7 Ways to Reduce your Life Insurance
1. Smokers attract life insurance rates that are twice or more that of non-smokers. It is a sure fact that smokers are liable to many health conditions and that they don’t live long.
If smoking results to specific health conditions, then it makes an individual a high life insurance risk and that attracts higher rates. Once you quit smoking for up to 12 months tell your current insurer or reapply to some other insurer and you’ll see a considerable drop in your life insurance premium.
2. The use of tobacco in any form will add to your life insurance rates. Chewing or snuffing tobacco, for instance will cost you in higher life insurance premium.
So for your health and less expensive rates, quit using any tobacco product. They are not good for your pocket.
3. If you need a discount, get your life insurance policy from the same insurer you bought existing policies from. It’s called a multi-policy discount.
4. Reduce you weight and your life insurance premium will be lower. There is something called Body Mass Index (BMI). It is used to determine a prospect’s life insurance premium.
A high Body Mass Index will always get a high life insurance rate all other things being equal. If your Body Mass Index rating is high it simply means that your weight is too much for your height. Put more effort into shedding excess weight as dropping just a few pounds could put you in another BMI rating which means cheaper premiums.
5. Extreme sports attract higher life insurance rates. If you really want to reduce your life insurance rate then switch to safer sports.
6. You might be missing some discounts you qualify for with your preferred insurer just because you don’t know. Since agents too are human they might forget to tell you about some discounts you should take advantage of.
You can only be sure this is not true in your case by telling your agent to list out every discount that your preferred insurance carrier gives. Don’t be shocked if you hear of discover that you’ve never heard of.
7. You will save a lot if you can shop around (by visiting insurance quotes sites and do thorough comparison. You’ll make savings if you go to only one quotes site. But, you will get more by using at least five. The straightforward reason for this is that you’ll get many more quotes from a wider range of insurance companies. This gives you a broader basis for doing better comparisons.
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