Five ways to save money on your life insurance
People often think of life insurance as purely a “cost:” you pay a premium and your beneficiary gets a benefit. But there are ways to get much more bang for your buck. Here are a few:
Reshop your coverage due to life improvements.
Has your health improved since your policy was issued, such as weight loss, or a lower A1C? Have you changed your lifestyle by eliminating adventurous hobbies such a rock climbing or scuba diving? You could very well qualify for a lower rate.
Reshop your coverage anyway.
Even if you have not reduced risks in your health or lifestyle, you may still benefit from changes in the marketplace. Carriers are always reducing their rates, and offering undwriting concessions. It could not hurt to test the waters.
Purchase a cash value policy.
The cash accumulation inside the policy could be used to offset your premium outlay. In some cases, your out-of-pocket payments could be substantially reduced – or eliminated entirely!
Get a policy with living benefits.
Riders are available to pay for long-term care, and terminal illness expenses. You can use your life insurance to cover them, and still have some survivor benefit.
In many cases, buying a permanent policy is cheaper than buying a new term policy every time your current one expires. Sit down with a planner and figure out all your needs for life insurance going forward.