A lot of people invest in term life insurance because its affordable. It’s the most affordable form of life insurance and a great way to make sure the future of your family and loved ones is secure. Life insurance premiums are calculated based on how healthy you are and what kind of lifestyle you lead. Below are some key ways to lower your premium. If you want to really pay less in premiums, however, cutting health risks should be the most important factor that you look at.
How Insurance Premiums Can Be Lowered
Before we begin, it’s always good to know how much insurance coverage you actually need. So go ahead and use the life insurance calculator to easily calculate the amount that’s ideal for you. Premiums may go up or down based on life threatening factors in your life. Here are a few sure-fire tips to lower your insurance rates:
Quit Smoking. Cigarettes are absolutely the biggest factor in driving insurance premiums up because smoking will pretty much guarantee that your health will deteriorate in the future. You can’t just quit for a week and hope to bring your rates down, though; you have to stay off the habit for at least 12 months, and some carriers wait 36 months before they reduce your premium. You also need to prove you’ve kicked the habit over that time period by providing records from regular health checkups that monitor the state of your lungs and the levels of tobacco in your blood stream.
Lose Weight. If you are declared overweight by a qualified healthcare professional, your premiums will reflect this. If you control your weight problem by eating healthy and exercising, however, you’ll qualify for a reduction. Again, a crash diet won’t save you money; you need to sustain a healthier lifestyle over a period of time before benefits are awarded to you.
Cut out Bad Habits. Regular intake of alcohol and other controlled substances are also very detrimental to your insurance rates. If you can demonstrate that there has been a drop in blood-alcohol levels, and prove medically that you’re off controlled substances, you can qualify for cheaper insurance rates.
Live Safer. Adventure lovers and people with dangerous jobs are more likely to meet an untimely end, and insurance companies know this. If you work on site for a construction company, for example, or habitually skydive for fun, you will have to pay the price for it. If you get transferred to a desk job or stop your thrill seeking activities, insurance companies will amend your rates appropriately.
Assess Your Options. Carriers use all of the above factors when determining your premiums, but companies weight the criteria differently. If you search around, you might find one insurer that doesn’t think your weight is as much a factor as another. At AccuQuote, we have access to most of the top carriers – we compare rates and do the shopping for you. Just fill in your details and let us help you get a quote that gives you the right coverage at the right price for the right length of time.