Life insurance is something that makes good financial sense to purchase, but it isn’t something that many people want to spend money on. It can give you peace of mind, though, knowing you are doing the best thing you can for your loved ones.
When you make the decision to purchase a life insurance policy, there are options when it comes to saving money.
Purchase life insurance while you are young. Your age and your health are huge factors in purchasing a life insurance policy. The younger you are, and the healthier you generally are; this can lead to lower rates for life insurance. If you wait until you are older and your health is not its best, your premiums will likely be higher. For example, if you are fairly young and healthy, a $500,000 life insurance policy may cost you two to three hundred dollars annually. If you are older, your policy could cost thousands of dollars each year.
Are price breaks an option? Many insurance companies offer price breaks when you opt for more coverage. For instance, instead of getting $450,000 worth of coverage, you may save on your premium by choosing a policy for $500,000 worth of coverage. While you may feel like your family only needs a particular amount, you might be able to give them more protection for a lower price.
Are there renewal guarantees? If your insurance company offers renewal guarantees, you may not have to get a medical exam when it is time to renew your policy. While your renewal will be based on your age at the time, you won’t risk being declined due to any health problems or lifestyle choices. This is a great way to save money since you get stay on the same plan for years.
Are payment options available? Some insurance companies allow you to pay your policy annually, quarterly or monthly. Choosing the annual payment option will save you money. If you choose to pay each month or quarterly, it may cost you more in the form of bill processing fees.
We’ll help you get the right coverage. Call McInnis Insurance Services, Inc. for more information on life insurance.