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Quick Tips for Saving Money on Life Insurance

Some quick tips on saving money on life insurance.

By McKenzy Bowers | January 31, 2013

You want to start saving money on life insurance? It’s not that hard. Just follow these great tips.

There are some things in life you ought to do your homework on. One of these things is life insurance. When you’re ready to purchase a policy, make sure to look through this list of tips – some of the dos and don’ts. With a framework in mind, you’ll be better equipped to shop for the best bargains, ask your agent all the right questions and opt for modifications and customization in your policies that most people won’t even know about!


  • Do introspect on your need for life insurance. Quantify it in numbers if you can. If you have a family of four, how much will they need to support themselves without you? If you are not the primary breadwinner in the family, what minimal amount of coverage will be enough for your surviving family to pay off funeral costs, outstanding medical bills and other urgent expenses?
  • Do choose what type of life insurance you’ll need. Do you have the need for permanent death benefit? If not, an affordable term life insurance policy will be better suited to your needs.
  • Do make a comparison chart of policies and quotes out there. Some large aggregator websites like AccuQuote offer free comparisons up to 5 carriers for a life insurance policy of your choice. When you’re able to compare quotes and features in a policy, you’re able to really choose what’s right for you. Your best interest is served.
  • Do consider getting your family members insured as well, even if it means adding them on riders on your own policy. Adding child and spouse riders to your policy won’t add too much to your bill (in the case of most life insurance companies). Child riders can cost as little as a few cents a month!
  • Do review your policy yearly. Not reviewing can mean losing hundreds of dollars in unnecessary premium payments, forgetting to update beneficiary lists, using a life insurance solution that no longer fits your needs and lapsing out on a policy provision. All these expensive mistakes can be avoided with a simple check every year.
  • Do get quotes on life insurance every few years to see if an improvement in your health will reward you with a lower priced policy.
  • Do inform your family of your policy and what they should do to file a claim in the event of your death. While we all avoid stark subjects of that nature, you are just displaying common sense when you choose to inform your loved ones about safety nets that you have put in place to protect them even when you’re gone.


  • Don’t blindly believe everything your agent says. Make sure they have been around long enough for you to trust their opinion and judgment.
  • Don’t buy whole life or permanent life insurance until you’re absolutely certain that you can afford it! I know this is contrary to what many in the life insurance industry advocate, but at AccuQuote, we believe that buying term life insurance makes sense for many young, growing American families. You can be covered for so much more value per dollar with term life.
  • Don’t buy what someone else has recommended to you. While it is hard to believe, life insurance can and is not a one-size-fits-all solution. Use a life insurance needs calculator (plenty available online) to ascertain what is right for you).
  • Don’t opt for the monthly premium payment option if you can help it. You can save a lot by choosing to pay your premiums yearly.
  • Don’t forget that your policy can be modified with riders to cover additional aspects. This offers a customized solution to life insurance owners.
  • Don’t forget to read the fine print and ask a lot of questions. Are your premiums going to be affected because of a dangerous hobby you like pursuing? Is there accidental cover on your policy? Asking questions and clearing doubts as a responsible policy owner will reflect your attitude towards life.

This long list of do’s and don’ts is not meant to be preachy. Treat it as a welcome honest change to business as usual. Good luck on your search for the right life insurance; we hope you find exactly what you’re looking for!

If you would like more information on life insurance, talk to AccuQuote. We can deliver competitive life insurance quotes with the top-rated, brand-name insurance companies you know and trust.

We only work with highly rated insurance companies – brand names you trust. You may be able to save money without sacrificing quality and strength.