Want to lower your life insurance premiums and still maintain adequate coverage? We’re going to show you how.
Life insurance is an invaluable tool that can provide financial security and peace of mind for your loved ones in the event of your passing. However, if you’re concerned about the cost of life insurance premiums you’ll be glad to know there are ways to lower them while still maintaining adequate coverage. Read on to benefit from our top tips to reduce your life insurance premiums today.
Take Out A Policy Sooner Rather Than Later
The younger and healthier you are when you purchase life insurance, the lower your premiums will be. Insurance companies typically offer lower rates to younger individuals with fewer health issues, so don't delay getting coverage. Also, many life insurance companies have a cut off age and, typically, it’s 65. However, if you take out a policy before then, you’ll be covered for the rest of your life, provided you keep paying your premiums.
Improve your health
There’s a reason why life insurance companies ask you about your health – it’s to ascertain your risk. In fact, most will even ask you about your weight to determine your body mass index (BMI) as it can indicate your risk of developing health issues later in life. (To find out your BMI, you can use our easy BMI calculator over here.) Those that lead a healthy lifestyle by maintaining their weight, managing chronic conditions and choose not to smoke typically enjoy lower premiums.
Adjust Your Coverage Amount
Life is always evolving and so should your life insurance policy. If at one point you had a lot of outstanding debt, you’d want to be sure you had enough coverage so that it could be paid off in the event of your passing. If you’ve paid off your bond or your children no longer require expensive tertiary education, consider reducing your coverage amount to enjoy a lower premium.
Consider Switching Life Insurance Companies
Just because you take out a life insurance policy with one company doesn’t mean you have to stay there. Different insurance companies have varying pricing models and underwriting criteria. This is why it’s a good idea to request quotes from multiple insurers and compare them to find one that will offer you the right amount of coverage for an affordable premium. While you’re thinking about it, why not get a quick quote from MiWayLife? Our 4-in-1 policy includes funeral cover for your family members, all for one low monthly premium.
Did you know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
