November 23, 2022
  • November 23, 2022

How to get life insurance at a discount

By on November 7, 2022 0
ํYoung Asian women chatting with financial advisor insurance agency in cafe
There are several ways to get a life insurance policy at a discount.

Getty Images

Having a life insurance policy can protect you and your relatives. For your heirs, it can provide funds for funeral expenses, debts, medical expenses and more, and for you, it could mean a much-needed financial safety net. Some policies even allow you withdraw money Where to borrow against them.

Still, life insurance doesn’t come cheap – and depending on the level of cover you want and the type of policythere could be a significant premium.

That’s why it’s worth talking to a life insurance expert. They can answer all your questions and help you start with a free quote so you know exactly what to expect.

How to get life insurance at a discount

Want to protect yourself and your heirs without breaking the bank? Here are five ways to get life insurance at a discount and save on premiums.

1. Pay in full

Many insurers offer discounts on life insurance if you pay your annual premium in full rather than with monthly payments. In effect, this removes the risk of non-payment and ensures that the company is compensated no matter what during the term of the cover.

2. Group your fonts

Bundled discounts – also called multi-line discounts – are common in the insurance world. They reward policyholders for having multiple lines of coverage with a single insurer, and sometimes they can add up to a significant amount. To see if there are any bundle discounts you may be eligible for, contact an agent with your carhome or rental insurance company.

A life insurance expert can also help you.

3. Take security measures

Taking steps to stay healthy may also qualify you for a discount. This may mean avoiding (or quitting) smoking, losing weight, engaging in a regular workout routine, or confirming that you don’t participate in risky hobbies, like skydiving, for example.

You can also potentially reduce your premium by undergoing a medical exam as part of your application process. If you’re in good health, that can mean more coverage for less money.

4. Take advantage of group discounts

Being a member of certain organizations or working in a specific profession can sometimes qualify you for a life insurance discount. Teachers and the military, for example, will often qualify for small discounts on their premiums.

Ask your employer if there are any life insurance discounts you might be eligible for, or check with any organizations you might belong to — like AARP or your fraternity or sorority.

5. Hold on tight

There are dozens of insurance providers, so many companies will go to great lengths to keep existing ones insured, even offering loyalty discounts to those who renew year after year.

If you set up automatic payments or opt for e-statements, you may also be able to get an additional discount.

Other ways to get cheap life insurance

Getting insurance when you’re younger and healthier is another smart way to reduce your insurance costs. You can also opt for term life insurance more full insurance or reduce your cover benefit if money is tight.

Finally, be sure to shop around for your policy. Rates and coverage amounts may vary from insurer to insurer. You can use the table below to compare rates and providers.

Don’t forget that the type of life insurance you choose can also play a role in the cost. If you are unsure of the type of life insurance that best suits your budget (whole life insurance, variable life insuranceterm life insurance, etc.), talk to an independent insurance agent for advice.