Did you know that in a joint study conducted by Life Happens and LIMRA, the majority of Americans overestimate the cost of life insurance.1 The median estimate was more than three times the actual cost.The fact is, life insurance may be more affordable than you might think. If you're ready to get the life insurance you need to protect the people who depend on you the most, consider these four factors that may help you find a policy for a whole lot less.
- Maintain good health habits
Life insurance rates are based on many different factors - some within your control and some not. One factor that weighs heavily on determining what you'll pay for life insurance is your overall health and lifestyle. For example, if you're maintaining a healthy weight and don't smoke, you may find that rates can be quite affordable. And even if you do have a medical condition such as diabetes or blood pressure concerns, demonstrating that you are actively managing your condition may result in a lower premium.
- Get your policy sooner rather than later
Typically, the younger you are the more affordable your life insurance plan will be-so don't procrastinate. Getting a policy at a younger age can also lock you into lower rates for the duration of that policy as long as premium payments are made.
- Ask about discounts for bundling policies
Many insurers will offer you a discount if you have multiple policies with the same company.
- Get at least three quotes
As with anything else, it pays to do some shopping around to compare life insurance quotes. A good rule of thumb would be to get at least three quotes from reputable companies, and to compare apples to apples. In other words, be sure you are comparing similar policy types and benefit limits. For example, a quote for a 20-year term policy with a $100,000 benefit will differ substantially from a whole life insurance policy with the same $100,000 benefit.
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