Term Life Insurance: Some Money-Saving Tips
The majority of people prefer to purchase term life Insurance because it is cheaper than whole life insurance and is the best way to get the maximum value for your money to protect your family s future. Here are some important tips to help you to reap the maximum value of your money and get term life insurance at the best rates.
Money Saving Tips
You must start your insurance early in life. The younger you are the more beneficial it is, because you get the required security for your family by paying less on the annual insurance premiums. Say, on a term 10 life insurance of $ 200,000 you may be paying $ 180 per year as a 30 year old but you may be paying $ 230 per year if you were 35 years old at the time of taking the same policy.
Some people are in the belief that nothing will go wrong with them when they are young and is not going to die while working. Therefore they skip getting insured or delay themselves in getting insured until the time they realize how wrong they were. You end up paying more premiums once the realization sets in. The best options to save money on insurance is to get insured early in life.
You should also be careful about the timing of your insurance. All the insurance companies look at your age from the next coming birthday. If supposing you are 25 years of age as on 01 April and you have decided to take insurance on 01 Oct, your premiums will be based on the age you will be on the next birthday i.e. you are already 26 years even though you are younger. The disadvantage is that you land up paying more annual premium. In insurance parlance it is called age nearest.
You pay lesser premium on term life insurance if you are a non smoker, because you are less prone to cancer and other diseases and are likely to outlive your period of insurance.
Some companies provide encouragement and incentives to smokers to quit smoking and refund the extra premium you have paid from the time you took the insurance to the time you quit smoking. There are some companies who go even one step further by adjusting your premium rates of non smoker rates from the day you insured yourself.
There are some companies who offer discount on term life insurance rates if you pay your premiums upfront. If you can afford upfront payments, you can save up to 10% of your premium every year.
Following these tips will make your life comfortable and make term life insurance an affordable preposition.
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