Three Effective Ways to Reduce Your Life Insurance Premium
If you are single with no direct dependents such as children or other close relatives, then it won’t be as beneficial to get life insurance. But if you have a partner and children, then a life insurance policy is a good way to extend your love and care for them, at least financially, even after you’re gone.
We understand that getting life insurance is going to be an extra cost for you. A sizeable part of your monthly income will have to be given up to pay for the policy. But it doesn’t really have to be this way. There are things that you can do to lower your premium, and we will discuss some of them here.
Paying a cheaper monthly premium for your life insurance policy is going to be beneficial in a lot of ways. For one, it will put you in a better position to purchase other insurance such as car insurance.
One sure way to lower the amount that you have to pay as premium is to stop smoking. According to a summary created by the US Department of Health and Human Services in 2014, smoking is the cause of at least 400,000 premature deaths in the country each year. It’s not difficult to see why this is so; it has been known that cigarette smoke contains at least 250 harmful chemicals, 69 of which have been linked to cancer.
You see, an insurance premium rises when the company senses by looking at your medical records that you are exposing yourself to situations that unwittingly increase the chances of you dying prematurely and them paying out to your beneficiary even before you’ve paid them a considerable amount of cash.
Being overweight – or worse, obese – does not only slow you down and make moving around a chore, it also predisposes you to different types of cancers. In overweight women who have been through menopause, for example, breast cancer is going to be their number 1 enemy.
Excess fat in the body also makes it difficult for your body to resist the development of other chronic and probably fatal illnesses such as diabetes and heart disease. Given this knowledge, it is only normal for the insurer to anticipate your death quite early, and an increased premium is their way to also protect their business. If you strive for and actually achieve a certain level of fitness right before you apply for life insurance, the probability is high that your premium will be at its minimum.
Avoid traffic violations
Data from the National Highway Traffic Safety Administration show that more than 37,000 lives were lost in traffic mishaps in 2016. Many of the recorded accidents are caused by totally preventable factors such as intoxication and distracted driving. If you’ve been apprehended for drunk driving and texting while driving, for example, you are basically telling the insurer that you will soon join NHTSA’s statistics.
More than ensuring your safety on the road, following traffic rules enforced by the city government of Des Moines also helps pay less for your life and car insurance. If you’re involved in an accident, it can become really tricky to get your benefits if you don’t get the help of Des Moines auto insurance claims lawyers. You see, some insurance companies are hesitant to give payouts on car damage that is brought about by potentially ambiguous causes.