5 Painless ways to lower your life insurance premiums

Life insurance, is just like any other necessary evil in our life. Like all other insurance products, here too, most of us seek it, but want to pay less in premiums. This could also be an ideal example of what we call ‘painless’ way to save money. If somehow you could lower your monthly insurance bills, your expenses would automatically get reduced, thus providing you with an opportunity to save more each month without any changes in your lifestyle. Here, we have pulled together 5 ways you can reduce your life insurance premiums and save. 1) Go for term life insurance: Term life insurance policies are much less expensive than whole life policies. In fact, often a term life policy of a certain amount costs far less than a whole life policy of similar amount. In addition, there are some privileges that term life insurance offer over whole life. For instance, you can customize your term life insurance to benefit from the greatest amount of coverage at times in life when you need the most. And once the hostile period comes to an end, you can easily make changes in your policy and lower your premiums or benefits, or even cancel the policy altogether. 2) The time is now: Procrastination is a common quality found in humans. Most of us gladly put off an assignment for tomorrow, which could be easily done by today. However, if it is the case with life insurance, procrastination can cost you dearly. If you are determined about buying a life insurance policy, you should do it when you are young and in good health. If you delay by one or two years, the costs will increase heavily and moreover, with time, chances are there of deteriorating health conditions. All these will simply make the premiums higher or even force the carrier to decline you coverage. 3) Shred a few pounds: Weight is a major problem in the United States. According to the Centers for Disease Control and Prevention (CDC), 35.9% of American adults are obese, and 69.2% are overweight. The insurance industry takes obesity very seriously and if you approach with the same, it can result in higher monthly premiums. So it could be in your best interest to lose some weight before you approach for a policy. The loss of 15 - 20 pounds could make a significant difference in your life insurance premiums. 4) Say no to smoking: Smoking is one of the significant criteria when it comes to life or health insurance. The industry is so much critical about it that typically most the companies have separate premium chart for smokers and those who don’t smoke. And the rates can differ significantly. To lower the premiums, you need to quit smoking. Usually, insurance companies require that you leave smoking at least 2 years prior to the date of commencement of the policy. 5) Bundle life insurance policy with others: Sometimes, you can have some lower rates just by bundling up your life insurance policy with some other policy. Homeowners insurance is a perfect example what you could roll up with your life insurance policy. This is just because many companies offer discounts and other benefits if you purchase two more more policies together. However, this doesn’t mean that a company you are having your home insurance with will necessarily give your the best deals on life insurance. Lastly, shop, shop, and shop! The more you involve your energy, the better chances are there of getting the best deals. Always shop around for better rates and terms. Literally, there are hundreds of firms offering a wide range of life insurance coverage. You just need to find the one that suits you the best. You can check with your insurance agent too to find out the policy that suits your needs and preferences.