YOU ASK:

How can I lower the cost of life insurance?

WE ANSWER:

Whether you are shopping around for a new life insurance policy, or wondering how to decrease the premium rates on your existing policy, you should be aware that there are effective ways to save on life insurance. Once in force, most policy types allow you to apply for reduction of your premiums if you can demonstrate improvement in any of the underwriting categories which determine the rates.

Here are a few tips that can help you lower your premium rates if you already have an in-force policy, or save on your future life insurance:

Rule of thumb: shop around! As life insurance rates keep plummeting, you are very likely to find a better deal than the policy you own. Many websites offer online quotes and you can even comparison-shop for the lowest premiums.
Improve your lifestyle! Taking care of your health is of primary importance, since life insurance costs are to a large extent defined by health factors. Although some conditions are beyond one's control, remember the proverbial motto "Prevention is the best medicine" and do your best to lose weight if you are overweight, reduce your cholesterol levels and blood pressure and most importantly - stop smoking!
- You can save 15-25 percent on your life insurance rates if you are a nonsmoker. Some insurers usually require that you have been nicotine-free for at least a year before they can grant you the status of a nonsmoker, and hence give you a premium decrease.
- Be sure to find out the height-to-weight ratio of your insurance company and try to fit in-between the limits to qualify for the insurer's preferred rates, or even better, for the best available rates.
Even if you have a health condition, such as asthma, you can still qualify for a lower rate if you furnish proof that you have been taking measures to control your condition.
Check to see if you auto or homeowner's insurance provider sells life insurance! A great number of companies offer multiple-insurance packages, providing a discount on all the policies if you purchase more than one type.

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