Start here to get up to three or more life insurance quotes -- FREE.

It will only take a few minutes.

Terms & Conditions | Privacy Policy

Tips for Saving Money on
Your Life Insurance

The most important function of life insurance is to replace the income that children, your spouse and others lose because they depended upon your income. Another function of some types of whole life insurance is as an investment vehicle. Many parents of young families get term life insurance because it provides a cash payout in the event of death, at a relatively low cost.

What you pay for term life insurance or whole life insurance depends upon a lot of factors, including:

Your age -- Life insurance rates tend to go up with age.
Your health -- If you are overweight, have diabetes or other health problems you may pay higher rates.
If you are a smoker or non-smoker - Smokers pay much higher premiums than non-smokers
Your hobbies -- If you rock climb, sky dive or participate in hazardous activities, you may pay a higher rate.
Your coverage -- The higher coverage typically means the higher your rate.

When you shop for life insurance, your main concern should be purchasing enough for your needs. How much life insurance do you need? Here are some tips to help you before you start shopping for life insurance quotes. After you’ve determined how much life insurance you need, think about these tips to help you lower your life insurance costs:

Take the time to shop and compare life insurance quotes. Rates can differ quite a bit between companies. If your home or auto insurance company sells insurance, you can start with them. Get several life insurance quotes. Using the Internet to get online life insurance quotes is a great way to help you make decisions without the pressure of an agent or salesman.

Choose a stable company. With life insurance, it doesn’t matter if you’re paying a low premium if that company is gone when your family needs it. Look for reputable, financially stable companies.

Can you get group insurance? Employers, professional organizations, associations and more may offer discounts on group life insurance if you’re eligible.

Think about the term. Determine how long you’ll need the coverage for. A 20-year term life insurance policy may have a lower premium than a 10-year policy, but if you only need the insurance for 10 years or less you’re probably better of getting the lower term. Also, if you can get guaranteed renewal than you may be able to extend that term without having to take a medical exam and risk losing coverage.

Get healthy. Stop smoking. Start exercising and taking care of yourself so you may be able to get a lower life insurance rate.

Not sure how much life insurance you need? Here are some tips to help you estimate.

Start here to get up to three or more life insurance quotes -- FREE.

It will only take a few minutes.

Get a Free Quote