How to Lower your Life Insurance Premiums26 Mar 2016
Some people don't carry life insurance because they don't see the point, but many people would like to have a policy but feel coverage is too expensive. There are many things you can do to find a life insurance policy that fits your budget. Here are some of the most common ways to find lower life insurance rates.
Different insurance companies have different underwriting standards, so don't assume what one company charges for a policy is the same as what another company charges. Check around with several companies to find the best deal.
Insurers often give discounts to people who have multiple insurance policies, so check with your home or auto insurer to see if those companies also offer Isle of Man Life Insurance. By getting a policy with an insurer through which you already have a policy, you could get greatly lowered rates.
Buy it while you are young
Life insurance rates are set largely on the risk that you will die, so the younger you are when you get a policy, the lower your rates will be because you have more time to pay premiums to the insurer, which lowers its risk of losing money.
Take advantage of group rates
Life insurance, just like health insurance, typically gives discounts to groups. If you can get a life insurance policy through work, through a trade or professional group, through a financial institution or through any other organization with which you have an affiliation, it will be cheaper than getting a policy on your own.
Get a term policy
When you buy permanent life insurance, your premium goes not only to the cost of the life insurance but also to investments to build a cash value. Term policies offer only insurance and expire at a certain point so their premiums are much cheaper.