Lowering your life insurance costs doesn’t have to be complicated. Here are some simple steps to help you save money:
1. Buy Early
Premiums increase with age, so locking in a policy when you’re younger and healthier can save you money long-term.
2. Improve Your Health
Quit smoking – Smokers pay significantly higher premiums.
Lose weight – A healthier BMI can lead to lower rates.
Manage chronic conditions – Control blood pressure, cholesterol, and diabetes.
3. Choose Term Life Over Whole Life
Term life insurance is much cheaper than whole/permanent life insurance for the same coverage amount.
4. Compare Quotes from Multiple Insurers
Rates vary by company, so shop around before committing. Use online comparison tools or work with an independent broker.
5. Opt for a Shorter Term (If Appropriate)
A 20-year term is cheaper than a 30-year term. Only buy the coverage length you truly need.
6. Buy Only the Coverage You Need
Calculate your actual financial obligations (debts, income replacement, education costs) and avoid over-insuring.
