Five Ways to Get the Best Deal on Your Life Insurance

When it comes to life insurance, everybody’s out for the best deal, be it the largest benefit, the most comprehensive coverage, the lowest price, or, more often than not, all of the above. Of course, finding the best deal on your life insurance isn’t easy. More often than not, you’re faced with several quotes and no way of knowing if you could’ve gotten a better deal. Here are some tips to ensure that you get the absolute best rate on your new policy.

• Buy Young and Healthy. It’s a fact that the younger you are, the lower your life insurance premiums will be. Don’t wait until you really need it; get a policy while you’re still young and healthy to get a more favorable price.
   
• Consider Your Options. Before you can shop around, you need to decide what kind of life insurance policy you want. Each has its advantages and disadvantages. Term is cheaper, for example, but offers no returns unless you die within the specified time period. Whole and universal, on the other hand, are more expensive but last a lifetime and include a savings component. Deciding between these options will have a direct effect on your quotes and underwriting, so review the differences between them and choose carefully.
   
• Shop Around. Once you’ve decided on the kind of coverage you want, you’ll want to shop around for rate quotes. This can be a tedious process, especially if you elect to do it yourself, but it’s absolutely necessary to getting the best deal. Avoid doing business directly with the insurance companies or through any agency tied to a single insurer, as they have no incentive to provide you with a competitive price.
   
• Time Your Application. Insurance companies are financial businesses first and foremost. As such, many try to adhere to quarterly or annual quotas. If you apply near the end of these periods, you may be offered a more favorable rate in order for them to meet lagging sales numbers.
   
• Ace Your Medical Exam. If you decide to move forward with a quote and are required to undergo a medical exam, acing it could be the key to obtaining a “preferred” rate. Avoid strenuous exercise and foods high in salt or cholesterol for 24 hours before the exam, and don’t consume anything other than water for 8 hours beforehand. If you can, try to schedule it for early in the morning. All of these steps can help send the most favorable health signals to your medical examiner.

For more information on competitive life insurance rates and no medical exam policies, please contact one of our specialists.