Looking to save on life insurance? Australians are often undercovered when it comes to protecting themselves and their families in the event of the unfortunate. One of the reasons for this is because life insurance can often become expensive, especially if you smoke or have certain health conditions. We know how important life insurance is, let’s look at 5 ways that you can save on life insurance.
Ask your family’s medical history
If you’re not sure or aware of your family’s medical history, now is the time to ask. Why? If your parents are free of health conditions including diabetes and heart disease, your premium may reflect your good genes.
Put your health first
If you happen to be overweight, it’s going to reflect on the premium you pay for life insurance. This is because those who are overweight are considered to be more at risk for diseases than those who are not overweight. Eating better, going to the gym, or even taking evening walks to lose some weight can help you save on life insurance.
Quit the Habit
Smokers have higher than normal life insurance costs due to the ill effects smoking can have on one’s health. Quitting smoking can help your life insurance costs go down, or help make them lower if you’re taking out a new policy. Keep in mind that insurers will still give you higher premiums if it’s been less than 12 months since you stopped. The sooner you quit, the sooner you can save!
When you shop for anything else, you probably look for the best price. You’re not going to buy a car that’s overpriced, so why do the same for life insurance? To get the best rates, it’s important to take your time and shop around.
Read your policy documents
When you first sign up for life insurance, the insurer might get you in the door with a low rate, but it’s important to read the policy to see if the cost of your policy is going to go up in the future. Ask the insurer to see what the premium is going to cost you over the life of the policy to get the true and accurate costs.
Remember, life insurance is an important investment as you’re investing in the future of your family, estate and legacy. Make sure you’re getting the best coverage for the rate that you can afford!