Top Secrets to Save Money on Life Insurance

Knowledge is power.  That is why we are going to reveal some of the top secrets to help you save big money on your term life insurance policy. They are simple things that will give you an edge. You may already have these advantages and not even know it.

• Health
• Height/Weight
• Smoking Habits
• Family History
• Exercise Program
• Medical Exam
• Credit History

The list above reflects the key factors in paying the lowest rates possible for your term life insurance. Now the question is, how to use these key factors in your favor to save money on life insurance?

Health

Insurance companies look closely at things such as healthy cholesterol readings and blood pressure, no history of chronic diseases or life-threatening illnesses before determining the best insurance rating.  It is not easy to qualify for the “super-preferred” rating but if your overall health doesn’t clinch it there are other factors that can be to your advantage.

Height/Weight

Your height and weight are some of those factors.  Being within the normal ranges of the medical height/weight charts is a good thing.  Check out your Body Mass Index (BMI) and see how your height and weight rate. This will go a long way in helping you achieve the lowest premiums for your term life policy.

Your smoking habits are even more important.  This is an area where all the term life insurance companies agree.

Smoking Habits

Non-smokers get the lowest rates.   Being free of any tobacco products for at least four years qualifies you for the best risk. But, how much you smoke can make a difference.  Provide as much detail as you can about your habits.  An occasional smoker, a cigar smoker, and a chewing tobacco user will usually pay less than a one-pack-a-day cigarette smoker, and might even qualify as a non-smoker with some insurance carriers. The companies will vary in prices and our licensed agents can help guide you to companies that are more flexible.

Family History

Longevity can work in your favor when it comes to your family history.  Healthy parents who have lived long lives, as well as immediate relatives, such as siblings, who have not died prematurely of cardiovascular disease, diabetes, or cancer, can be a big plus in rewarding you with low term life rates. But even if your family history is not optimal, you can make a case to life insurance companies that you are fighting your genetic past by being conscientious about your own health – maintaining a healthy weight, exercising, living a healthy life, and having regular medical check-ups.

Exercise Program

A regular exercise program goes a long way in contributing to a healthy lifestyle and could show carriers that you are a good insurance risk. It’s important that you specify the nature of your regular exercise regime.  Explain if you participate in a sport, run, jog or even do vigorous and frequent yard work.

Medical Exam

Passing a medical exam with a good ‘grade’ will get you a few steps closer to qualifying for the coveted preferred insurance ratings which are the cheapest.

Credit History

Besides your health, insurance carriers also judge you by your financial well-being.  They want to make sure you have a good history of paying your debts, basically having a clean credit record.

Qualifying for Preferred Rates 

Positive results in all of the above categories work to your advantage in helping you achieve the all-important “Preferred” status which will qualify you for the lowest-priced insurance policy. That status means you have the lowest risk of dying prematurely, according to the life insurance actuarial charts.

Each factor is important on its own and collectively they are critical.  But it is the balance of positives and negatives weighed together that can add up in your favor.  Remember, knowledge is power, and knowing all the facts will not only help you become a more educated consumer, but it might also actually help you save a chunk of money that we’re sure you would rather put in a savings account!

If you want more tips and expert advice on saving money on your term life insurance policy, get in touch with us. We will be glad to help you out.

Check out the pages below for more information on choosing the right company and how to secure the best rate:

• The facts about life insurance rates
• Selecting a company
• Life insurance company ratings
• Getting the best rate
• Use the life quote engine

With all of the options out there, figuring out which policy is best for you and your family can be overwhelming.

LifeQuote offers several features to help make the process of finding the right life insurance as simple and painless as possible. We have a user-friendly tool to help you every step of the way.

Visit our FAQs about Life Insurance section to get more answers to frequently asked questions.

To compare quotes, simply click get a quote and you will be taken to a page that asks you to complete a form. If you’re unsure of how much coverage you need, or how long the term should be, connect with one of our knowledgeable representatives immediately. You can also send us an email or call our licensed agents at (800) 521-7873.