5 ways to get lower life insurance rates

Having a game plan can make a world of difference when it comes to life insurance rates, and luckily we've got some useful pointers.

There's only so much planning you can do in life, but a little forward-thinking can go a long way when you invest in a life insurance plan. These 5 tips can help ensure you're getting the most out of your coverage — and lower your costs at the same time.

1. buy a policy while you’re young and healthy

If you want to pay as little as possible for the best coverage, you simply can't buy a life insurance policy too early. Purchasing a policy while you're young translates to lower rates during your lifetime, plus consistent protection for the ones you love and their finances.

2. chat with the pros

When it comes to life insurance, rumors run rampant — from whether or not you should purchase it at all to so-called "one-size-fits-all" policies. It's best to get your information straight from a licensed agent to avoid potentially costly mistakes. (Plus, they might even know how you could score more savings!)

3. consistently reevaluate your needs

We all know that the only thing we're guaranteed in life is change. As we get older, we generally take on more responsibilities — like getting married and having kids, nabbing a job promotion, buying a house, and even planning an estate, to name a few.

You'll likely want enough life coverage to adequately protect your investments and your loved ones at any point in time. After major life events, take a look at your policy. Purchasing the right amount of coverage as early as possible helps you save money in the long run while providing steady coverage for your family now.

4. maintain a healthy lifestyle

Did you recently quit smoking? What about taking on a fitness regimen? These healthy choices can also positively impact what you pay for life insurance, and all you've got to do is tell your insurer.

Basically, life insurance rates are determined by how likely you are to die at the time of your policy purchase. If your life insurance company doesn't know what's going on with your health, you might have a rate similar to someone in poorer health in order to alleviate financial risk. So shout your victories from the rooftops (or at least into the phone to your life insurance agent!).

5. consider different policy types

Last but certainly not least: consider the different kinds of life insurance policies. When your family's young, you might invest in a standard term life policy (which provides coverage for a specified amount of time). But keep in mind that less than 2 percent of term life policies actually pay out when a person dies. That's because a term life policy often expires before the policyholder passes away.

At some point, you might want to consider transitioning your term life policy into a permanent life policy. If you decide to make the switch, do so sooner rather than later in order to avoid higher costs and possible health restrictions that may come with age.

get dependable life coverage now

If you don't have coverage yet or think you might be paying too much for your current policy, why not get a quick, free life insurance quote to make sure you're getting the most bang for your buck? You could start saving today.

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