I trust you are already aware that an affordable life insurance policy should be a mandatory investment towards your family's future financial security. In today's lesson, I am going to show you a few strategies to save money and help your household budgeting process.
1. Avoid guarantee life issue policies. They are usually very pricey and for good reasons. Those companies that sell these policies guarantee issuance, even for those with physical disabilities who would typically not be accepted by other life insurance companies.
2. Quit smoking or do not start. There is typically a 25% to 50% price increase for those who use tobacco. Why? You are more expensive to take care of when the typical smoking related ailments kick in.
3. Compare prices. Each life insurance company differs in their health underwriting policy. While a well managed health condition will not affect the premium with one company, another might charge an extra premium and still another will deny coverage.
4. Get to your ideal weight. As you shop for the most competitive company and most affordable life insurance policy, your weight will become a factor. Money is saved when you are in the statistical average for your gender and age. Do not take this personally, it is simply a reality.
5. Do not only look at premiums. These policies that cost less premium wise may end up costing more over the long haul. It is typical that the better the A.M. Best rated companies who charge more in premiums actually cost less long term. Why? If the lower rated and cheaper company goes out of business, then you are not only out of coverage but also out of money if you choose a policy other then term life insurance.
Also, if you are now all alter or may have contracted a health problem, your new premiums with a different company will be higher, it may be much more difficult to obtain new insurance, or you could be denied.
I have given you five very common strategies to save money and help you reduce costs for purchasing an affordable life insurance policy. By shopping around, practicing good health habits, and sticking with a company and agent who has a reputable track record, you end up saving a whole lot and make it easy on your household budgeting efforts while adequately providing for your family's future financial needs.
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