TERMdog provides you with a simple, no hassle, term life insurance quote to help you find the most affordable rate. We do this by comparing term life insurance policies and rates from the top companies. All with just a few keystrokes from you.
Many people want to purchase a term life insurance policy, but few want to add yet another monthly payment to their stack of bills.
Fortunately, term life insurance doesn’t have to be expensive. If you know what you’re doing, you can find one of these policies for a very affordable amount. In fact, cheap term life insurance does exist.
Here are five different tips for getting cheap term life insurance:
1. Get it Sooner Rather than Later
Why? Because people are living longer these days, more people are outliving their policy. That means insurance companies aren’t paying out as often, so they can afford to reduce rates.
If you’re under 50, you can probably get a very nice cheap term life insurance policy for a very affordable premium. Also, getting a term life insurance policy is much better protection for your family.
You never know what could happen tomorrow, so putting off getting a policy could put your loved ones at risk.
2. Update Your Policy When Something Changes
If you get divorced, have another child, or have a relative move in with you, it may affect your policy and how much you pay.
The same is true with your financial situation. If you’ve paid off your home or other large purchase, you may want to decrease your coverage. The same goes if your children have moved out, graduated from college, and now have steady jobs.
By updating your policy when you have life or financial changes, you could save yourself some money.
3. Are you Healthier Now?
If you’ve really put some time in getting into shape, you’re much more likely to get cheaper term life insurance than if you’re overweight and in overall poor condition. If you’ve achieved your healthy weight goal, seen your Body Mass Index drop, or lowered your blood pressure or cholesterol, you may be able to get a fairly low insurance policy.
Additionally, if you’ve stopped smoking or using other tobacco products, you’ll also be considered in much better health and be eligible for better premiums.
Basically, any time your health improves, there’s a chance your premium may drop.
4. Are you Being Safer?
Try getting a cheap term life insurance policy while you drive a motorcycle or do things like going skydiving on a regular basis. While you may enjoy those things, they are considered health risks and will affect your premium.
Many people understand this and are willing to pay a little extra, but if you’re on a budget, setting aside these hobbies will help keep your premium down.
5. Don’t Lie
While you might think you can simply leave off the fact that you love climbing mountains and get a cheaper premium, you should resist that urge.
While it’s possible you’ll get away with it, if you were to die engaging in an activity not listed on the policy, the company doesn’t have to pay out. Your family could end up without any money because you conveniently forgot to list something.
Being honest with your health and your activities doesn’t necessarily mean you’re going to end up with an expensive premium, either. No one’s perfect, and insurance companies take that into consideration.
Additionally, it’s important to note that every company underwrites or treats health issues differently. At TERMdog, we can help you apply with the right insurance companies to help you get the best underwriting class for the best premium.
Do you have questions about getting lower premiums? Contact us today, so we can discuss your own unique situation and get you the lowest premiums possible.