How to Spend Less Money on Life Insurance

Life insurance does not represent a legal requirement, but this doesn’t mean that it is not necessary. On the contrary, if you love your family members and want to make sure they could pursue their most ambitious dreams even in your absence, you should consider investing in a suitable life insurance policy. This type of coverage is a safety net for people who depend on your monthly income to maintain a comfortable, decent lifestyle. Do you know how much money you should spend on your policy to ensure a superior level of financial protection for all your loved ones?

How much is too much when it comes to life insurance? It’s all up to you. You can identify the perfect policy for you based on your needs, expectations and financial possibilities. A small policy could enable relatives to cover the costs of your funeral and pay monthly bills for a short period of time. A bigger policy could allow them to live a comfortable life, pay for a college education or enjoy their retirement without worrying about potential financial difficulties that could disrupt their welfare. No matter what kind of coverage you choose to go for, below you will find a few simple tips designed to help you maximize your benefits and keep insurance costs under control.

1)      Quit Smoking

Make no mistake: your vices not only cost you a lot of money on a monthly basis, but they also force you to take even more cash out of your own pockets, when it comes to paying your insurance premiums. This makes perfect sense, because insurers don’t want to take on huge risks. Their objective is to score a profit, by insuring perfectly healthy individuals who most likely won’t pass away way before their time and won’t require expensive medical treatment or days of hospitalization.

If you are a smoker and don’t plan to quit anytime soon, get ready to spend twice as much as non-smokers on your life insurance policy. For example, a 35-year old who doesn’t smoke may very well pay 40 dollars a month for term insurance worth 500,000 dollars. A smoker of the same age will most likely spend around 80 dollars per month on a similar policy. So consider ditching cigarettes to minimize health risks and maximize financial savings.

2)      Control Your Weight

This doesn’t mean that you have to go on a very strict diet before buying life insurance. It just means that you have to do everything in your power to embrace and preserve a very healthy, active lifestyle. More than a few extra pounds can make your life miserable and increase your monthly premiums. You should know that your Body Mass Index (BMI) represents a very important criterion taken into consideration by all insurance companies. A BMI exceeding 30 would reflect the fact that you are an obese person. Since obesity is a major risk factor that leads to countless alarming medical conditions and could also cause your premature death, insurers make overweight beneficiaries spend more cash on their premiums.

A premium recalculation is a valid option only when the insured persons manage to lower their BMI and keep their new weight constant for at least one year. For instance, if you manage to decrease your BMI from 30 to 24.4, in this case you have legitimate reasons to ask your insurer to recalculate your premiums. Reductions vary from case to case, but if your weight loss is associated with lower cholesterol levels and improved blood pressure, you may be eligible for a very attractive discount.

So start to keep your weight under control to increase your lifespan and save big on life insurance. If you are curious to know how much money you would have to invest in life insurance, get the best answers from Insurance Quote Deport. With a few clicks, you can compare life insurance rates by zip code and make an informed purchase fast and effortlessly.

3)      Stop Drinking

An excessive alcohol intake will most likely cloud your judgment, destroy your liver and make you throw money out the window. Did you know that people who have 3 or 4 drinks a day are considered excessive drinkers by insurance companies? Their insurance rates are up to 50% higher than the ones paid by people who drink very seldom or not at all. Moreover, if you completely eliminate your alcohol intake for an entire year, you instantly become eligible for a big discount. Most of your lifestyle choices impacting your lifespan and your welfare usually inflate your life insurance rates. To minimize expenses, try to abandon your vices and always put your health first.

4)      Drive Safely (and Sober)

A dissatisfying driving record can and will get you into a lot of trouble when it comes to buying insurance. And we’re not just talking about car insurance. As a matter of fact, insurers offering life coverage also take a closer look at your driving history. Convictions for extremely serious offences (speeding, careless driving or drunk driving) will make them raise your premiums in the blink of an eye. After all, a driver who is likely to put his/her own life on the line represents a liability for any insurance company. Generally speaking, when they are dealing with liabilities, insurers tend to raise premiums to cover their backs.

5)      Buy Early

It is highly recommended to buy your policy while you’re very young and healthy. People who rely on this strategy manage to save a considerable amount of money, since younger individuals are given the chance to profit from smaller rates.

Wondering how it would be possible to spot the ideal life insurance policy without running around town and meeting hundreds of insurers? The answer is simple: get free accurate quotes online. Compare life insurance rates by zip code, spot the hottest deals offered by your favorite carrier and schedule a meeting with your trusted insurance agent. The whole process is simple and time-effective and will enable you to make an informed purchase.