Life insurance is something that everyone should consider obtaining. Whether it’s to support your children, pay off your debts, or to cover the expenses of your final arrangements, having a policy can provide significant financial relief to those you leave behind. Essentially, the right policy helps to safeguard the future of those closest to you.
Believe it or not, though, there are a lot of people that neglect to obtain a policy. Some, don’t think of it as significant while others simply believe they can’t afford life insurance. For those who don’t have a policy simply because it’s too expensive, here are some suggestions to find a policy that’s affordable for you.
Don’t Go Overboard on Coverage
There are a number of factors that help life insurance companies determine how much you’ll pay for a policy. At the top of that list is the amount of insurance you want. Though it would be nice to make your household millionaires in the event of your passing, you’re going to pay a considerable amount for a policy this high. Consider factors like how many dependents you have, what their needs might be if you were to pass, your assets, and the average cost of funeral arrangements.
Pay for Your Premium Annually
When applying for life insurance you’ll be asked if you want to pay the premium monthly, quarterly, or annually. If you look closely at the amounts offered, you’ll see that it’s a lot cheaper to pay for your insurance policy for the year. If you don’t have a lump sum of cash to take advantage of the deal, they have installment loans which are pretty quick to apply and qualify for. You can pay the premium and then repay the loan in installments.
Opt for Policies with Medical Exams
If you’re in otherwise good health, it may be to your advantage to look for life insurance policies that require medical exams to determine your eligibility and rate. Though there are guaranteed policies that don’t require a health check, since insurance providers have no idea how risky it is to cover you, they’re going to charge you more. However, taking and passing a medical exam saves you money.
Bundle With Other Policies
Depending on the insurance provider you’ve opted to apply with they may have other policies to offer you. This can include car, homeowners, or renter’s insurance. If you’re in need of any of these insurance policies, it would be in your best interest to get all of them from the same provider. They’ll give you one monthly balance which is often a lot less than paying for each separately.
Check with Your Employer
Believe it or not, you may be able to get free or affordable life insurance through your employer. They often get better discounts because they’re purchasing policies in large quantities. Find out from your human resources department how to sign up.
The hope is to live a long, happy, healthy life. However, you simply never know when it may be your time to go. The best way to protect the ones you love and ensure that you can receive the burial of your choosing is to secure a life insurance policy. If high premiums have been holding you back from securing this important item, then utilize tips like those above to save.