Tuesday, 31 July 2018 10:48
Tips on how to get the best value for your premium dollar.
- Buy today. The younger you are when you purchase a policy, the lower the cost will be.
- Stop smoking. Discounts for non-smokers can be significant. Generally, one must be nicotine-free for one full year before they can qualify for non-smoker rates.
- Pay annual. The lowest cost per year is an annual premium. The highest cost per year is paying quarterly. Semi-annual and monthly bank draft premiums have a lower total cost than quarterly premiums.
- Lose weight. One-third of Americans are overweight. Life insurance companies offer discounts to preferred risks, and one of the factors that keep an insured from qualifying for these discounts is being overweight.
- Exercise. This helps keep weight off, and it also keeps blood pressure and cholesterol under control, naturally.
- Eat right. A proper diet helps one maintain the proper weight, as well as prevents some of the health problems that can result in higher life insurance premiums.
- Comply with your doctor's orders. A lot of health conditions are manageable, but only when we follow the instructions of our doctors. One of the red flags a life insurance company is concerned about is when an applicant is non-compliant with their doctor's prescribed treatment. For example, if your doctor prescribes medication for high blood pressure, then you should fill that prescription, and take it as prescribed. By doing what the doctor tells you to do, even a person that's HIV+ can obtain affordable life insurance.
- Get regular checkups. An annual physical is a positive sign that the better life insurance companies look for in an applicant, and they reward this choice with discounts on premiums.
- Purchase the right kind of insurance. Some products are designed to be temporary protection, and others are designed to last a lifetime. If your need for protection is permanent, using a temporary product can cost more over a lifetime, even though it appears to be cheaper today.
- Shop around. There are about 800 life insurance companies in the United States of America. No single website, no single agent, nor any one agency, no matter how large, does business with all 800 companies. This is where having an independent agent can help you find the right kind of coverage, so you can get the best value for your premium dollar.