How to Get Cheap Life Insurance

How to Get Cheap Life Insurance:

Adulting” means you’re an adult and have a billion bills and a million and one things on your to-do list for the day. While life insurance is a must for anyone with financial responsibilities, the big monthly pile of bills can make it hard to work life insurance into the plan. The good news is that there are a couple ways to save a lot of money and get a cheap life insurance policy because let’s face it, life insurance shouldn’t break your bank! Here are 5 useful tips InsureChance has put together for you to make sure you are getting the best possible deal when buying life insurance.


  1. Shop Around For Quotes– The #1 tip is to shop around like crazy. You know how you have to shop around for the best deals when it comes to buying a car? Think of life insurance the same way. Shopping around for quotes will ensure that you are getting the best quote. This is honestly one of the best ways to save money because all life insurance companies base their rates on your age, sex, location, health and several other factors. This, of course, can take some time and if you don’t want to DIY then you should consider working with an independent agency who represent at least 60 companies. If you have any health complications then you should definitely work with an independent agency because our agents know which company will provide the most favorable result for your specific situation.


  2. Buy a Term Life Policy– The second thing you should consider when looking for cheap life insurance is buying a term life insurance policy because this type of life insurance is actually the cheapest in the whole market. If you want to get the lowest rate, term life will easily beat out any permanent life insurance product in a cost comparison. The shorter the term, the lower your monthly premium will be because the life insurance company is taking a lower risk of you dying in that short time frame. If you are as healthy as they come and don’t smoke and are looking for a $500,000 term life face amount for 10-years you are looking at premiums as low as $24.21 or 20-years for as low as $38.80. Another way to save money with term life is to have different policies for different needs. As you grow, your life changes and so does your financial responsibilities. If you layer your policies you can get one term life policy for your 10-year mortgage and then get a separate policy for your kids until they graduate college.


  3. Raise Your Coverage Amount– If you are a proud member of Costco or BJ’s you are well aware of the amazing deals you get when you buy in bulk rather than buying single items. Think of your life insurance coverage the same way because you can end up having lower premiums and save more money in your pocket if you simply go the next band up! For example, instead of getting coverage for $100,000 try $250,000 or instead of that try $500,000. Playing around with a quote engine with these different coverage amounts will allow you to see various quotes and you would be surprised how much of a discount you can receive by just raising your coverage amount.


  4. Pay Annually– You should consider paying your policy annually because this is a quick way to save money right away. While the savings are not as huge as you may have pictured it to be but it could help shave off between 3%-5% of your annual premium amount. For example, if you want a 20-year term with a $250,000 face amount, your lowest monthly premium would be $65.90 and annually it would be $757.50. If you do some quick math and multiply $65.90 x 12 months = $790.80 which gives you an annual saving of $36.30.


  5. Ace Your Medical Exam!- If you buy a life insurance policy you may be subject to perform a medical examination unless you choose a policy with a no medical exam option. However, if you are looking for cheap life insurance then you should stay away from a no medical exam policy because it will end up costing you a whole lot more than a traditional life insurance policy. To get the most affordable rate you will have to ace your medical exam so you can get the best health rating possible. In order for you to ace your exam you need to avoid nicotine or anything else that can cause your blood pressure to skyrocket the day before your exam. Yes, that means you shouldn’t have your daily toke of coffee because it will knock your lab tests out of whack! You should also schedule your exam to take place in the morning before breakfast that way your levels are ideal after the overnight fast. You should also avoid strenuous activities the day before and make sure you eat well that includes eating all your veggies and drinking lots of water. It is recommended for you to drink at least two glasses of water prior to your exam because it has been proven to improve your lab work. Lastly, try to reschedule your parties for the night after the exam not the night before!


Final Thoughts

In conclusion, as you can see it takes a couple of steps to be able to get cheap life insurance but it certainly is not impossible! This is nothing that you can’t handle, but keep in mind that working with InsureChance, the first online life insurance marketplace, know all the ins and outs of the 60 top rated companies they work with. Not only are their services FREE but they have a mission of providing their clients with the cheapest premiums with the maximum coverage because they don’t think life insurance should strain your budget or wallet.


Author Bio:

Mack Dudayev is the CEO of InsureChance and has more than 15 years of experience in the field. He is on a mission to create a way everyone can understand, afford and attain the right life insurance coverage to protect their financial responsibilities.
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Our Editor is Warren Franklin, he is a former insurance industry veteran who spent his career working for large publicly traded insurance and reinsurance companies. After leaving the industry after the Great Recession to focus on investing opportunities and his family life, he saw the need and opportunity for the insurance language to be translated into layman’s terms. Hence the creation of InsuranceShark. He is a co-founder of InsuranceShark. It is his mission to work with other industry veterans and experts to help pass the appropriate information onto consumers so they are appropriately protected and continue to grow their personal net worth or shareholder value. He is known for his philosophy of protecting the customer…. “In this information age, it is our responsibility to inform insurance consumers to give them the tools to make the best decisions around risk. As technology is giving consumers the ability to transact insurance directly with carriers, it is also exposing them to unequal trading if consumers are less informed “ – Warren Franklin

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