The main benefits of online shopping is its speed, convenience and the reasonable amount of privacy it provides. On the other hand, it sometimes puts you in the position to shop for a product you don’t know much about – and you don’t have anyone to help you then. Purchasing a life insurance policy online fits that description for the vast majority of people. That being said, it’s not that hard to find a decent, affordable life insurance policy when you know what to look for. Here are six ways to save money on life insurance. Before comparing what you could get by going with emma vs compagnie d’assurance, read what follows to know how to save big bucks while getting a life insurance.
Go For Term, Not Whole Life Insurance
There are really just a handful of situations in which whole life insurance is the best option. It’s usually recommended for people managing complex, large estates, or people who deal with dependents with heavy / special needs. If you don’t fall into these categories, a plain, vanilla term policy should be more than enough. It comes with a given expiration date and no cash value portion which makes it a lot more affordable than the alternative.
Buy As Young As Possible
It may seem obvious, but most people neglect to purchase a life insurance policy when it’s the best time for them to buy : when they’re young and healthy and that it will cost them significantly less than later in life. The cost of life insurance almost invariably goes up with age, and the number of life insurance companies interested in covering you for a reasonable rate will go down the drain.
Be Transparent About Your Health Situation
One of the worst things you can do to try and save money is to lie — or not being completely honest — about your health situation. While it may seem like a good idea at the time of filing your initial application, you should realize that the lower premium you’re looking for in the first place is money flushed down the toilet if the insurance company uncovers your little trick — and it’s very likely. Being transparent about your health history may cost you more if it’s not that good, but at least you’ll be sure that you or your beneficiaries get the amount you paid for. Plus, you shouldn’t be that worried about getting declined because of your health. While some insurers may reject your application because of it, some companies are more accommodating for people dealing with chronic conditions.
Pay Attention To Your Health
If you’re lucky enough to be healthy, don’t take it for granted because on top of improving your chances of living a long and happy, a good physical regimen will save you a lot of money if you get a life insurance. Indeed, nasty habits — like smoking cigarettes — will bring your premiums through the roof. Seriously: in recent studies, smoking has been found to increase insurance premiums more than 300%! We highly recommend that you don’t smoke or engage in any unhealthy behavior / activity so that if and when you take a medical exam, the results qualify you for the best rates offered by insurance companies.
Pay Once A Year
We know it’s an easy thing to say, but if you’re able to pay your premiums by doing a yearly lump payment, you should do so. Even if it’s not necessarily stated by your insurance company, they charge you an implicit interest when you pay on a monthly basis, so a lump-sum, once-a-year payment is really the cheapest formula.
Ask For A Guaranteed Level Term Premium
This is just a fancy way of saying that your premium will remain stable during the duration of the term. The best time to get that type of deal is when you’re young for obvious reasons, since it will protect you from dealing with sudden increases in your premiums later on.
Getting life insurance is an important decision that needs to be carefully analyzed, but with a bit of common sense and prudence, you should be alright.
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