Shop around and Bargain
Shop, Compare and Bargain! Well, the oldest principle, old as dirt, but still going strong. Once decided on your coverage, don’t just sign up for the first plan that crosses your eye. Ensure that you shop around (internet is a great place to start) and get a feel of the market. This would help you to bargain hard and get the greatest coverage at the lowest possible price.
Opt for Term Life Insurance – The quickest way to lower your life insurance premium is to opt for Term Life Insurance policy instead of a whole-life policy. The idea is to keep insurance as what it is and not turn it into an investment product. Thus, you can get yourself insured under term life policy at the fraction of the cost of a whole-life scheme with typically the same coverage amount. However, do not forget that Term Life Insurance covers you only for a pre-defined period of time.
Keep yourself Fit – Be a low risk proposition for your insurance provider by maintaining a healthy lifestyle and keeping yourself away from addictions such as smoking, drugs and alcohol. A good health record will result in considerable reduction in your life insurance premiums.
Consult an Insurance Advisor - To reduce your life insurance premium, the easiest thing you can do is to consult a good Insurance Advisor. Since the advisor will be pro in the insurance marketplace, he/she would be able to get you to the most affordable deal in line with your coverage requirements. Essentially a good insurance advisor would compare different market rates for you and would also negotiate the best rates on your behalf. Well, internet is a great place to identify an agent.
Start at a young age!
Insure yourself at a young age. Life insurance premium at a young age is only a fraction of what it could be when you are well into your middle-age. The premise is young and healthy people are the lowest risk segment. The low mortality risk is a great incentive for insurance companies to insure you at lower premiums.