7 Tips to lower your Life Insurance Rates
Here are 7 tips on how you can get better rates!
1. Switch from Whole Life to Guaranteed Universal Life.
This may sound scary but a GUL (Guaranteed Universal Life) is just a fancy name for permanent coverage with a level premium to a set age. This can cut the rate by 20% or more! This is the perfect plan for those who are looking for a lower-cost death benefit and do not care about cash values like a traditional Whole Life.To see how this plan works click here. Â
2. Quit smoking
This maybe the toughest on the list but if you can quit smoking and say that you have not smoked for 1 yr or more the rate can be 25% less or more! More power to you!Â
3. Lose weight
This may not be as important as first thought but if you areÂ
-5’10” and under 290Â
OR
-5’4” and under 245Â
you are generally in good shape. Being over weight can make it harder to qualify for the lowest priced plans.Â
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4. Shop your choicesÂ
Rates can vary wildly. You can see different rates directly here or even better talk to an independent advisor who can shop the entire market.Â
5. Beat your birthday
You are not getting any younger. If you have a birthday coming up (and we all do) try to get coverage before your birthday! You birthday will trigger a higher rate if you do not pick up a plan first! The younger you are the lower your rate!Â
6. Increase your coverage amountÂ
It may seem funny but your cost on $1,000 worth of Life Insurance is often lower for larger plans. Generally speaking you can get a discount for coverage amounts above $25,000 or $50,000.Â
7. Talk to an independent advisor
Many offices only offer 1 plan or product. There are many strong companies but they only offer their one product. Talking to an independent advisor who can get rates across many plans and knows the underwriting rules can save you tens of thousand on your coverage! And get you a better plan!
Want to see a your quote or learn more? Call or click here to find out.
