How Can I Save Money On Life Insurance?

Life insurance policy premiums are based on a variety of factors, including the health and habits of the individual. These tips will help you get the lowest possible premiums when you attempt to get life insurance coverage.

Lose Weight

Although obesity is not often a deal breaker when it comes to getting life insurance coverage, obesity can make life insurance coverage harder and more expensive to obtain. If you can hold off on obtaining your life insurance coverage for a few months while you go on a diet, you can save money just by applying for coverage when you're at a healthier weight.

If you do plan to lose weight before you apply for a policy, you should be aware that obesity is determined your Body Mass Index. To reduce your premiums, you'll want to hit as close to a normal, healthy weight as possible, with a body mass index between 18.5 and 24.9. To find out what your current BMI is, take a look at this online calculator.

Pay Premiums Annually

Like other insurances, you can save money on your life insurance policy by paying the premiums annually instead of monthly.

Get Coverage When You're Healthy

Assuming that you're healthy and relatively young now, and you may not be so healthy when you become older, it's a good idea to get your insurance as soon as possible, while you can get a lower premium. When you're older, your premium may be more expensive due to health reasons. If you're not healthy at this time, but can foresee a time when you will become more healthy, you can save money by waiting to get your policy.

Shop Around with a Specialist

Some personal activities that you participate in may result in higher premiums. Smoking cigarettes and using chewing tobacco are both activities that will result in higher premiums when you get life insurance. Some high-risk hobbies, like scuba diving and skydiving, can also result in higher premiums.

You could save money on your life insurance policy by cutting back on, or quitting altogether, these risky activities that you love. However, not many people are willing to stop their favorite recreational activities and habits for the sake of saving money on life insurance.

Assuming that you don't plan to cut back on your high-risk lifestyle, shopping around for the right premium is the next best option. Contact a life insurance specialist such as House-Chilson & Associates to help you find the best premium at the lowest rate.