1. Smokers have life insurance rates that are twice or more that of non-smokers. It is no longer a hidden fact that smoking is the leading cause of cancer and other deadly diseases.
It costs insurance carriers much more to give life insurance to smokers because of the bad risk they are to them. It’s within your power to quit smoking and then apply again after 12 months if your desire is to see your life insurance rates brought low by up to 50 percent.
2. If you need a discount, buy your life insurance policy from the same insurer you bought existing policies from. All insurers will normally offer a discount if you buy more than one policy from them.
In spite of the fact that you can save a lot with a multi-policy discount, you may save more by buying your various policies from various insurance companies.
3. You might not be enjoying some discounts you are eligible for with your present insurer just because you don’t know. There is a possibility that your agent did not remember to tell you about some. You’ll lower the odds of this happening to you if you take the pains to ask your agent seriously to tell you about every discount that is possible. Do not be shocked if you discover one or two that you have never heard of.
4. An outstanding credit rating will show in your favour with respect to your life insurance rate. A bad credit record will attract higher life insurance rates. There are several reasons for this but this one is prominent among them: If you have a poor credit history then it could only mean you’ve defaulted in payments somewhere. This perception of high risk makes such persons get higher rates in life insurance and other insurance policies.
5. Paying your premium once a year will get you more affordable life insurance rates than opting for monthly payments. Even though this option is often more convenient, it is more expensive for some reasons..
Each check that is processed attracts a fee. Over the course of a year, your monthly checks would be processed differently since they are all different transactions. This means that you’ll pay transaction fees twelve times..
There are also administrative costs to your insurer that are due to monthly payments. For example, it costs insurers millions of dollars yearly to mail payment notices..
These costs plus a profit margin for this this “value-added service” is added to your life insurance premium making it more than a similar profile that pays annually every year.
6. You will save a lot if you do shop around and do thorough comparison. The range of quotes returned per request could be as wide as $1,000 for a given person. Although this is a good thing, it’s important that you don’t get too excited yet. It’s not normally that straightforward if you want the best price to value ratio. The cheapest price may not represent you the best price/value. Although each of the quotes returned will certainly give you the same main coverage, there may be a number of differences in the details of coverage. This makes it important that you find out if there aren’t any exclusions that won’t serve your best interest. Don’t forget to treat these no-obligation quotes as their name implies. Don’t feel you have to pay unless you’ve got all your questions answered satisfactorily. You will prevent rude surprises down the road if you do this.
Start saving a lot at Free Online Life Insurance Quote and Compare Life Insurance Rate. Chimezirim Odimba writes on insurance.
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