Tips for Finding the Best Rates for Life Insurance
Life insurance rates vary depending on one’s health history. According to recent insuranceQuotes.com research, smokers normally pay more than 3 times for the same policy than non-smokers. Your overall health, age, occupation, and hobbies are also considered and can increase premiums. However, this does not mean you continue paying higher premiums or leave out insurance altogether.
Here are four things insurance professionals recommend for those looking for the best rates of life insurance.
Compare different policies
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Carefully compare different policies. Some insurance carriers charge smokers higher premiums than other carriers. You may utilize online aggregators to weigh up rates and plans or have an agent shop for insurance on your behalf. Different insurance providers have different ways to calculating premiums, so get a minimum of three quotes including a quote from a top provider that provides coverage nationally.
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Healthy people usually get reduced life insurance rates. While different insurance providers have different requirements for one to be considered a non-smoker, the best way to get reduced rates is to quit smoking.
If you’re denied or are paying higher life insurance rates than you anticipated, you can use this opportunity to improve your health. Once you’ve done this, you can then go back to your insurer and demonstrate how you’ve improved. If you have life insurance and stop smoking, you should inform your insurer and ask for a lower rate.
Sign up for a group policy
Many company benefit programs provide life insurance without requiring one to take any medical tests or physical exam. While they often cap how much one can take out, it’s a good way for an unhealthy person who can’t afford the rates to get coverage. In many cases, it’s possible to get group life insurance by joining an association/organization.
Review your insurance policy annually
You need to review your coverage every year or whenever you have a life-changing event like a wedding, divorce, or child. You should also ensure your beneficiary terms are updated and compare your options, especially on term life insurance, so as to ensure you are paying the least rate possible. You can also change your premium payment mode to save some money.
When looking for life insurance, always be honest with your agent and use some common sense. Carry out some research the different varieties of life insurance and compare all of them with an agent. If you’re unsure, feel free to ask questions. As you age, it may be harder to find life insurance, so it’s best to find one when you’re still young. And always ensure you can afford the policy you choose.