How to Get the Best Deals on Life Insurance

Life Insurance

Last Updated on August 5, 2023 by

If you’ve never purchased life insurance before, you’re not alone. Much to the chagrin of many a life insurance company, many Americans view life insurance as a total luxury, even if it isn’t. Plus, many applicants don’t even consider buying life insurance strictly because they (often incorrectly) assume they can’t afford it.

However, life insurance is still an optional cost, and most life insurance companies fully understand this. That’s why, when it’s time to vet insurance companies and pick a life insurance policy, it’s a good idea to look for additional ways to save money. Here’s what you need to know to avoid overpaying for your life insurance.

Start while you’re young.

When you’re in your 20s, it’s easy to assume that you’ll never need a life insurance policy, no matter how old you get. However, even if you’re in perfect health, you’re young, and you’re a nonsmoker, you should still consider getting life insurance sooner than later. This is primarily because you’ll automatically qualify for a lower rate.

Since life insurance companies view younger customers as lower-risk policyholders, they can typically save a bit more on their term life insurance policy. Comparatively, an older person who’s a smoker might be seen as a higher risk. That’s why older individuals pay higher premiums. If you’re able to, the best option is to purchase Gerber term life insurance while you’re younger.

Be upfront about your conditions.

If you want an accurate quote, you have to provide accurate information. Yes, this even extends to any smoking habits you have. If you’re a regular tobacco user, you may not qualify for nonsmoker rates. In fact, people who use tobacco products (even nicotine gum and similar products) may want to look into life insurance for smokers to find applicable policies.

While this example is specific to smokers, it applies to most situations. If you have a chronic health condition, an ongoing illness, or a disability that could lead to a higher rate, it’s important to be upfront about it. Otherwise, you may be responsible for backdated premium expenses down the road when your insurance company realizes it’s been duped.

Quit Smoking

If you don’t want to pay a smoker rate on your life insurance premiums, it’s probably best for you to quit tobacco use altogether. Cigarette smokers (and even marijuana users) are susceptible to more health problems than nonsmokers, and your life insurance rate will fluctuate accordingly. In most cases, you’ll have to quit for at least a year to be considered a nonsmoker.

Keep in mind that most life insurance applicants must take a medical exam before they qualify for an insurance policy. The medical exam often includes a blood test and sometimes a urine test. It will show during your medical exam even if you vape, chew tobacco, or use smokeless tobacco products.

Lose weight and get into shape.

Depending on your medical history, this could be fairly important. If you have a history of high blood pressure, heart disease, or another medical condition due to your general weight and health, you should consider making a few key changes if you want to get the best rates in the U.S. Start by trying to get your blood pressure under control. Many life insurance providers offer more affordable premium rates to individuals that are in good health. The more health risks, the more your insurance could cost.

When you’re looking at life insurance carriers in the United States, you want to find the best insurance for your unique needs. In some cases, this is permanent life insurance. In others, it’s a whole life policy. No matter the type of life insurance, there are always ways to save on higher life insurance premiums, especially if you know what to look for.

Apart from this, if you want to know about When Should You Buy A Life Insurance Plan then please visit our Finance category

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Sophia Anderson
Sophia Anderson is a finance writer and blogger with a passion for helping people improve their financial literacy. With over 5 years of experience in the finance industry, Sophia has worked with individuals, families, and small businesses to provide financial advice and guidance. Her expertise includes budgeting, saving, credit management, and debt reduction. Sophia is dedicated to breaking down complex financial concepts into easy-to-understand language and empowering her readers to make smart financial decisions. She is a frequent contributor to financial publications and has written extensively on topics such as personal finance, investing, and financial planning. Sophia's mission is to help people take control of their finances and achieve financial security and freedom. When she's not writing, Sophia enjoys hiking, practicing yoga, and reading personal finance books.