When you have children or siblings and family that depend on you, it’s imperative that you prepare a nest egg of sorts for them. This helps you make sure they’re comfortable and taken care of in the event you’re no longer there with them. This is where life insurance comes in.
If you’re looking for coverage, this article shares 6 tips on how to find affordable life insurance. We hope this helps.
Start early
This is advice many people don’t heed soon enough. If you’re looking to get life insurance cover with affordable premiums, the best thing to do would be to get one while you’re still young.
A lot of people get life insurance when they’re older or wait until they have children. While this is fine, starting early will keep you from paying expensive premiums.
Let’s look at this practically. If you take a life insurance policy when you are 28, you have 32 years to pay it before you turn 60. If you take the same policy at 40, you have 20 years. When the premiums are spread out over a longer period, you pay lower premiums.
Opt for a medical exam
Most insurance companies will subject you to a medical exam before taking you on as a client. They do this to get a clear picture of your health history, and by extension, the kind of risk you pose to them. This is how they come up with the amount of money you should pay as premiums.
When looking for a life insurance policy, opt for an insurer that offers this exam, usually at a date and time of your convenience. During this exam, you will share info about your medical history. You will also test for nicotine and have your blood pressure, glucose levels and cholesterol taken.
If you have a clean bill of health, a medical exam will help prove it. This then makes you a lower risk for the insurer, meaning you get to pay slightly more affordable premiums than those who don’t take these exams.
Use a price comparison website
When shopping for affordable life insurance, it would help to ask around and see whether you can find cheaper coverage at a different company. Most people make the mistake of going with the first insurer they find yet there are better deals available.
We understand that going around asking different insurers for quotes may not be the best way to spend your time. This is why we recommend using a price comparison platform like Caspian Life Insurance to see whether there are better deals out there. This helps to ensure you’re not paying more than you need to for a policy.
Fix your lifestyle habits
Your lifestyle is one of the factors that will determine your premiums. Ideally, it’s important to do away with any habits, hobbies, and activities that don’t serve your health in the long term – or at least try to. Insurance companies charge higher premiums for people who smoke tobacco, drink or fail to care for their health.
The reason is if you smoke, drink and eat poorly, you’re likely to develop complications that make you a high-risk client to an insurer.
Buy a policy you can afford
You don’t have to buy the most expensive policy if that’s not something you can afford. Before you speak to anyone, make a mental note of the amount of money you can comfortably pay each month. You should then approach different companies and get a quote for this coverage.
Don’t worry too much if the amount of money you leave your loved ones isn’t astronomical. Whatever sum you’re able to accumulate will be better than nothing, and your dependents will be grateful for it either way.
Focus on improving your health
This is coming up quite a lot! Well, when it comes to life insurance, health is the one thing that matters the most to a provider. Remember, insurance is all about risk assessment and people who are unhealthy are likely to cost the insurer a pay-out more often than their healthier counterparts.
For starters, many companies will assess your BMI (body mass index). A higher BMI is generally linked to diabetes, high blood-pressure and other chronic illnesses. This explains why people who are overweight are likely to get charged higher premiums.
If you work on improving your health, you improve your chances at getting great coverage at lower premiums.
Secure the future of your loved ones today
One of the noblest things you can do to show love to those who matter to you is by taking out life insurance. But even then, you shouldn’t have to break your back to get it. We hope the pointers we’ve shared with you in this article help you find affordable life insurance. Good luck!
