Life insurance is an absolute necessity for individuals that have close relatives and others that they want to be sure are taken care of in the event of their death. Of course, nobody likes to think about the fact that they might not be around in the future, but being realistic in this way can help you to be prepared, and it really is the best way to be sure your family has what they need. Still, many hesitate to purchase a life insurance policy because they don’t want to budget for the cost of obtaining one. There are many things you can do to ensure that you get the cheapest life insurance rate possible, however, if you know a few tricks of the trade.
Younger couples seem to neglect this expense, as money is often tight in the first few years of marriage. However, starting your life insurance policy off when you’re young is one of the best ways to get a great rate. In general, the younger you are, the cheaper your rate will be. Younger individuals are statistically far less likely to encounter many different health problems, and this means that there’s less risk for an insurance company to insure you if you’re relatively young.
Take Care of Your Health
Youth is definitely not the only way to help put the insurance companies at ease about your risk for various diseases. There are numerous reasons to watch your diet, get plenty of exercise, and drink a lot of water, and decreasing your insurance rates is one of those great reasons. While this won’t always have an immediate impact on your insurance premiums, over time, it will pay off. As time goes on, healthy habits will prevent you from expensive hospital stays, and this will also work to prevent your insurance premiums from increasing.
If you’re a smoker, the sooner you quit, the sooner you’ll get a better rate on your insurance premium. The cheapest life insurance rates won’t be available to you as long as you continue to smoke. Find out from your insurance company how long you have to be off cigarettes or cigars before you qualify as a non-smoker. It may be tempting to lie or exaggerate the truth about your smoking habit, but be careful about this as an insurance company could deny a life insurance claim if it’s found that you were still a smoker at the time of your death.
Fully Disclose All Health Related Facts to Your Insurer
When your insurer asks questions about your health, you should be completely honest and upfront about your history, habits, and any health problems you currently have or have had in the past. Being dishonest can lead to difficulty for claimants later on while being honest and up front about your health issues allows you the opportunity to explain specifics that can still allow you to keep your rate low. If, for example, you have been diagnosed with a certain disease but are able to control symptoms with proper diet and exercise, you may be able to get a lower premium than someone who has severe symptoms.
Schedule Your Physical in the Morning
When you sign up for a new life insurance policy, you’re going to be asked to have a physical examination to determine your health. Studies have shown that certain health measurements will show up better on reports when examinations happen in the early morning. For example, blood pressure and cholesterol levels are generally lower in the early morning than they are in the afternoon.
Relieve Stress before Your Physical
In addition to scheduling your physical in the morning, a few other tactics can be employed to help you get the cheapest life insurance rates possible. There are likely a few things that you know you can do to help you relieve stress. A long walk, peaceful music, a conversation with a friend, a cup of tea, or perhaps an hour of yoga could all help you to relieve stress, thereby decreasing certain measurements that are indicators of poor health. Your blood pressure, cholesterol, and even your heart rate can all be lowered to help give you a better overall rating during your physical. At the same time, avoid having stressful events scheduled just before or just after your physical. If you know you have a stressful meeting with a lawyer, it may be best to try to get that out of the way a few days before or after your physical. If something stressful happens just before your physical, you might even see if you can have it rescheduled for another day.
Get on a Group Policy
Many employers offer life insurance as one of their corporate benefits, and this can be a way to get the cheapest life insurance. Check with your employer’s benefits department to find out if they offer life insurance. If they do, it’s likely that they’ll pay a portion of the premium, and this could be a great way to save yourself a significant amount of money. In some cases, life insurance plans offered by employers don’t even require a physical examination to qualify. In the case that you have serious health conditions, this could be the best way to get a great rate on your insurance premium.
Pay Your Premiums Annually
Many don’t realize just how much extra they will pay on their insurance premiums by paying in monthly installments. In fact, all types of insurance premiums have additional costs associated by paying in monthly installments rather than annually. The discount available for paying quarterly, semi-annually, or annually cold save you a huge sum of money every year. There are certainly a lot of tricks to getting the cheapest life insurance, and making sure that you use as many of these as possible is going to help you get a great rate on your life insurance. Be sure to review your policy annually to be sure that the coverage you have takes care of all of your family’s needs.