Lower Life Insurance Cost in 5 Ways
Are you looking for a way to keep down your life insurance cost? If so, you will be happy to know that there are several things affecting life insurance cost that you can keep under control. In fact, by making a few simple changes to your lifestyle or your policy, you can potentially reduce your life insurance cost by quite a bit. Heres a look at five things you can do to bring down your life insurance cost.
Smoking has a significant impact on life insurance cost. This is because people who smoke are at a higher riskof passing away at a younger age. In fact, the industry estimates that smoking reduces your life expectancy by about seven years. So, one of the best ways to lower your life insurance cost is to kick the habit for good.
Another way to reduce your life insurance quotes is to lose weight if you are overweight. Even if you are just 10 pound overweight, it can increase your rates. This is because people who are overweight are at a greater risk of suffering from other health conditions and diseases, including type 2 diabetes and coronary disease.
Take Care of Your Health
People who suffer from certain health conditions can expect to see their life insurance cost go up. Therefore, it is important to take care of your health and to keep any chronic conditions that you may have under control. The main health conditions that affect life insurance cost include high cholesterol, high blood pressure, asthma, depression and type 2 diabetes.
Change Your Job or Hobbies
You can also lower your life insurance cost by making changes to your
job or hobbies if there are any risks involved with these activities.
Certain occupations, such as being a pilot or a professional scuba diver,
are considered to be high risk. As such, you can expect your insurance
rates to be higher if you are employed in one of these occupations. The
same is true for those who are serving in the military. Fortunately, employers
in these fields typically provide life insurance to their employees or
business partner, but this is not always the case.
Engaging in certain hobbies can also increase your life insurance cost. If you enjoy skydiving or racing cars, for example, your life insurance cost is likely to increase. Therefore, if you need to bring these costs down, you might need to find a new form of entertainment.
Change Your Payout or Policy Type
If you are finding that your life insurance cost is still too high, it
might be time for you to make some changes to your type of life insurance
policy. Reducing the amount of your policys payout is one good way
to reduce your costs. Or, you might want to consider switching from a
whole life insurance policy to a term life insurance policy, as term life
insurance policies tend to be far less costly.