Three Easy Steps to Cheaper Life Insurance

a person signing a new document

These days, we’re always looking to save money where we can, from clipping coupons and canceling unused subscriptions. To help save money, you may be wondering how to cut back your life insurance premium. You want life insurance to protect your family, but you don’t want to break the bank to do so. Take a look at these useful ways to secure cheaper life insurance.

1.Tailor coverage to your needs

When taking out life insurance, you will need to make a few important decisions straight away. Do you want cover to protect you for a certain number of years or life-long coverage? Term insurance will protect you for a specific number of years, such as 10 or 20, while permanent coverage will remain in place for your entire life, provided you keep up with payments.

Term life insurance is more affordable, generally, and is great for individuals who want coverage until they meet their financial goals, such as to cover their mortgage term. Permanent insurance, otherwise known as whole life insurance, tends to be more expensive but offers a cash value that the policyholder can borrow against. You may need to talk over your choices with an insurance agent before deciding which policy is best for you.

You will also need to decide how much cover you want. Consider your finances and who relies on them in order to determine how much coverage you should secure. These choices will impact how much your policy will cost you, so only pay for what you need.

2. Shop around for coverage

If you already have life insurance, you may not be on the hunt for a new policy. Most policyholders have a ‘set it and forget it’ mindset when it comes to life insurance, yet, it can be invaluable to review coverage often. You can still shop around and see if you can find a more competitive policy.

If you aren’t tempted to shop around and switch, be sure you regularly keep in contact with your life insurance agent. If your lifestyle or finances changes, you will need to update your policy to reflect your new needs. He or she will also be able to advise on viable ways to save.

3.Commit to getting healthier

A very simple way to cut out how much you spend on your life insurance is to be as healthy as possible. If you smoke, consider quitting. Aim to live as healthily as possible by eating a clean, whole foods, plant-based diet, exercising regularly, keeping stress in check, and limiting alcohol consumption. A healthy lifestyle will stand you in good stead to receive affordable life insurance premiums.

For more information about selecting the right life insurance policy to suit your growing family in Phoenix, Arizona, contact the team at American Premier Insurance. As life insurance experts, we’re able to walk you through the process of selecting the right policy to meet your needs.