General Tips to Lower Life Insurance Rates

A good life insurance plan that provides enough money to replace the primary breadwinner’s salary in the event of death is a key part of financial security for every family. Yet as with every other form of insurance, life insurance rates can vary depending on a variety of factors affecting the insured. Fortunately, even persons on a modest income can get great life insurance coverage at an affordable price as long as they take several steps to lower their overall life insurance rates.

First, those consumers who start buying life insurance when they are young are going to get better rates over the long haul. A man or woman in their twenties is at little risk of death compared to the overall population, so insurers do not have to charge a high premium to make up for risk. On the other hand, a man or woman in their fifties has a greater chance for death, and so they will be charged a higher rate for life insurance. Those who buy a whole life or a term life insurance plan when they are young will benefit from decades of lower insurance premiums.

Regardless of age, certain risky behaviors will prompt life insurance companies to charge a higher premium because the odds are greater that the person who engages in such risky behavior will cause an insurance payout for the company. Driving a motorcycle, for example, can mean that the insurance company will charge the drive a greater premium than if the insured drives an ordinary car or truck because deadly accidents are far more likely for motorcycle drivers. Those seeking to buy life insurance should be well aware of the behaviors their insurance company considers to be too risky.

Just as with health insurance, smokers will inevitably pay higher monthly premiums for their life insurance because of the risks smoking poses to the human body. Those who quit smoking before they buy life insurance will pay far less in the long run because life insurance companies usually charge smokers more for life insurance than their non-smoking counterparts.

A fourth way to lower life insurance rates is to stay away from illegal drugs. Such substances carry with them great health risks and consequently, increase the odds of an early death and need for an insurance payout. Those who take illegal drugs will be charged higher insurance rates, and life insurance companies will do blood tests to check for the presence of such substances.

Healthy eating habits are also key to lower life insurance rates. Overweight persons tend to have certain health problems, some of which will put the insured at a higher risk of death. Insurance companies will try to make up for such risks through higher premiums, so maintaining a healthy weight through a healthy diet is a necessary part of paying less for life insurance.

One final step to lowering life insurance rates is to make sure that one is employed in a safer occupation. Desk jobs, for instance, pose little health risk while construction workers are probably going to suffer injuries. The former group does not have to pay higher charges to account for risk because their job does not put them in harm’s way, but those in construction and other potentially dangerous jobs will have to pay more for their life insurance.

These are just some of the tips for getting a lower life insurance premium. Those who follow these tips and research the requirements of their life insurance company will pay far less for their insurance over time, and they will be assured that their family will be financially secure if they should die unexpectedly.

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