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How to Lower Your Term Life Rates

Whether you already have a term life policy or are in need of coverage, you can always lower your premiums with the right tactics. Finding low cost term life policies need not be time-consuming or dauntingly complex. In fact, getting the lowest term life insurance rates can be as simple as shopping online or changing how frequently you pay your premiums. In this article, you will learn how to achieve the lowest term life premiums while expending minimal effort.

  1. Use the Internet to shop for policies. The Internet is the marketplace most likely to offer the lowest term life insurance rate on your coverage of choice, particularly if you use Shopping online lowers your term life rates in two ways. First, life insurers compete more directly on the Internet. You reap the rewards of that competition in the form of lower premiums. Second, you can easily access this competition by taking advantage of the multi-quote request system.
  2. Pay your premiums once per year. Typically, a very low term life insurance rate is available to policyholders willing to pay their entire premium in a lump sum annually. Although life insurers may offer quarterly or monthly payment plans, the premiums for such payment schedules are usually higher. Budget your money so you can take care of your term life insurance premium in one payment for long-term savings.
  3. Live healthier. Regardless of your health, you will not be privy to the lowest term life insurance premiums if you use nicotine, have diabetes, or are even slightly overweight. Fortunately, many of these issues are correctable. Losing just five to ten pounds might be enough to push you into a better rate class. Likewise, quitting smoking and remaining smoke-free for six months to a year may also entitle you to lower term life rates.
  4. If you see an improvement in your health, request a reevaluation. Remember that the premiums you pay for term coverage are based on the results of the medical exam you took before you were approved for coverage. If your health improves significantly from when you took your life insurance exam, you might ask your insurer for a reevaluation. Losing weight, quitting smoking, consuming less alcohol, and lowering your blood pressure are all positive life changes that will improve your chances of getting low cost term life insurance if you're willing to submit to another medical exam.