Your requirements while buying life insurance could be subjective but
one thing will surely be on your list, low cost. Everyone wants to have
greater benefits at minimum costs. Although, with insurance it is not
possible to negotiate on rates but there are certain things which can
help you get least possible Premium cost.
Consider The Following Points For This Purpose:
1. Start Early:
At young age people are believed to be healthier. Talking about
insurance, the older you are the higher premium you will have to pay.
Moreover, buying insurance at an early age enables you to get a higher
life insurance cover. Age is one of the most important determinants of
your insurance premium. Thus, it is advised to buy insurance at an early
age so that you can get it at cheaper rates.
2. Healthy Lifestyle:
Adopting a healthy lifestyle ensures you a long life. Health related
issues like illness, disability, overweight or underweight body, smoking
and drinking habits, etc., can overload your premium. Obesity is the
root cause of many problems. Exercising regularly can help you in
shrinking your waist and life insurance premium. Similarly, you can
reduce your insurance premium by quitting or just reducing level of
smoking and drinking.
3. Research: With a
host of products available in market, it becomes really very difficult
to decide the best life insurance cover. The most appropriate way is to
research well and compare features and costs. This can be done by
gathering information from different sources like internet, customer
responses or professional advice. This will help you get an analytical
interpretation of the products and services available. An expert advice,
like a broker, will help you in taking a logical decision. With this
information, you can either choose the best one or can get your life
insurance cover customized from a good insurer.
4. Go Online:
With introduction of internet technology, it has become very easy to
buy insurance. You can now collect information about life insurance
policy and can purchase them online. There are various offers available
on shopping online. Many insurers avail huge discounts on buying online.
This can help you reduce cost of your insurance premium.
5. Annual Premium:
Generally, yearly payments are lower than fractions or installments.
Smaller the number of premium payments you make, lower will be the
premium amount. Many insurers charge extra for monthly premium than
annual premium. Also, some of them provide discount on annual payment.
Thus, it can be profitable choosing annual payment mode.
6. Credit Score:
Your credit score defines your honesty in paying off your liabilities
on time. A high credit score can help you get lower premium since it’s a
kind of assurance of good financial health.
Insurance is highly
proportionate to risk. Calculation of insurance premium is based on your
age and financial and physical health. The higher the Risk associated
with these factors, the greater will be your insurance bill. On the
whole, reduce these risk factors in your life to shrink your life