Save Money on Your Term Life Insurance Policy

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Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites. You can find him on Twitter.

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UPDATED: Aug 13, 2020

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It’s all about you. We want to help you make the right life insurance coverage choices.

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These are some of the best ways to save money on your term life insurance policy.

Buy Young

Life insurance companies look at your age and overall health when determining how much your premium should be. The sooner you buy term life insurance in your life; the lower your premiums will be. You can save money by purchasing a term life insurance policy when you are in your 20’s or early 30’s because you are more likely outlive your policy and therefore will be given a lower premium. Not only that, but you are more likely to have better health at this age which can only increase your savings.

Maintain Health

The best way to Save Money on Your Term Life Insurance policy is to be healthy. If you are eating right and dieting, you are on the right track. If you have had any medical problems or have a family history of medical problems, be sure you are seeing a doctor regularly. Life insurance companies want to know that you are healthy and are taking the proper measures to remain that way. The healthier you are, the less risk it is for them to insure you and the more likely it becomes that you will receive an affordable premium.

Pick Your Policy

There are two main types of life insurance. There is term life insurance, and there is permanent life insurance. Each one has benefits and disadvantages. Term life insurance covers you over a specific amount of time and is your least expensive option. Permanent life insurance, such as Universal life or Whole life, may cover you throughout your entire life and is the more expensive option. Knowing the difference can help you immensely in the decision-making process.

Pick Your Beneficiary

When you get term life insurance quotes online, you will want to name a beneficiary. The beneficiary is the person or entity that will receive the death benefit if you die during the term of the policy. Typical beneficiaries are a spouse, adult children, parents, trusts and more.

If you are listed as the owner of your insurance policy, any proceeds from the policy can be taxed as part of your estate. Insurance agents and financial advisers suggest that you assign ownership of your life insurance policies to the beneficiary or a trusted executor to avoid the added hassle for your loved ones.

Use an Insurance Broker

Insurance brokers are independent insurance representatives. They can save you money because they deal with multiple insurers and can choose between companies to find the best deal for each customer. If you deal directly with an agent for one life insurance company, your options for coverage may be limited. QuickQuote will help find the best company for you without bias. Get your free term life insurance quote and start saving on your premium today!

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