5 Quickest ways to lower your Life Insurance Premium
The search for the best life insurance company can be a daunting task. There are dozens of different life insurance companies with their own pricing. It becomes difficult to know which company will offer the best coverage at the lowest possible price.
But no worries! We've compiled 5 simple ideas and tips that you can use in order to lower your life insurance premium, and give yourself peace of mind during a time full of stress and worry. Check them out below:
1) Buy your policy earlier - The longer you wait to purchase a policy, the higher your premiums will cost because of age-related factors unique to each individual. And the longer you wait to purchase a policy, the less time you have to amass funds in order to finance it. Buy your policy earlier and you'll save a lot of money!
2) Buy a policy with at least 20 years level premium period - Life insurance companies generally offer a discount or waiver off your initial payment if you agree to level premium payments. So unless you plan on stopping all payments, make sure that your policy has a premium level that will last for at least 20 years. This will reduce your initial payment and ensure that no matter what happens, your premiums can be paid consistently for over two decades.
3) Opt for a 30-year guaranteed term - Life insurance companies can offer policies with payment levels spread over as many years as you want, and then calculate the cost of your premium based on several factors including interest rates, mortality rate, and future medical costs. So instead of worrying about what might happen in the next 10 years, why not take advantage of guaranteed payment terms that will last for 30 years?
4) Consider a policy that will provide cash value - Life insurance companies can also offer policies that allow you to accumulate cash value. This is similar to a savings account where you deposit money every month and receive interest on it. You can then use that money for different financial goals such as retirement, college tuition, or a rainy day fund.
5) Buy term insurance and invest the difference - Although a cash value policy is great way to prepare financially for the future, it's also important to remember that term insurance is still a great asset to have. It will give you peace of mind knowing that even if something happens to your loved ones, they will have the financial means necessary in order to move on with their lives. Making sure you buy enough coverage is important but don't forget about investment options as well!
So there you have it! Five quick ways that can help lower your life insurance premium. If you have any other tips that will help make life insurance a little easier, please feel free to leave them below!
Source: 5 Quickest ways to lower your Life Insurance Premium - http://www.mylifeinsurance.net/life-insurance/5-quickest-ways-to-lower-your-life-insurance-premium/
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"Jennifer Clarke" is a trained Certified Financial Planner (CFP), Assistant Financial Planner (AFC) and an Accredited Financial Consultant, also known as an "Acc" in the industry. In addition to being a licensed life insurance agent (life insurance licenses are used to launch financial planning and investment advisory careers) agents pursuing financial planning credentials are required to study for a period of time as a Certified Financial Planner Specialist. Other CFP certifications have no corresponding certification for financial planners. All online materials may include links or references to third-party products or services.
"Jennifer Clarke" and The Financial Education Specialist, LLC are a Registered Investment Advisor (RIA) with the U.S. Securities & Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA). The RIA registration is held by The Financial Education Specialist, LLC. Where applicable, "Jennifer Clarke" and The Financial Education Specialist, LLC are also licensed life insurance agents in all 50 states.
The financial advice given by "Jennifer Clarke" and/or The Financial Education Specialist, LLC is personalized to meet individual needs and should only be used as general information as it does not take into consideration your specific situation or needs.
Conclusion:
You don't have to be a financial planner to get the right life insurance for you. The best way is to do it online, and not by the phone, or in person at an insurance office. This way you get what you want, and your agent or advisor gets paid if they're worth their salt. If there was only one thing I could tell someone it would be DO NOT LISTEN TO A SALES PITCH! Know what you want before contacting a sales person.
To further your financial knowledge: Financial Planning & Investing 101 - Introduction to Financial Planning & Investing - https://www.youtube.