option to consider is contacting your current insurance agent to see how much they would charge you for a life insurance policy. You might be presently surprised by the quote that they offer you.
Watch your health. For some people, it is hard to get life insurance because their health is not in the best kind of condition. This is why if you do have a chronic medical condition, it’s important that you do all that you can to keep it under control. Also, be sure to manage your weight and to avoid using tobacco products. When a life insurance company knows that you are putting these kinds of things in place, it definitely works in you and your bank account’s favor.
Opt for a term life instead of a whole life policy. Another thing that we recommend you do is take out a term life insurance policy rather than a whole life one. Not only are they easier to understand and come with a lot less restrictions, but the premiums are significantly lower too.
Pay annually rather than monthly. If you were to check out SelectQuote term life insurance rates , one of the things that the site might mention is that you’re better off paying your premiums on an annual basis rather than a monthly one. By deciding to pay a lump sum once a year, oftentimes your insurance company will give you a really big discount. And while you’re looking to save money on life insurance, that’s always a great thing.