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8 Tips for Getting Affordable Life Insurance



8 Tips for Getting Affordable Life Insurance

Life insurance is a necessity if you have people who depend on your income. You don’t have to spend an arm and a leg on life insurance. You can save money on a plan by comparing prices from different agents. Putting in the small amount of effort to obtain and compare quotes will be worth the savings you get. Here are some tips for maximizing your life insurance.

Get Insured Outside Your Employer

Many companies offer life insurance a benefit to their customers. However, this may not be the best type of life insurance to meet your goals. Your life insurance doesn’t stay with you if you leave your job, whether you leave voluntarily or not. Purchasing coverage outside your employer allows you to keep life insurance even if you decide to leave your job.

Avoid “Riders”

Insurance agents will ask whether you want to add “riders” to your policy. While they may sound attractive, they increase the price of your insurance unnecessarily. They raise the cost of your life insurance without adding extra value. No matter how much the insurance agent tries to convince you, don’t add riders to your policy.

Related: What Are Insurance Riders?

Consider a Different Type of Plan

Your life insurance needs change over time as your dependents need less of your income. Consider choosing a decreasing life insurance plan. This type of life insurance policy has a lower monthly premium because the payout decreases over time.

Get the Right Type of Coverage

You’ll want to be sure to choose a life insurance policy that meets your goals. It’s a waste of money to pay a premium on a policy that doesn’t fit your needs or your goals. Discuss your goals with your insurance agent so they can help you choose the best policy.

Related: What to Know When Shopping for Life Insurance

Purchase Direct Insurance

If you purchase a life insurance policy through an agent, there may be additional fees tacked onto your premium which drives up the cost of your insurance. These fees are known as the “load.” By choosing a “no load” life insurance policy, you bypass the agent and purchase insurance directly from the insurance company. This option will allow you to save money on your policy.

Choose a Reputable Company

When you purchase life insurance, you’re not just purchasing a policy from an agent, you’re dealing with a company. Make sure the insurance provider doesn’t have a bad reputation. You can check the internet to review life insurance companies. If an agent tries to convince you that company ratings aren’t important, this isn’t a company you want to work with. Consider contacting your state’s insurance department to file a complaint against the insurance agent.

Don’t Forgo Insurance If You’re In Debt

If you’re in debt, you may feel like you can’t afford to take on another monthly expense. However, life insurance is particularly important because you want to be sure your family is taken care of if something happens to you. Without life insurance, your creditors may attempt to place a claim on your estate which would allow them to be paid before your family. Have enough coverage to pay off your debts and still leave your family with a sizable amount.

Term vs. Life

Term life insurance is generally best for people who are under age 50, while whole life is better for those above. Insurance rates tend to increase after age 50 and can be difficult to afford.

Saving money on life insurance isn’t difficult. It takes some time and research to choose an affordable policy that best fits you. The tips we’ve offered can help you make a more informed decision about an insurance policy that doesn’t break the bank.

Related: 5 Differences Between Whole and Term Life Insurance

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  1. kylewayne182

    January 23, 2018 at 4:25 pm

    Wow, it’s interesting that you talked about purchasing coverage outside your employers to allow you to keep life insurance even if you decide to leave your job. My younger brother is looking to find a good life insurance policy for his young family. I think I will talk to him about looking outside of his job to find one that will work for him.

  2. Callum Palmer

    May 8, 2018 at 5:42 pm

    I had no idea that there was so much to take into consideration when buying life insurance, so it is nice to get a breakdown of the basics. However, I do agree that it is important to make sure that you choose the right coverage. After all, not every life insurance policy is going to have the right coverage that you, as an individual will need, so you want to talk to an agent about your needs.

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