Life insurance is something that everyone needs and the cost may be prohibitive for students just starting out after graduation, newlywed couples, and even those expecting their first child. There are ways to save on the cost of life insurance and one of the best ways is by performing price comparisons. The cost of life insurance can vary significantly depending on multiple factors that include:
- Personal health history
- Family health history
- The policy
The No. 1 way individuals can save on life insurance is to establish a policy when they’re young, healthy, and work at staying fit. It’s also important to know that life insurance isn’t gender neutral. On average, men don’t live as long as women so their premiums are higher. The sooner anyone can lock in a low rate on their life insurance the better.
The type of life insurance also affects premiums. A term life insurance policy rather than a whole life policy will be less expensive and is an ideal solution for those without extensive holdings or complicated estates, those without children or special needs dependents.
The best type of insurance company with which to work is one that can provide quotes for multiple insurers all under one roof. It’s a real time saver. Stay away from insurance brokers. One of their primary functions is to help people manage risk. They sell policies, but don’t have the authority to offer discounts or incentives.
If the individual has a known health issue, smokes or vapes, be sure and disclose that information so the insurance agent can match the client with the most highly competitive insurers. Besides, any health problems or potential risks will be revealed during the underwriting process as the insurance company evaluates all the data markers it utilizes to assess risk and determine cost.
Insurance companies typically require an exam before insuring an individual. While it may seem like a waste of time, making the effort to do the exam will save money on premiums. A bonus is that some insurers will lower premiums if the individual can prove that their health has improved significantly after a year.
Paying premiums annually will save the extra fees and cost that insurance companies tack onto monthly payments. When selecting life insurance, choose a plan that guarantees premiums won’t increase over time.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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