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Posted by Lenny Robbins on Tue, Apr 05, 2011 @ 04:20 AM
5 Ways to Save Money on Your Term Insurance Premium
LifeNet Insurance Solutions Blog
When shopping f or term lif e insurance there are many importantconsiderations. Price is def initely one of the main concerns f ormany people. There are ways to save money on your terminsurance premium. Here are some of them!
1. Use an independent lif e insurance agent. An independentagent has access to multiple insurers, to give you moreoptions. The agent should be aware of dif f erences betweenthe insurance companies regarding underwrit ing and f inancialstrength. This can be a big savings on your term insurancepremium.
2. Watch your weight. Every insurance company has ratingguidelines based on height and weight. If you areoverweight, your body works harder than a thinner person. Build is a crit ical f actor in determining your term insurancepremium.
3. Get regular checkups. Some insurers will not of f er coverage to applicants over age 50 without regularcheckups. As we age, routine screenings such as colonoscopies, mammograms and prostate examsmay be a requirement. Past the age of 60 regular medical care becomes even more important.
4. Keep f it. Working out on a regular basis can help. Some insurance companies give credit f or regularaerobic exercise to the 50+ crowd. It ’s good f or your health and may help your term insurance premium.
5. If you are a smoker, stop smoking. We know how hard it is to stop smoking, but it will save you moneyand make you healthier. A cigarette smoker term insurance premium can be more than double that ofnonsmokers. You have to stop smoking f or at least 12 months to see a dif f erence in your premium. Ifyou stop f or over 5 years, the rates may be even lower.
It ’s obvious that health is a big f actor in the cost of lif e insurance. An agent can help by placing you with theright insurer. Get your own term insurance premium quote today.
