Life insurance policies provide financial peace of mind by offering a death benefit that won’t leave your loved ones with an unmanageable financial burden on top of funeral expenses. Indeed, many people sign up for a life insurance policy at some point in their adulthood. However, many individuals leave money on the table by not taking advantage of the many ways to decrease what they pay in premiums.
When you review potential policies with an insurance agent, you’ll be quoted varying rates for different levels of coverage and term periods. Much goes into these calculations, but the price you pay is far from outside of your control. While some factors that affect your premiums can’t be changed, such as your family’s history of health issues, many others are ones you can manage which, in turn, can help you to lower your rates.
As with other areas of finance, starting now is one of the best pieces of life insurance advice you should consider. Life insurance rates are less expensive for young, healthy individuals; the longer you wait to purchase a life insurance policy, the higher your premiums will be. Test your knowledge with a quiz to help you get a closer look at the factors that can determine your rate. Take control of your premiums while ensuring that you have an adequate safety net to cover the cost of items such as a mortgage and personal loans.
Also, did you know Health IQ has the best life insurance rates for health conscious people? Check out their indepth guide about their special rates in the link above, and let us know what you think about the quiz.