Top 10 Ways to Save on Life Insurance

Buying life insurance can seem like a complicated and expensive endeavor if you haven't done it before. The process of buying insurance can be overcome if you have a good insurance agent. Here are nine ways to save on life insurance that you should ask your insurance agent about:

1) Don't smoke: Smokers are more likely to die earlier than non-smokers, making smoking one of the biggest health risks and the cause of higher insurance rates – at least twice as high as non-smokers. 

2) Lose weight: Your height and weight are indicators of your likelihood of disease or death, so you want your weight to be in a healthy proportion to your height, as measured by a BMI calculator. 

3) Avoid risky behaviors: Risky behaviors such as racing cars, scuba diving, and flying airplanes are considered dangerous hobbies that increase your chances of death or an accident. If you want to continue doing these activities, the policy may need to add a rider to exclude benefits for injury or death while doing these activities. 

4) No Expensive Riders: You can also add riders to an active policy, although riders can be expensive and exceed the life insurance base that insures your life for your family. 

5) Improve your credit: Your credit score can be used to determine your likelihood of keeping your insurance. Good credit can help you get the best insurance rates. 

6) Shop around: Shopping around is smart for many looking to reduce insurance costs. If you have a medical condition, such as diabetes, insurance rates can vary greatly among insurance companies.

7) Buy Young: Don't wait to buy life insurance. Every year you wait to buy insurance, your insurance costs go up. 

8) Lower death benefit: Total death benefit helps determine premiums. A $1 million insurance policy will typically cost more than $250,000 insurance policy. But choose carefully. If you don't leave them enough money, your beneficiaries may suffer.

9) Go for a Term Insurance Policy: Whole Life and Universal Life Policies typically cost more per month than a term life insurance policy. Look at the differences in coverage and see if a term life insurance policy will benefit you. 

10) Save money and invest: Over time, as you grow your assets to a significant amount, you will no longer need life insurance because your family has already paid the necessary money into the bank when you die. 

In fact, this is probably the first thing you should discuss with your family: how much life insurance you need and whether you have it. Your insurance agent can then help you determine how much coverage you need and should be able to tell you about these and other possible discounts.

Need help finding an insurance agent, let's talk . . . 

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