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Getting Cheap Life Insurance Rates

Life Insurance

Cheap life insurance rates are relative depending on your situation. What is cheap for one person may be expensive for another. However, regardless of your budget or your particular situation, there are some tips to getting the least expensive life insurance rates possible while still protecting your family. Remember, though, when it comes to buying life insurance, cheap life insurance rates aren’t a benefit unless your inexpensive policy provides the security your family deserves.

Tips to Get Cheap Life Insurance Rates

Life insurance rates are based on the type of life insurance you buy, your age and health when you buy the policy, the amount and type of coverage you need, and other information about your lifestyle. Getting cheap life insurance rates involves an understanding of all of these factors.

Age and Health

Your age and health obviously play a huge role in determining the cost of life insurance. If you are young and have no serious or chronic illnesses, your policy is likely to cost a lot less since the statistical changes of you dying are smaller than a person who is in his 50’s with heart disease and high blood pressure.

Its hard to change your health status and impossible to change your age, so the best thing to do is to plan ahead and buy insurance when you are young in order to get cheap life insurance rates. Although this may not seem like the best use of your money when you are young and single, you and your future family will be grateful you planned ahead when you benefit from cheap life insurance rates that are locked in for the term of your loan.

Amount and Type of Coverage You Need

Term life insurance is generally significantly cheaper than whole life insurance. While term life insurance only provides you with benefits for the term of the policy, (which normally ranges from 5 to 30 years) you may not need coverage after this 30-year term since your dependents may no longer be dependent upon your income.

You should also avoid buying more coverage than you need. A large policy costs more money, and life insurance is not intended to provide your family with a huge million-dollar windfall. It is a form of financial protection and you should buy only as much coverage as you need to ensure your dependents maintain the lifestyle they would lead if you do not face an untimely death.

Lifestyle Factors

Lifestyle factors are extremely important when it comes to getting a cheap life insurance rate. Giving up nicotine or other unhealthy habits, losing weight and staying in shape can significantly lower the amount of money you will pay in premiums. Other lifestyle choices, such as engaging in sky diving or other dangerous activities, can also raise your rates, so consider the implications these activities have on your premiums as well if your rate quote comes back higher than normal.

While many factors cannot be influenced, changing your lifestyle is one thing you can do to help ensure you get cheap life insurance rates while still providing your family with the protection they require.

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