Marlly mia en life insurance, INSURANCE, Business 23/11/2016 · 1 min de lectura · +300

Successful Money Saving Tips For Life Insurance

Life insurance is a powerful tool that offers protection to you and your family as well as your business in this constantly changing world. However, buying life insurance policy can be a scary procedure, but it doesn’t mean that it is very expensive. There are multiple ways to save money on a life insurance policy. Following are some of the money saving tips for life insurance:

Successful Money Saving Tips For Life Insurance

Buy Policy From Independent Insurance Agent

The most significant thing to consider when you decide to purchase a life insurance is that purchase it from an independent insurance agent. An independent insurance agent carries insurance policies of a wide range of insurance companies. It provides you with an opportunity to compare the features and costs of policies from several insurance companies and to choose a most suitable one. The insurance agents are loyal towards customers not to the insurance providers. If an insurance policy is not suitable for your requirements, the insurance agent won’t compel you to purchase that policy just for the commission. The agents strive to deliver the best policies that good fit for your family and budget.

Buy Several Policies Instead of One For The Same Amount Of Coverage

Most of the people prefer to buy a large policy to cover all your insurance needs such as income replacement, mortgage benefits, and children’s higher education. To meet all these needs, some insurance advisors would suggest buying a large policy of $1 million dollars with a 30-year term period. But, you can save 10-15% by purchasing two policies instead of one policy for the same amount of coverage.

Opt For Annuity Payments Over Lump Sum Death Benefits

The death benefits are the highlight of most insurance policies. However, the insurance policies with annuity payment options will be the most suitable one and it saves up to 15% of your insurance costs. The insurance policy with annuity payment option will also save money on your insurance premiums. For example, if you have a policy of $ 900,000 death benefit, you can opt to make the payment as $60,000 over 15 years instead of $ 900,000 lump sum death benefit.

Set The Right Term For Policy

When you go for short-term insurance policies, you can successfully save more than opting for a long-term policy. You have to choose a suitable term that better fits your insurance needs. When you decide the term length of your insurance policy, you have to consider some factors. If you have a mortgage to be paid off in 10 years, you need not opt for a long-term policy. You can go with a short-term insurance policy or else it will be a greater burden for you pay premiums. After completing the first term policy, hope you will be able to buy a long-term policy.

Consider For Joint Life Cover

Joint life insurance is another significant way to save your money on life insurance. Joint life policy premium is a bit lesser than paying for two single life insurance. However, you have to keep in mind that the insurance company pays out only on the death of the first partner. It means that when the survivor dies, the family cannot demand another claim.