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090821 10 Ways to Make Affordable Life Insurance a Reality...

Many people are looking to trim expenses during these uncertain

times. Perhaps life insurance is one area where you’re looking to

economize. If so, the good news is that there are quite a few ways

to get affordable life insurance.

(Or to save on the coverage you already have.)

 

Before sharing our best affordable life insurance tips, know that

it’s never a good idea to skip buying life insurance altogether.

Doing so could put your loved ones in a major bind if you and your

earnings were no longer in the picture. 

 

  1. Opt for affordable term life insurance, at least to start.                                    

There are two main types of life insurance: term life and permanent

(whole) life. Both offer a death benefit if you pass away within the

coverage period, but permanent life also has a cash-value component.

Term life is the more affordable life insurance choice. Term life is a

good option for people looking to get the most coverage for the least

amount of money. People also choose to get a combination of both

to ensure they have a large amount of coverage now (when they

have kids or debt) along with lifelong coverage later on.

 

  1. Buy coverage when you’re young and healthy. 

The best affordable life insurance is typically available when you’re

young and healthy. By buying early, you may be able to lock in an

affordable life insurance rate. Plus, you won’t have to worry about

being unable to get coverage if you develop a health condition later

on. 

 

  1. Get quotes from several insurers.

Like anything else in life, it pays to shop around when it comes to

getting affordable life insurance. An insurance agent or advisor can

gather quotes from several insurers. He or she can also help you

compare coverage so you get a great policy at a great price. 

 

  1. Look into group coverage from your employer.

Group life insurance through a workplace is often subsidized in part

by an employer. What’s more, you can often get a certain level of

coverage without taking a medical exam. Definitely check out any

employer-sponsored group coverage that’s available to you. Just

know that this coverage goes away if your job does, so it helps to

also have an individual life insurance policy that you own.

 

  1. Ask about premium discounts.

Some insurers offer premium discounts at certain coverage levels.

So it might actually be cheaper to buy $250,000 of coverage than

$200,000 of coverage, for example. Ask your insurance agent or

advisor about any premium discounts.

 

  1. See if you can save by paying upfront.

Some insurers offer a discount if you pay the entire year’s premium

in a lump sum (or in less frequent intervals like twice a year). If your

insurer offers this discount and you have the money, opt to pay your

premium up front instead of paying quarterly or monthly.

 

  1. Lock in a renewal guarantee.

A renewal guarantee lets you automatically renew your term life

Policy without the need to undergo a medical exam. You only pay

More based on your age, not because of worsening health. This lets

You keep your affordable term life insurance even if your health

takes a  turn for the worse.

 

  1. Maintain (or work toward) being in good health.

The best affordable life insurance typically goes to people who are

in good health. And while there are certainly conditions over which

you have no control, there are others that you can control. These

include eating right and exercising to maintain a healthy weight,

limiting alcohol use, managing stress and not smoking or using drugs. 

Definitely ask your insurer if you can retake your medical exam if you

improve your health… you’ll often benefit from a lower rate for the

rest of policy’s term. 

 

  1. Work with a specialized insurance professional if you have

health issues and/or have been denied coverage.

As a general rule, it’s best to undergo a medical exam for life

insurance if you don’t have any health issues. By demonstrating that

you’re in good health, you’ll be able to get the best affordable life

insurance available. That said, there are options if you’re in less than

stellar health or have been denied life insurance. One is to work with

an insurance professional that specializes in higher-risk applicants.

Another is to consider “simplified issue” or “guaranteed issue” life

insurance, which typically let you skip the traditional medical exam

and get life insurance more or less on the spot. Learn more about

 these options and what to do if you’re denied life insurance.

 

  1. Start small and increase coverage over time.

When it comes to life insurance, something is always better than

nothing. If you can’t afford all the coverage you need right now,

start small. For just $13 a month, a healthy 30-year-old can get a

$250,000 20-year level term policy. With even this affordable life

insurance policy, your loved ones would receive $250,000 if you

were to pass away between the ages of 30 and 50. (And they’d

receive the full $250,000, since life insurance proceeds almost

always pass on tax free.) As you grow your savings and increase

your income over time, you can buy more coverage until you’re

at the level you want. 

The best way to explore all the affordable life insurance options out there is to 

work with a professional insurance agent or advisor. 

 

- Amanda Austin

https://lifehappens.org/blog/10-ways-to-make-affordable-life-insurance-a-reality/

 

Hayden Childs

Alabama Licensed Agent

(205) 269-1382

shcmail34@yahoo.com

www.haydenchilds.net

 

I STILL MAKE HOUSE CALLS!

 


 

 

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