Life Insurance: Money-Saving Tips

Article by Lily Smith









Life insurance is something that many people contemplate about purchasing. We all know that life insurance is one way of saving our resources for a time when our family would really need it, and it is also a way to improve your family’s financial stability when you have passed away. Obviously, because of the sensitive time wherein the insurance policy would be claimable and useful, a lot of people find it hard to give advice about getting insurance policies.

This is a shame because getting insurance policies can become quite confusing and quite a complicated task. The truth is, possible life insurance policy purchasers may find it difficult to make a decision without exhausting all their sources of information. From a life insurance calculator to a financial adviser, to friends and family’s opinions, a lot of people try to get as much information as they can. The bad news is, all these opinions may be pulling the purchaser in different directions; when all s/he really wants to know is how to get the best value for his/her money. And this is why we made this article. Below are tips on how to save money, and increase value, when deciding to purchase a life insurance policy.

1.) Get in shape. One way to improve the chances that you will be granted insurance is to be healthy. The principle is: if you are healthier, your risk level will decrease. This means that you may be granted a better life insurance plan at a higher coverage or at a smaller premium (the amount that you pay to the insurance company). Thus, it is ideal that you try to quit smoking, lessen drinking, try to lose weight or gain weight (depending on the need of your body), keep your cholesterol levels in check, and monitor your blood pressure. All these factors will definitely help lessen your risk factor and save you thousands of dollars.

2.) Find out how much. How much what? How much insurance you need, how much insurance you can get, and how much insurance you can afford. Getting these values right will definitely lead you to save money as unnecessary coverage will be avoided, and expenses will be in check. A life insurance calculator can help you determine how much you are worth (in insurance), and how much you need to pay to get this coverage.

3.) Don’t go solo. Ask your company if they provide you with insurance, or if you can increase the amount you pay for the insurance they offer so you could get better coverage. Usually, corporate accounts get better deals and higher rates because of the number of the people involved in the account.

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Money Saving Tips for Life Insurance

Here is the truth: life insurance is something that not a lot of people enjoy talking about. Unless of course you are a life insurance agent, and the mention of the word means a hefty commission. Otherwise, thoughts and conversations about life insurance will make you think about death; something nobody really enjoys dwelling on. To make matters worse, it reminds everybody about expenses and monetary problems.

This is exactly why we decided to make a feature on this: ways to save money when buying life insurance. This article will help you decide on the best ways to maximize your dollar when purchasing life insurance. These simple tips will show you the value of value versus affordability and life-long investments versus short-term ones. Here are our tips:

Know how much you need. You can use a life insurance calculator to figure out how much you would need to help your beneficiaries get through life without the monetary support you bring them. These calculators may be found online and are offered for free. These help you determine the amount of coverage you would need, among other things. Check your health. If you think you have some unhealthy habits, stop doing them. Quit smoking, try to lose weight, keep your cholesterol and blood pressure levels in check, and make sure that you are healthy and disease-free. Being healthy will improve your risk factor and will save you money. Forget about riders. The thing is, when you check out any tool that tells you how much you are covered for like a life insurance calculator, it does not include the price you pay for riders and all these add-on insurance products that your insurance agent will definitely try to sell you. In the end, they are usually useless, so skip these riders instead and invest more on the main policy.



About the Author

Lily Smith is the author of this article about life insurance comparisons in Australia. Read more about it at http://www.miplan.com.au










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