5 Ways to Save on Life Insurance
Life insurance is a great way to help protect your family’s financial future in the event you suddenly die and leave behind a mountain of bills. While most of us would do anything to help provide for our loved ones, there’s no reason to pay too much for life insurance coverage.
There are a few tricks and tips that can really pay off when you are buying a life insurance policy. Follow these five tips to save money and get more life insurance coverage for less.
1: Look into Payment Options
Many insurers allow policy holders to pay their premiums monthly (12 times a year), quarterly (four times a year), semi-annually (twice a year) or even annually (once a year). Paying premiums annually can save you some money by avoiding processing fees which are associated with paying monthly. Ask your insurance company about how much you can save by paying your premiums annually or twice a year.
2: Ask About Milestone Discounts
Some insurance companies offer price breaks, also called milestone discounts, for policies that carry higher coverage amounts. For example, you might get a price break for buying $250,000 worth of coverage instead of $200,000. You could actually save a couple bucks by asking about higher levels of coverage.
3: Get it While You're Young
It sounds sort of funny, but the reality is that the best time to get a good deal on life insurance is when you are relatively young and in good health. Waiting until later in life when you're a bit older and maybe dealing with some medical issues can really drive up your premiums. Even worse, waiting until you are older could even prevent you from getting life insurance at any price.
4: Only Buy as Much as You Really Need
Many life insurance consumers think they need a million dollars in coverage, but find they don’t need that much to help cover their debts and financial obligations. Doing a careful analysis of your current and future needs and buying enough coverage to provide for those needs is a good way to avoid overpaying for life insurance.
5: Look for Coverage With Renewal Guarantees
A renewal guarantee means you are guaranteed at least the opportunity to renew your term life insurance policy when your current term expires without having to retake the medical exam. While your new premium will be based on your current age and not the age you were when you first bought coverage, you won't have to start the shopping process all over again. Skipping the medical exam is particularly valuable if your health has declined since you first bought coverage. Trying to buy life insurance with poor health could mean that you will pay more for coverage or won't qualify for coverage at any price.
Insurance: A Guide
"Remember kids, I have life insurance" - Adam Savage
This is a guest article from Tatyana Levin
These days one must be financially savvy. Money is not easy to come by and should be managed carefully. With the availability of tools that make it easy to keep track of current events, the stock market, and even your own money, it would be almost a crime to not utilize these tools to make the best and most informed financial decisions. Unfortunately, the more there is, the more there is to keep track of. This applies both to tracking tools and money (the small curse within the comfort of having money to keep track of).
The savvier ones of us dabble in investments, and the savviest make their living that way. The key is that they know what to invest in. Not magically, of course; investors do a significant amount of research to learn how to optimize their portfolios, but they have the understanding.
A grossly overlooked investment is insurance. This may be because is not typically referred to as an investment with the exception of whole life insurance that has a specific investment component within it. Webster’s defines the word “invest” as a commitment of money for a return and “insurance” as a guarantee. This makes insurance the safest type of investment, because your returns are guaranteed. But returns are not always financial in the case of insurance. They can be, if there is an unforeseen accident, but the most certain return is the feeling of security.
Now there are many different types of insurance, and what you need depends on your current situation. Obviously you only need auto insurance, found using auto insurance leads if you have a car, and you only need renter’s insurance if you rent and have possessions that you would need insured. Insurance is for those who have something to lose. With an attachment to something, either emotional of physical (or dependence, not like physically being glued to your car), comes the fear that it will be damaged or ruined in some way. For example, if your house caught on fire, you would be devastated. What would add insult to injury is not having a way to recover from this horrible disaster.
These types of examples are not unique to this article. That is the way that insurance is sold. As they say that clichés are clichés for a reason, insurance is promoted this way for a reason. The foundation of the concept of insurance is uncertainty, and it is the same uncertainty that is conjured up when investing.
The main difference between insurance and investment is that not having insurance creates a feeling of uncertainty while investments by nature are uncertain. Therefore, investing in insurance creates security and is the only secure investment that exists (and is legal). Getting insurance should be one of the easier financial tasks if you apply all the resources available with technological advances like smart phones.
