Life insurance policies can be confusing and costly. At Bear River Insurance, we are dedicated to helping you find the right coverage for your situation and help you save. With a few of these tips, you can save big on your life insurance and get the coverage you need. Don’t pour more money than you need to into your insurance. Get covered and save.
Buying Sooner is Better
The older you are, the more costly your life insurance will be. As your age progresses, it can be difficult to find insurers willing to cover you, depending on your health history. Invest in a plan when you are young and in good health to ensure a lower premium. When it comes to life insurance, now is the time to buy if you haven’t already.
Go with Term Over Permanent
Most people will just need a simple term policy for their life insurance. A term policy will have a hard expiration date, no cash value component, and is much less expensive. Permanent policies provide umbrella coverage that does not expire. These policies are much more expensive and are really only beneficial in specific situations. An agent can help you determine which is best for your specific situation, but likely if you go with a term policy, you’ll save big.
Disclose All Health Issues Upfront
Be transparent about your health history to get accurate quotes. If you are clear about any underlying or even seemingly insignificant health issues, you can get coverage that is catered to you without any surprises down the road. Your agent may be able to get your more competitive rates with the most accurate information. There are also certain steps you can take to put yourself in a better place medically. For example, life insurance for smokers is much higher than for non-smokers. Premiums increase about 300% for smokers. But if you can be tobacco-free for at least twelve months, you may be able to get a lower premium.
Get a Medical Examination
A simple paramedical exam is fairly quick and easy, plus it’ll save you money. Opting for life insurance without getting a physical examination will cost you. When you get a medical examination, you prove that you aren’t a risk to cover—putting insurers mind at ease. Most insurers want to account for a quick snapshot of your health. If you don’t get a medical, even if you’re in perfect health, your premiums will likely be higher. You can also get the exam and decide to improve on your health before taking it again and applying for life insurance then. Better health will mean better premiums.
Paying your insurance annually will save you money. It can be a lot to swing for a year’s worth of payments, but it’s worth it. With each payment, you get charged fees. When you pay monthly, the fees can add up. Paying for the entire year upfront will save you some cash.