How to Save Money on Life Insurance

There is a lot of advice out there on how to get the best deal on your life insurance policy, and a lot of it is either inaccurate or confusing. Here you'll find four proven strategies to get the best deal on life insurance.

Shop Around

As with many products and services, you will get the best deal on your life insurance policy if you apply for multiple quotes. Try to get at least 3-4 quotes from different carriers. By using our site, this is done for you because we provide at least four quotes from some of the biggest carriers in the industry. As you shop around, you might also want to consider consulting with a financial planner. A financial planner can give you good advice on what type of life insurance policy is right for your situation and how much insurance you should get.

Be Honest

Be honest on your application for a life insurance policy. Some people misrepresent their health on life insurance applications for fear that they will be turned away if they tell the truth. A lack of disclosure will usually come back to haunt you because what you don't put on the application is usually easily found in your medical record. Insurers can retrieve this information and will not offer you the best deals if they think you lied on your application. If you're a smoker, be honest about it. Similarly, a family history of heart disease or diabetes doesn't automatically mean you're uninsurable. You might not get the best rates, but you can still get a policy.

Pay Attention to Rates

The rate you received when you took out your life insurance policy is not permanent. If rates are falling, you can reapply for a lower rate. In fact, rates on the average term life insurance policy have fallen by 60% in the last decade. Changes in your health are also a good reason to reapply. For example, if you've lost weight, lowered your cholesterol, or made other positive changes, you might be able to secure a lower rate.

Timing Is Everything

Life insurance experts recommend that you take your medical test first thing in the morning. Generally, blood pressure, cholesterol levels, and stress levels are at their lowest in the morning, which will help you save money on premiums. Likewise, you might get better deals on your life insurance policy if you wait until the end of the quarter or the end of the year when insurance companies are trying to meet sales goals. For the answers to the most commonly asked questions about life insurance policies, see our FAQ page.