5 Quickest ways to lower your Life Insurance Premium

5 Quickest ways to lower your Life Insurance Premium: Are you worried about the spiralling cost of your life insurance premium? We have decided to give you the 5 quickest ways to lower your life insurance premium. Well, keep these points in mind but do tread with caution and act cautiously.


Shop around and Bargain

Shop, Compare and Bargain! Well, the oldest principle, old as dirt, but still going strong. Once decided on your coverage, don’t just sign up for the first plan that you come across. Ensure that you shop around, the internet is a great place to start. From searching you will get a feel of how the market is. This would help you to bargain hard and get the greatest coverage at the lowest possible price.


Opt for Term Life Insurance

The quickest way to lower your life insurance premium is to opt for Term Life Insurance policy instead of a whole-life policy. The idea is to keep insurance as what it is and not turn it into an investment product. Thus, you can get yourself insured under term life policy at the fraction of the cost of a whole-life scheme with typically the same coverage amount. However, do not forget that Term Life Insurance covers you only for a pre-defined period of time. Always read the small print.


Keep yourself Fit

Be a low risk proposition for your insurance provider by maintaining a healthy lifestyle and keeping yourself away from addictions such as smoking, drugs and alcohol. A good health record will result in considerable reduction in your life insurance premiums. Insurance companies live this.

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Consult an Insurance Advisor

To reduce your life insurance premium, the easiest thing you can do is to consult a good Insurance Advisor. Since the advisor will be pro in the insurance marketplace, he/she would be able to get you to the most affordable deal in line with your coverage requirements. Basically, a good insurance advisor will compare different market rates for you. They will also negotiate the best rates on your behalf. Well, internet is a great place to identify an agent.


Start at a young age!

Insure yourself at a young age. Life insurance premium at a young age is only a fraction of what it could be when you are well into your middle-age. The premise is young and healthy people are the lowest risk segment. The low mortality risk is a great incentive for insurance companies to insure you at lower premiums.


Originally posted 2019-09-19 23:13:57.


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