Why not make your wallet fatter on Fat Tuesday? Here’s a tip for saving on life insurance: if you pay your life insurance premium annually instead of monthly, you could save thousands of dollars over the life of the policy.
This Tuesday marks the traditional start of Mardi Gras in New Orleans. Fat Tuesday kicks off this annual city-wide party, full of food, fun, and plenty of revelry. The “Let the Good Times Roll” festivities have become synonymous with The Big Easy, for hundreds of years. If you can’t get to Bourbon Street for the parades and festivities, there is one jazzy way to celebrate Mardi Gras, right from your own living room…buy life insurance.
Sounds strange? But it really isn’t. Term Life Insurance is very affordable. For example, a healthy 35-year old male can get $500,000 of 20-year level term life insurance…for less than a dollar a day!
Play Annually…and Save!
If you want to save even more money, you could pay your premiums annually, instead of monthly, semi-annually or quarterly. In fact, if you decided to pay your premiums on a modal factors such as monthly instead of annually, you could be paying interest rates ranging to as high as 29.7 percent APR, depending on the insurer. In point of fact, life insurance companies make a lot of money on the interest they charge customers who choose not to pay their premiums in one lump annual sum. You can even do this on your existing policies as well!
So if you can afford to do so…paying your premium annually can save you serious cash on your life insurance policy. That’s extra money that you could use for a rainy day. In fact, you might save thousands of dollars over the life of your policy, just by doing this one simple thing. Your wallet will thank you too. And having a fatter wallet on Fat Tuesday is certainly something to celebrate!