About the Author: This article was written by Tatyana Levin, a copywriter for InsuranceFiles.com
Life insurance is a great way to help protect your family’s financial future in the event you suddenly die and leave behind a mountain of bills. While most of us would do anything to help provide for our loved ones, there’s no reason to pay too much for life insurance coverage.
There are a few tricks and tips that can really pay off when you are buying a life insurance policy. Follow these five tips to save money and get more life insurance coverage for less.
1: Look into Payment Options
Many insurers allow policy holders to pay their premiums monthly (12 times a year), quarterly (four times a year), semi-annually (twice a year) or even annually (once a year). Paying premiums annually can save you some money by avoiding processing fees which are associated with paying monthly. Ask your insurance company about how much you can save by paying your premiums annually or twice a year.
2: Ask About Milestone Discounts
Some insurance companies offer price breaks, also called milestone discounts, for policies that carry higher coverage amounts. For example, you might get a price break for buying $250,000 worth of coverage instead of $200,000. You could actually save a couple bucks by asking about higher levels of coverage.
3: Get it While You're Young
It sounds sort of funny, but the reality is that the best time to get a good deal on life insurance is when you are relatively young and in good health. Waiting until later in life when you're a bit older and maybe dealing with some medical issues can really drive up your premiums. Even worse, waiting until you are older could even prevent you from getting life insurance at any price.
4: Only Buy as Much as You Really Need
Many life insurance consumers think they need a million dollars in coverage, but find they don’t need that much to help cover their debts and financial obligations. Doing a careful analysis of your current and future needs and buying enough coverage to provide for those needs is a good way to avoid overpaying for life insurance.
5: Look for Coverage With Renewal Guarantees
A renewal guarantee means you are guaranteed at least the opportunity to renew your term life insurance policy when your current term expires without having to retake the medical exam. While your new premium will be based on your current age and not the age you were when you first bought coverage, you won't have to start the shopping process all over again. Skipping the medical exam is particularly valuable if your health has declined since you first bought coverage. Trying to buy life insurance with poor health could mean that you will pay more for coverage or won't qualify for coverage at any price.
Insurance: A Guide
"Remember kids, I have life insurance" - Adam Savage
This is a guest article from Tatyana Levin
These days one must be financially savvy. Money is not easy to come by and should be managed carefully. With the availability of tools that make it easy to keep track of current events, the stock market, and even your own money, it would be almost a crime to not utilize these tools to make the best and most informed financial decisions. Unfortunately, the more there is, the more there is to keep track of. This applies both to tracking tools and money (the small curse within the comfort of having money to keep track of).
The savvier ones of us dabble in investments, and the savviest make their living that way. The key is that they know what to invest in. Not magically, of course; investors do a significant amount of research to learn how to optimize their portfolios, but they have the understanding.
A grossly overlooked investment is insurance. This may be because is not typically referred to as an investment with the exception of whole life insurance that has a specific investment component within it. Webster’s defines the word “invest” as a commitment of money for a return and “insurance” as a guarantee. This makes insurance the safest type of investment, because your returns are guaranteed. But returns are not always financial in the case of insurance. They can be, if there is an unforeseen accident, but the most certain return is the feeling of security.
Now there are many different types of insurance, and what you need depends on your current situation. Obviously you only need auto insurance, found using auto insurance leads if you have a car, and you only need renter’s insurance if you rent and have possessions that you would need insured. Insurance is for those who have something to lose. With an attachment to something, either emotional of physical (or dependence, not like physically being glued to your car), comes the fear that it will be damaged or ruined in some way. For example, if your house caught on fire, you would be devastated. What would add insult to injury is not having a way to recover from this horrible disaster.
These types of examples are not unique to this article. That is the way that insurance is sold. As they say that clichés are clichés for a reason, insurance is promoted this way for a reason. The foundation of the concept of insurance is uncertainty, and it is the same uncertainty that is conjured up when investing.
The main difference between insurance and investment is that not having insurance creates a feeling of uncertainty while investments by nature are uncertain. Therefore, investing in insurance creates security and is the only secure investment that exists (and is legal). Getting insurance should be one of the easier financial tasks if you apply all the resources available with technological advances like smart phones.
About the Author: This article was written by Tatyana Levin, a copywriter for InsuranceFiles.com
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