3 Best Ways to get Cheap Life Insurance
There are 3 best ways to get cheap life insurance:
1. Your excellent health could qualify you for discounted rates
Most insurers can offer discounted life insurance rates to applicants with a combination of much better than average medical
test results, no family history of serious diseases, and healthy lifestyle choices.
Commonly referred to as Preferred or Elite, these lower rates are subject to strict underwriting rules. As a result, most
people can’t qualify; but if you do, the savings can be significant.
2. Take advantage of volume discounts
With most insurers, the more you buy, the less you pay per thousand of coverage purchased.
Most insurers will offer these lower rates when you’ve exceeded specific face amount tiers such as $250,000 $500,000,
$750,000 or $1 million and more. Purchasing smaller amounts of coverage with different insurers could mean you are
missing out on significant rate savings.
3. Shop around
When it comes to buying life insurance, you have lots of choices from many reputable insurers.
It’s a competitive market, so depending on your age and needs, there can be significant cost differences between policies. It
always pays to compare.
Where to shop for Cheap Life Insurance
Cheap usually doesn’t mean the most inexpensive, especially when it comes to insurance.
There are 3 ways you can get a quote for Life insurance. The first is to do the work yourself. Secondly, you can use a
comparison website. Thirdly, you can hire a broker.
- Doing the work your self can be very time consuming and not a great idea if you don’t really understand what you’re looking for. You can use a telephone directory or get quotes over the internet. Either way every new company that you contact, you will have to give your details over again. Also, you can avoid the pushy sales people desperate for a sale.
- Using a comparison website takes away the hassle of having to repeat your details. You fill in one form and then they find the insurances to suit you. This video talks you through how to choose your quotes.
- Asking a broker is much the same as asking a comparison website, but now you have a person to talk to. A good broker will give unbiased advice about which insurance is best for you. Make sure your broker is registered with the relevant authorities, and has a good reputation.
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