How can I buy cheap whole life insurance?

It is hard to talk about cheap whole life insurance, as this is one of the most expensive types of life insurance out there. Whole life coverage rates can be up to ten times higher compared to term policies. And yet, if you meet certain requirements, you might be eligible for an insurance company's best rates.

How to Save on Whole Life Insurance

• Shop around for the best deal: life insurance rates keep dropping and you can usually use the Internet to compare insurance companies. However, very few of them are likely to offer whole life insurance online quotes and you will typically be expected to call a toll-free number to get a quote from an agent.
• Stop smoking, lower your blood pressure and your cholesterol levels, lose weight and start leading a healthy life at least a few years before applying for life insurance. Smokers usually pay up to 25 percent more than non-smokers - a significant figure. Keep in mind that once the whole life premiums have been determined, you cannot do anything to change them. Your current state of health and medical record are the factors that matter most to an underwriter: the better lifestyle you have, the lower your premiums are likely to be. Insurance companies are nowadays getting increasingly precise in assessing risk so you cannot fool them: they will find out if there is anything you are trying to hide. To qualify for a company's preferred or best rates, you need to meet some very strict health and lifestyle requirements, but even if you have a condition which you control, such as asthma or colitis, you can still qualify for a company's low costs.
• If you already own homeowners' or auto insurance, you can check with the insurance company if they sell whole life insurance. You can get a good package deal on discount if you decide to purchase a few different types of insurance from the same provider.

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