Three Things You Should Consider to Find Cheap Life Insurance

Written by Megan Bowe on February 1, 2010 & Posted in Life Insurance

You know you need life insurance coverage, but you might be anxious about the potential cost. Not to worry, here are three things you should consider so that you can find the cheapest life insurance for your needs.

1. Look at Your Current Health and Habits

For nearly all life insurance policies, the medical exam is unavoidable. Examining your current health, and your health habits in advance may save you money on your premium payments.

Here are some health questions to ask yourself before your health exam.

  • What Is Your Body Mass Index (BMI)? The BMI is the ratio of height to weight. If you are within the correct guidelines you may get a better rating from many insurers. If you are overweight, making efforts to reduce your weight can help you get cheap life insurance premiums
  • Do You Smoke or Use Other Tobacco Products? If you aren't a smoker, you are ahead of the game because insurers typically give non-smokers lower premiums. If you are a smoker, try to quit or at least cut back. Most life insurance companies rate you as a non-smoker if you have not used tobacco for a period of time--some require 6 months, while others require upwards of 5 years
  • Do You Have Any Other Health Concerns? Maybe you have high blood pressure or diabetes, and are worried about high premiums. The best course of action is to make every effort to show you are in control of your condition. This means regular doctors visits and using your medication. The insurance company might order your medical records. All of your efforts to control and improve your condition is typically reflected in your doctor's notes

2. Don't Buy No-Exam Life Insurance Without Getting a Full Range of Life Insurance Quotes

    If you have some medical conditions you might be tempted to pursue a no-exam life insurance policy. No-exam life insurance, or guaranteed issue policy, does not require a medical exam with your application, but there might be medical questions on the application.

    No-exam policies have much higher premiums than a fully underwritten policy (one that does require a medical exam). Don't sell yourself short! Get life insurance quotes from all of the carriers available, you might be surprised by what is available. Use the form above to find the carriers available in your state. Comparing rates is one of the most important steps to finding cheap life insurance.

    3. Look at Your Estate and Family's Financial Situation Closely

    One of the easiest ways to find cheap life insurance is to avoid over-insuring yourself. You should only purchase enough life insurance coverage to replace income, maintain your family's standard of living, and to pay off any debts.

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    Choosing life insurance is a very personal decision. You are insuring your own health and providing your family financial support for the future. Improving your health, shopping around, and looking carefully at your financial plan are major steps towards picking the right policy. Now that you know what to look for, use the form above to start getting quotes and comparing options!

    Sources

    http://www.diabetes.org/living-with-diabetes/treatment-and-care/health-insurance-options/life-insurance-information.html

    http://www.cdc.gov/healthyweight/assessing/bmi/

    http://www.iii.org/articles/How-can-I-save-money-on-life-insurance.html

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