Everyone wants the best term life insurance quotes, but many consumers are unaware that there are steps they can take to find cheap rates, such as comparing quotes online. By taking the necessary measures to improve their health, diet, lifestyle, and increase their lifespan – all factors life insurance companies take into consideration when calculating rates – consumers can get the best term life policy and lower their monthly premiums substantially.
Additionally, prior to purchasing term life insurance, consumers should get multiple free life insurance quotes online to compare policies, coverage options, insurance companies, and rates, thereby ensuring they have done their research and are guaranteeing themselves the cheapest premiums on the best plans.
People who smoke have a shorter life expectancy than those that do not smoke, so non-smokers get better life insurance rates than smokers. Those who quit smoking increase their life expectancy and decrease their monthly premiums. There is an added benefit for smokers who quit, they reduce their risk of serious health problems and lower their monthly health insurance premiums, too.
Obesity shortens lifespan, perhaps even more than smoking, so individuals who are overweight will not get the lowest prices. Obesity is associated with chronic diseases like diabetes type II, coronary artery disease, congestive heart failure and clinical depression. Reducing weight increases lifespan and lowers the odds of suffering from a chronic medical condition.
Getting Regular Exercise
Individuals who exercise regularly, for at least 30 minutes 3 times per week, improve their cardiovascular health and reduce their chances of suffering from coronary artery disease, heart attacks and strokes. Good health habits will get the best term life insurance quotes at any age.
Similarly, non-smokers of average weight who exercise regularly will get the best possible rates on both life insurance and health insurance. People with good health habits save hundreds, perhaps even thousands of dollars over a lifetime with cheaper insurance rates and medical bills, not to mention, simply living healthier, and happier lives.
Annual Medical Check-ups
Regular medical exams are another way for individuals to increase their life expectancy since any illness is likely to be discovered early when it can be treated. Getting regular medical exams lowers the risk of death from many types of cancer which can be successfully treated if discovered early. Annual medical exams improve overall health, and anything that increases life expectancy can help you save money.
Life Insurance Rates By Age
Since the younger a person is, the lower his/her life insurance rates will be, planning ahead and buying life insurance at a young age will guarantee the best quotes. Life insurance rates are based on the chances that a person will die during the term of the policy.
A 20 year old who buys a 30 year term policy is less likely to die within that time period than a 40 year old with 30 year coverage. So, if you want to get the cheapest premiums, buy when you are young and healthy.
While there are not many ways to get discounts on term life insurance, buying all your insurance needs from one insurance company can get consumers the best term insurance quotes. Bundling discounts, or multi-policy discounts, are given to individuals who buy several policies, like home, auto, health and life insurance, from one company.
The discounts can be as much as 25% on each policy so it pays to bundle insurance policies. It is smart to compare rates and coverage online from other companies, and then check with the company that insures your home or car for bundling discounts, using online quotes from other carriers in your negotiation.
Making Annual or Semi Annual Payments
When premiums are usually paid monthly, there is a finance charge included in the payment. Getting the term life insurance quote for annual or semi annual premiums can make rates cheaper and save a substantial amount of money. It is important that the premiums be paid on time to avoid any lapse in protection.
Group rates are usually lower than ones for individual policies, but group life insurance may have limits on the amount of insurance that can be purchased. Most group term life policies are bought through employers, professional organizations or associations like AARP.
However, it may be necessary to supplement group policies with additional coverage, whether it be term, whole, or universal life insurance. It is best to compare the rates for a term policy that has all the necessary coverage before buying a group policy that needs to be supplemented.
Buying The Right Amount of Coverage
While it is essential to carry enough term life insurance coverage to meet financial obligations, buying too much will not get you affordable rates, and may even burden your budget in the long-run. Wage earners should usually carry a policy equal to between 5 and 15 times their annual income, depending on age and financial circumstances.
To determine how much life insurance you need, you must examine all financial debts and liabilities, such as your home mortgage, credit card bills, medical expenses, education costs, and funeral expenses – essentially everything that is a cost of living.
Policyholders should consider subtracting the amount in savings or retirement, or have the option to simply leave that amount as a buffer for additional debts incurred in the future. The younger you are, the more coverage you may need. For example, in your 30s, most insurance experts recommend anywhere between 10 to 15 times your annual gross salary.
Compare Life Insurance Quotes Online
Comparison shopping is a great way to get the best prices and it is quick and easy to compare the best life insurance quotes online. Consumers should get life insurance quotes from multiple insurance companies so they can compare prices, coverage options, and terms and conditions. Consumers simply answer a few questions, and online quotes are instant and free. Even the best life insurance quotes are only estimates so actual rates may be higher or lower than the rates quoted.
There are many factors that affect premiums and individuals cannot change their occupation or their family medical history to get lower rates, but they can take steps to improve their health and increase their life expectancy. Anyone can get discounted prices by taking proactive steps to find the lowest rates for the protection they need.