Unlike health insurance, the law doesn't require you to have life insurance. So many people just don't buy it. There are many reasons for avoiding life insurance; one might be the cost.
Here are a few things you can do to help the cost as low as possible:
- Chose term life insurance. It's usually more affordable than it's cousin, whole life. While it doesn't offer the bells and whistles, it does provide the basics at a good price.
- Skip the no medical exam policies. The exam shows the company how healthy you are. A policy that doesn't require an exam will likely charge more for the extra risk they take. It is well worth the trouble to go through a medical exam for the savings.
- Lose a pant size. During the exam the nurse will probably check your weight as a way to judge your health. This also helps judge the likelihood that the company will need to pay out on your policy. Drink more water, eat more veggies, walk 10,000 steps a day. These are simple ways that may make it easier to lose weight.
- Quit smoking. Smokers can get life insurance, but like health insurance, it will cost you. Not only will you regain better quality of life, you'll save the cash that you used to use for cigarettes. Once you're cigarette free for a year or more, life insurance will also likely be cheaper, too.
- Give up alcohol. Admitting to an occasional drink probably won't increase the cost of life insurance. Hitting the bars on a regular basis might, however. Again, you'll save money on drinks and sleep better. You can always socialize with friends and order a club soda with lemon or a soda.
- Bundle your life insurance with other insurance policies. Insurance companies value your business and reward loyal customers. See if you can get your other insurance policies bundled together for a lower rate than what you pay. Or ask for a discount if you and your partner and children all get policies.
Do not let any of the health requirements keep you from getting your initial policy. Being overweight or a two-pack-a-day smoker does increase your chance of passing on earlier. It's for this reason you need life insurance most. But once you meet your goals of improving your health, you can choose a new, less expensive policy.
If you need more information on life insurance, explore our website or give one of our agents a call today.