5 Ways to Lower Your Life Insurance Premium

Life insurance can get very expensive. If you are worried about your life insurance premium breaking the bank, these five options may help you lower your life insurance premium. Keep these points in mind and read all the provisions of your policy carefully to ensure understanding of your policies features.


Shop Around and Compare.

Shopping and comparing is an old tool and is still very effective. Once each product is evaluated decided on your coverage and policy that carry the features you would like and the premium that fits within your budget. When shopping the internet is a good place to get a key understanding of the insurance market place and get the most coverage, and features at the lowest possible price.


Consult an Insurance Agent or Financial Advisor.

An insurance advisor is a great option to use to help reduce your life insurance premium, advisors are generally experts in the insurance marketplace, and can easily identify policy features and benefits and should be able to get you an affordable option based on your requirements. 


Choose a Term Life Insurance Instead of a Permanent Policy.

A great way to lower your life insurance premium is to choose a term life Insurance policy instead of a permanent policy. Generally, permanent policies such as whole life, variable life or universal life have an investment feature designed within the product and hence comes at an additional cost. The idea is to obtain pure insurance such as a term life policy at the fraction of the cost of a permanent policy, typically with the same coverage or often times more coverage. It is important however to remember that term life insurance coverage last only for a limited period.


Choose a Healthy Life Style.

Live a healthy life style by maintaining an exercise regimen, avoid smoking, drugs, alcohol and eat appropriately. Generally, the healthier you are the less risk you pose for your insurance provider. A healthy lifestyle and good health record will result in considerable reduction in your life insurance premiums.


Get Policies Sooner Rather Than Later.

Generally, the younger you are the more affordable your life insurance premium. When you insure yourself at a young age the premium is only a fraction of what it could be if you get older. The premise is that a younger person is generally healthier and hence more probable to live a long time, as a result a younger person is placed in the lowest risk segment. This low mortality risk is a great incentive for your insurance company to offer insurance at a lower premium.