One of the main reasons people avoid life insurance is because they believe they can’t afford it. Fortunately, there are a variety of ways you can save money on life insurance and protect your loved ones without breaking the bank. Here at Simplified Life, we’re committed to making sure that everyone can afford life insurance and suggest the following money saving tips to anyone interested in a life insurance policy:
Buy at a Young Age
Life insurance is typically less expensive for younger individuals than older ones. Therefore, you should buy life insurance today rather than putting it off for when you get older. Although you may have many financial obligations during your younger years, you should not forget about the importance of life insurance.
Choose Term Over Whole Life Insurance
Term life insurance can provide you with a set amount of life insurance at a fixed rate for a certain period of time. Whole life insurance, however, never expires as long as you continue to pay premiums. Since premiums for whole life insurance are far more expensive than they are for term life insurance, you should opt for term life insurance over permanent life insurance.
Buy Only the Coverage You Need
Due to the fact that life insurance can be pricey, you shouldn’t buy more than you need. In order to find out how much life insurance coverage is right for you and your family, you should determine how much money your family will need to meet immediate obligations such as funeral costs, a mortgage balance, college costs, and uncovered medical bills.
You should also consider how much future income will be necessary to sustain your household. It’s a good idea to work with a financial advisor to come up with an accurate number of how much life insurance coverage you will need.
Take Care of Yourself
While you can’t stop yourself from getting older, you can make healthy lifestyle choices that may lead to less expensive life insurance premiums. By eating well, exercising on a regular basis and putting an end to bad habits such as smoking, you are more likely to get approved for a more affordable life insurance policy.
Compare Life Insurance Policies Through Simplified Life
The best way to save money on life insurance is to do some comparison shopping. To gain access to free term life insurance quotes from a number of the top-rated carriers, apply online through Simplified Life. You will receive several quotes from different carriers so that you can choose the most affordable option for you. With Simplified Life, you won’t have to worry about a medical exam or blood work and could get approved for up to $500,000 worth of coverage in 30-minutes or less.