How To Get The Cheapest Life Insurance – Securing your family against mishaps can never be too much if you value their well-being when you are not around. How to get the cheapest life insurance, has always been the concern of first-time buyers and those who are simply looking for a better rate.
Factors That Impacts Your Life Insurance Rates
Your actual insurance cost is largely dependent on many factors, with age and health being the most deciding factors. Here are the following factors that weigh heavily on how much you have to pay for insurance.
- Age
- Overall health
- Gender
- Location
- Smoker/non-smoker
- Family health history
- Lifestyle (high-risk activities)
- Career
Tips On How To Get The Cheapest Life Insurance
Here are things you can do to lower your rate and find the cheapest life insurance for you.
Safe Driving
Driving safely reduces reckless driving which leads to at-fault collisions on your driving which puts you in a higher risk category, and correlates with higher life insurance premiums. So drive safely.
Weight Loss
Those with weight within the average range medically classified as obese, tend to pay higher insurance rates than those that lose enough weight to get into a healthier weight category.
Stop Smoking
Doing without smoking saves you money on life insurance and helps you keep some amount of money in your pocket. Apart from quitting smoking to save money on life insurance, it is also safe for your health and helps you live a longer life.
Let Honesty Be Your Watch Word
Life insurance companies are always wary of potential fraud, and if they suspect any foul play, the certainty of other information on your application will be questioned.
This can land on your premium price, and if a claim is filed one day and it’s discovered that you were deceitful while applying, the insurance company may forfeit the payout meant for your beneficiaries.
Avoid Filing Bankruptcy
As much as you can, prevent circumstances from resulting into filing of bankruptcy. Howbeit some circumstances may just spiral out of control and land you into filing bankruptcy which is considered a “credit attribute” which can indicate a tendency to make bad decisions, and can also signal a red flag for health premiums.
Make Wise Hobby Decisions
Funny as it may sound, life insurers also considers your hobbies, when calculating your eligibility and premiums. High risk activities like sky diving and scuba diving, tends to hit premiums the more. Rock climbing, motorcycle and even hunting can increase the amount you have to pay.
How To Get Cheap Life Insurance
Opt For Term Life Insurance
It is best to settle for term life insurance which offers protection for a set period of time, say 10 years, 15 years, 20 years or 30 years. The best term covers your mortgage, car loan, your kids’ college costs or the time between now and your retirement.
Get Quotes From Various Insurers
The best option in getting cheap life insurance is to shop around and compare quotes from various providers.
Check Each Company’s Financial Ratings
Use A.M. Best, Moody’s, Fitch, and S&P ratings to assess the financial strength of insurance companies and assign a rating.
Buy Now
It is best to get insurance while you are young and healthy. This will give you a much cheaper rate.
The Cheapest Life Insurance
MetLife – Most policy variety.
Transamerica – Most flexible term times
TIAA – Lowest premiums
New York Life – Most comprehensive coverage options
Pacific Life – Best customer service.
It is still possible to get cheap life insurance as long as you know what to do, how to do it as well as when to do it.