We all know we need it, but none of us want to pay for it. And even more so, some really can’t afford to pay for it. But getting a term life policy could be cheaper and more within reach than you might think. Especially with some careful planning on your part and actively working toward a lower rate, just like when you are trying to drop a few pounds – being able to qualify for an A++ rate could be the your next goal to work for to protect your family’s financial future in the event something happened to you unexpectedly.
Let’s start with a few low-cost options, and then move on to some tips as to how to prepare so you can get the lowest life insurance premium available to you.
Want to have an idea if you can afford the rate before the headache of filling out an entire application? Haven Life allows you to get a rate estimate with a few questions to determine which rating factor you might fall under. If you meet certain medical criteria, you could even get an immediate policy with no Even if you do need the exam, the application is easily filed online in just minutes.
Don’t want to deal with the aggravation of a medical exam? Bestow offers life insurance for as little as $5 monthly and they DO NOT REQUIRE medical exams at all. Instead, they have a careful set of questions that help them determine your risk to them as a client and rates are based on that as opposed to a typical lengthy underwriting process. With term life up to 20 years, your app can be filed and approved virtually in a short matter of time.
So now that you see how low you rate COULD be, how can you make sure that the best rate is your rate?
Perhaps the most obvious – START LIVING A HEALTHIER LIFESTYLE NOW – even if you are 25 reading this and assume life insurance isn’t something you need for years to come, you need to consider that no one plans to get cancer or have a heart attack – the earlier and healthier you are when you apply for a policy is directly concurrent to the premium you will be paying for many years to come.
Another no brainer – PUT DOWN THE CIGARETTES (OR CHEWING TOBACCO) – even having an occasional smoke can drive up the cost of life insurance, especially if you are applying for a policy with a medical exam. In fact, the further out your last smoke to the medical exam, the less likely it is to be detected. Try giving yourself a 3-month window (and then maybe never look back). And above all – TELL THE TRUTH – if you are working with an agent, they will have insight as to the best option and can shorten the approval time if they know the what’s what with your medical situation up front. Some carriers are apt to be laxer on certain issues, and they can block the ones you would not rate as well with, saving time and money.