Smokers have life insurance rates that are twice or more that of non-smokers. Smokers are more prone to die at a tender age and are also more likely to contract many harmful diseases.
This raises their risk to a life insurance carrier and so raises their rates considerably. If you can abstain from smoking you’ll get rates that are remarkably lower when you reapply after 12 months.
You can get large discounts if you get your life insurance policy from the same insurance company that maintains your other insurance policies. All insurers will usually offer a discount if you buy more than one policy from their company.
In spite of the fact that it pays to take advantage of a multi-policy discount, you may save more by buying your different policies from various insurers.
Do you know of all the discounts that your insurer offers? Since agents too are human they might not remember to tell you about some discounts you are qualified for. You’ll reduce the probability of this happening to you if you take the pains to ask your agent seriously to tell you of every discount that is available. Do not be surprised if you discover one or two that you have never heard of.
Keep an excellent credit rating. Those who have poor credit pay more expensive premiums for every form of insurance and that is also true for health. The truth is that they believe that the probability of you defaulting in your premiums is very high. This assumption of high risk makes such persons pay very high rates in life insurance and other insurance policies.
You’ll attract lower rates if you choose to pay your premiums annually and not monthly. The ads may show that monthly paymenst are less stressful but what you don’t know is how much more you pay for this..
If you do transactions with banks you’ll agree with me that each check you process is regarded as transaction which attracts charges. .While annual payment attracts just one check and therefore one transaction per year, monthly payments attrract twelve. You’ll then have to pay the total of 12 transaction fees..
There are also administrative costs to your insurer that result just from taking monthly payments. For example, it costs insurers millions of dollars annually to send out payment notices..
These and more are then added to your life insurance rate thereby making it higher than if you paid yearly.
As you do these other things to lower your life insurance rates, here’s what to do to get lower rates now. Visit reputable quotes sites and request for quotes. Visit at least five of such sites for the best results. It’s free, quick and easy. However, ensure you give your correct details as you complete the questionnaires presented. Thereafter, just pick the quote that gives you the best price/value from the quotes you receive.