Life insurance is especially important if you have dependents. You want to be sure that they will be okay financially should something happen to you. Dealing with a loved one’s death is hard enough without going through financial struggles as well. There are two main types of insurance: term life insurance, which offers life insurance at a set rate for a certain period of time (you can get your premiums guaranteed for up to thirty years); and permanent life insurance, which lasts for a lifetime, and has set premiums. There is also a kind of insurance called Keyman insurance, which only pertains to business owners and will help ensure the stability of their business should they pass away.
Life insurance can be quite pricey, depending on how risky a customer the insurance company decides you are. Obviously, some things that you have no control over affect your life insurance premiums, like whether you have had family members with cancer, and how old you are. But there are some steps you can take to lower your life insurance costs, and even more important, to help you live a healthier, happier life.
Step 1: Probably the single biggest thing you can do to save yourself money on your life insurance policy is to stop smoking and/or tobacco use. There are some life insurance groups that won’t even insure smokers, and for every policy tobacco users and smokers get the highest life insurance premiums. No matter how old you are, it’s not too late to quit, and it’s not too late to receive health benefits from doing so. It’s hard, but it will be worth it, and the reduced cost in life insurance is the least of your gains.
Step 2: If you need to, lose weight. Your life insurance premiums will go down along with the number on the scale. Being overweight puts you at risk for diabetes and heart disease. Losing weight is not always easy, but it is possible for everyone. All you have to do is eat fewer calories than you burn, and no matter how low your metabolism is, you burn calories every day. In almost all cases, exercise is required for successful weight loss, but it does not necessarily have to be strenuous, and in some cases, should not be, depending on your fitness level. Admittedly, losing weight is not nearly as easy as it sounds, but it will improve your quality of life, and make you feel better, along with lowering your life insurance costs. It will also probably lower your blood pressure; another factor that contributes to raising your life insurance premiums.
Step 3: Prepare for the medical exam. Almost any life insurance company will require a medical exam before they insure you. There are some ways to prepare for your exam so you will get the lowest premiums possible. Stay away from alcoholic beverages, tobacco, nicotine, caffeinated drinks, high cholesterol foods, and salt for at least 8 hours, and preferably 24 hours before your exam. Ironically, strenuous physical activity very soon before you take the exam may also adversely affect your health rating.
Step 4: There is no single life insurance company that offers the best rates for everyone. That is why, rather than blindly accepting recommendations from friends or relatives, you should get quotes from several companies and compare the options that are available for someone in your situation.
By Riannon Cutler