7 Ways to Save on Life Insurance Premiums

Updated: Nov 21, 2019

By now we all know that customer expectations are changing and online shopping has taken off because it is fast, convenient and private. The drawback is sometimes you find yourself shopping for a product you don't know much about. For most people, life insurance fits that description. Insuree aims to make that experience better and to help you save money on life insurance because life insurance is one of those necessary evils in our lives. Many of us need it, but we want to pay as little as possible.

The fact is if you can lower your life insurance premiums, it gives you an opportunity to reduce your monthly expenses without changing the way you live. So today, we have pulled together 7 ways you can pay less for life insurance.

1. Consider how much life insurance you actually need

First, take a good hard look at your financials (Insuree presents you with a safe and secure coverage gap calculator that gives you a clear overview on your dashboard. You can always update and review your necessary coverage anytime, anywhere.) and determine exactly how much life insurance you need. Part of your consideration should be the expenses your spouse or other dependents will need anything were to happen to you unexpectedly. If you are trying to cut costs, start by getting the amount of life insurance you need, but no more.

2. Buy sooner rather than later

The cost of life insurance goes up with age, and the number of insurers willing to work with you might shrink depending on your health history. So if you need life insurance, now's the time to buy.

3. Work with an agent or platform who can pull quotes from multiple insurers

Insurance is already something most of us do not want to spend a lot of time on, so save yourself some time without needing to request quote after quote from individual insurance companies. (You can quickly compare life insurance quotes across insurers with Insuree.) In addition, experienced agents can identify which insurers are more amendable to shoppers based on your health history and profile.

4. Disclose all health issues upfront

Be transparent about your health history, in that way you will be able to get accurate quotes and save yourself a surprise down the road. Even if you do not think an issue is important like having slightly high blood pressure which does not require medication. It could be discovered in the underwriting process and might affect your premium. Another good reason to disclose everything up front is that your agent can match you to the most competitive insurer.

5. Get healthier

Stop smoking, it will save you a lot of money! Smoking has the highest impact on life insurance premiums. If you got life insurance while you were a smoker and have stopped smoking, you can request a review for non-smoker rates after you have been tobacco-free for at least 12 months. You will have to do the medical exam again, but it will probably save you a lot of money in the long run. Also, get in shape! If you have lost weight since you bought life insurance, get new quotes to see if you can save some money.

6. Pay annually

If you can afford a year's worth of payments, you will save money, because insurers do add on extra fees when the premium is paid month-to-month.

7. Opt for term life insurance

There are circumstances when whole or universal life policies could be good options, most notably if you have a complex estate or special needs dependents. But most people just need a plain term life policy, which has a hard expiration date, no cash value component and, as such, is significantly less expensive.

To conclude, one does not need to overpay for insurance to have a peace of mind. Know what you have and should have. Be an Insuree!

Insuree editorial content is intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.

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