5 ways to lower your term premiums
Your height and weight are two of the biggest factors determining the cost of term life insurance.
Being overweight can change the rate class that a life company can offer you.
Being obese can get you declined all together.
Some life insurance companies offer more flexible height and weight charts, so check with an independent life agent who can help you determine which life insurance company is suitable for you.
Keep a clean driving record
Believe it or not, life insurance companies look at your motor vehicle report when you apply for life insurance.
Moving violations and speeding tickets can increase your rate if you have multiple violations on your driving record.
A DUI can be even more costly. Most life insurance companies will not offer anything better than a standard rate until the DUI is at least five years old.
If you have a suspended license, most life insurance companies won’t offer you coverage until you have an active driver’s license. There are some exceptions to this rule, but it’s generally a postponed decision until you have an active license. So take your foot off the gas pedal, and don’t drink and drive.
Keep your credit clean
Life insurance companies look at credit history. They don’t necessarily look at collection accounts or if you’re paying your bills on time, but they do look for bankruptcies.
If you have a pending bankruptcy, many life insurance companies will postpone your application until the bankruptcy process has been completed.
Being a tobacco user can double, triple, or even quadruple your life insurance premium. Yes, we said quadruple.
Cigarettes cause harmful effects on almost every organ in the human body, and life insurance companies know this. Cigarettes cause one in five deaths in the United States each year.
Take a look below to see how smoking can affect your life insurance rates.
Male, 40 years old, 20-year term policy: $250,000
Preferred Best Monthly Rate: $18
Preferred Rate Monthly Rate: $23
Standard Plus Monthly Rate: $29
Standard Monthly Rate: $35
Preferred Smoker Monthly Rate: $68
Standard Smoker Monthly Rate: $91
Work with an independent life insurance agent
Working with an independent agent is the most important thing a consumer can do to save money on life insurance.
An independent agent has the ability to shop at multiple life insurance companies at once. They know the underwriting guidelines that life insurance companies require for an applicant to qualify for coverage.
When you work with an independent life insurance agent, you don’t have to worry about going online and trying to shop on your own. Your agent will show you the rates of all of the companies.
Your agent will find you a better price than you can alone, and do it faster.
Don’t waste time and energy. Get in touch with a qualified independent agent (like us) and they will make sure that you find the absolute best price on life insurance.