Term Life Insurance Articles
Ways To Get Discounts On Term Life Insurance Premiums
2010-06-10
Term life insurance is a very important investment, but many policy holders are unaware of how their policies work and what they're paying for. Understanding your term life insurance policy is very important, as there may be ways to limit your costs and find special discounts that can ease the burden of a long-term plan. While discounts vary from one insurance company to the next, in general, there are several great ways to find life insurance discounts regardless of your overall health, the type of policy that you own, or the specific language in your policy.
Insurance companies are interested in limiting their risk, as by definition this will result in greater profits. Policy holders can take advantage of this business model by taking steps to limit their own risks. Get regular physicals, and follow your doctor's advice to stay as healthy as possible. Bringing a good physical to your life insurance company will often result in life insurance discounts, particularly if you can prove that you're at an adequate weight, and if you can show that your blood pressure is in a reasonable range. It may seem obvious, but you should also stop using tobacco of any kind--nothing will make your term life insurance premiums skyrocket like tobacco use. Many insurance companies will even help you quit by providing information for smoking "hotlines" and other potentially helpful resources.
You can also find lower premiums by taking steps to lock in your premiums early on in your policy. Look for longer term policies which provide a guaranteed premium, and discuss the matter at length with your agent. Try to negotiate for lower pricing. Negotiation can be very simple if you take the time to collect several quotes before talking to your insurance company. Look online and print off quotes, and keep them well organized; your insurer may ask for proof of a competitor's quote in order to match pricing. Read policy language about exclusions and payout terms, and make sure that these terms are the same or similar from one policy to the next.
One of the best ways to find out about life insurance discounts is simply to ask your insurance agent. Life insurance companies only offer discounts that are in some way beneficial to them, so they'll often be happy to discuss such discounts with you. Ask about discounts for combining several insurance policies (such as life insurance, homeowner's insurance, etc.) and discounts for taking steps to improve your health. It's well worth your time to investigate these discounts, as they can provide enormous financial return over the life of a policy.
