A life insurance policy can be an important part of your financial portfolio. Luckily, you can find the best rates at affordable prices from the online market. So, before you conduct your research on the right insurance policy, here are the top aspects to get the lowest quotes.
1. Opt for Routine Health Checkups
Insurance companies commonly offer lower quotes to individuals who actively maintain their health through regular health screenings. Engaging in routine medical screenings can lead to better life insurance premiums.
Even if you have risk factors considering your health issues, early screening manages your pre-existing medical conditions. Insurers or companies assess your health status to determine your medical condition. Lower premiums are granted if you have fewer medical conditions from the time of your policy application.
2. Embrace Sustainable Living: Quit Smoking
As a prospective policyholder, you are encouraged to quit before seeking insurance coverage. A non-smoker gets better insurance premiums as smoking is associated with health conditions like cardiovascular issues and cancer.
Some insurance companies offer non-smoker rates that are 50% lower than the rates for smokers. So, if you want to get better premium rates, start embracing healthy living. It is advisable to quit the habit before applying for insurance to get lower premiums.
3. Select a Policy with a Longer Term
A longer policy term may reduce the premium amount. Now, what is a policy term? A policy term refers to the duration during which an insurance policy remains active. Put simply, it’s the period for which the policy is in effect. The cost of the insurance (as known as premiums), is influenced by several factors like age, health, etc. A longer term plan may offer lower premium rates. Presented below is an example to get a better insight:
Suppose you are purchasing a 30-year insurance plan at a younger age when you are in good health. In such cases, you can secure lower premium rates when compared to a policy purchased at an older age with pre-existing health conditions.
4. Compare Different Policies and Buy the Best One Depending on Your Needs
When it comes to buying an insurance policy, it is imperative to compare and buy the best plan that offers the lowest premium. Comparing the features of each policy helps you find the most excellent deals and coverage that can suit your requirements.
With so many life insurance plans available from various companies and insurers, you can easily compare their rates and coverages via an online survey. So, select the right policy that meets your financial requirements.
5. Choose the Annual Payment Option
Thinking that paying monthly premiums is the most cost-effective option is a misconception. If you plan to opt for an offline insurance plan, your insurer may take additional charges for processing the payments. Annual payment is the best option that helps you avoid those extra fees, and it also reduces the overall premium amount.
With the annual payment option, you can manage the cash flow better and refrain from the hassles associated with quarterly payments. It helps avoid late payment charges while improving the overall credit score.
7. Purchase at a Younger Age
The next and probably the last tip on this list is choosing a term life insurance plan at an early age. At a younger age, you get the lowest premium rates as you have fewer (or no) medical issues during this time.
So, these are the basic tips to consider when planning to buy term life insurance. Invest in the right policy by following the tips mentioned above.
