Deciding on what life insurance you need can be a daunting task for even the best of us. There are a lot of aspects of insurance that you need to get a grasp of before you make your decision. Smartmoney.com and Yahoo! Finance give these 10 Best Ways to Save on Your Life Insurance. And using these as foundation can help you get the life insurance you need at an affordable price.
The price you pay for life insurance will depend on your age, your health and your habits. That is to say, forget about a really cheap policy if you smoke, have existing health problems or enjoy skydiving. Still, there’s plenty you can do to save on your premium and avoid some common pitfalls.
1. Forget Corporate Loyalty
If you get some life insurance as a job benefit, that’s fine. But that should never be all you have. You can’t count on keeping it if you lose your job or become disabled and can no longer work. There’s no federal law that says your old employer must allow you to keep the coverage, even if you foot the bill. So it’s a good idea to use any life insurance you get from work as a supplement to what you buy on your own. If your company allows you to buy additional insurance, be sure to compare rates on coverage you can buy from your employer; more often than not, you can find a better deal on your own, although you’ll have to qualify medically to get a policy on the open market.
2. Be Sure to Negotiate
Kevin Campbell thought he was just being honest a couple of years ago when he told a medical examiner for John Alden that he smokes a cigar about once a year. The Ohio physician, who plays racquetball once a week and jogs regularly, had no history of medical problems. Read more