Having Life Insurance is paramount to protecting your family if something every happened to you (the income provider). Your next task is to find Cheap Life Insurance Rates .
Here is how to save big on your Life Insurance Premium Quote:
Do not buy No Exam Term Life insurance
Over the last few year this the option to not do a medical exam when applying for term coverage has become available which also may be labeled “No Medical Exams Life Insurance” .
Although this may be convenient in terms of acquiring insurance quickly your premiums will rocket up for this extra convenience . If at all possible, getting a life policy with the Medical exam is the better way to go. If the “No Test Life Insurance” option is taken you put more risk on the insurer who will then increase your premiums because of this AND they will limit your term coverage amount as well.
The Medical exam is fast and easy:
The medical exam time and location is decided by you
Medical Specialist does the exam at your location
- Check your Heart Rate
- Take your height and weight
- Small Blood Sample
- You Provide a Urine Sample
- Whole Process takes 10-15 min
- 1 Medical Exam and that is it
Double Check The Amount Of Term Coverage You Need
Calculate a general amount of term life coverage you would need :
How Much You Spend Each Month:
- Food/Utilities
- Mortgage / Rent
- Auto Loans
- Paying for College
Add any other monthly or future expenses
Span these expenses out for a 20 to 30 year term . This will give you the realistic amount of term life ins that you would need to provide full coverage .
Do not buy too little coverage and certainly do not buy too much coverage .
Having too little coverage will leave your family struggling.
If you purchase too much coverage you will be throwing money away . Save that money instead or look to invest it elsewhere.
Buy Life Insurance in Tier Amounts
You may not know this but the cost of life coverage is set in tier amounts .
For example: Example. It would cost $1.02 per $1000 of term coverage for the total amount of death benefit between $100K-$249K.
If you purchase $250,000 ($1 more) your cost per $1000 drops to $0.92/$1000 ! This gives you a 10% discount in insurance right away !
Knowing this we recommend you buy life ins in $250K increments :
- $1-$249,999 = $250,000
- $250,000-$499,999= $500,000
- $500,000-$749,999 = $750,000
- $750,000-$999,999 = $1,000,000
- $1,000,000-$1,249,999 = $1,250,000
Get Term Quotes Online :
No other better way to get Discount Life Insurance !
Life Insurance Companies have no choice but to compete alongside other insurers . The ultimate way to save is online. Insurance companies provide their cheapest quotes just to stay competitive. They will lose a lot of business if they don’t.
See Also:
- Term vs. Whole Life Insurance – What Should You Choose?
- Five Ways To Save On Car Insurance Costs
- The Differences Between Term and Whole-Life Insurance
- How Much Car Insurance Do I Need?