Life insurance is not only essential to help cover the cost of your funeral, but you also want to make sure your family will be taken care of. Of course, that means another expense added to your ever-growing list but it’s worth the money. Let’s look at how to save money on life insurance.
Check with Your Employer
First things first. Check with the human resources department of your company to see if you can get life insurance through them. Some companies offer free plans while others charge a discounted rate. Before signing for a discounted plan, make sure it’s going to be beneficial to your family.
It’s important to be healthy when applying for life insurance. The healthier you are, the better the price will be. In some cases, if you have a chronic illness or other condition, you may find it hard if not impossible to find affordable coverage. Don’t let this deter you. Improve your health the best you can and keep looking.
Compare Prices Online
Comparing prices online will make your life so much easier. Not only is it easier to find the information you need, but you’ll be able to look over the quotes without rushing. Take a few days and look over the plans to compare not only the prices but the coverage and fine print as well. Dave Ramsey recommends Zander Insurance as a good site to compare term life insurance rates.
Consider Term Life Insurance
Term life insurance has many benefits. One of the biggest is that it can often times be less expensive. Another benefit is that often you aren’t required to get another physical when your term ends and a new one begins. As you age, you’ll find that this is very beneficial.
Buy Only What You Need
When selecting a policy, you need to consider your family’s needs. How old are your spouse and kids? How much does the typical funeral cost? How much money will your family need each money to continue living the way they do now? Will there be added expenses once you’re gone? Will your spouse need to hire someone to watch the kids while he works? It’s a lot to think about and should be carefully considered.
Enroll Early in Life
You want to enroll in life insurance as early as you can. Your health and age play a big role in the cost. And, as mentioned above, choosing a term plan will allow you to get less expensive coverage that can be kept low by not having to get physicals to monitor your health.
Pay by the Year
Last, but not least, opt to pay annually. Most companies will discount your rate when you pay by the year.
Life insurance isn’t something people like to think about, but it’s necessary for the financial well-being of your family. Take your time and carefully research plans, benefits, and costs before choosing coverage.