At some point in their lives, most Canadian adults find it necessary to invest in life insurance. While it’s something that most of us need, that doesn’t mean that you shouldn’t do everything you can to get the best price on your life insurance policy. Here are 5 things you can do that may help you save money on life insurance:
Evaluate how much life insurance you need.
Think about your debts, the average cost of a funeral, and the other expenses your family would be left with should you pass away unexpectedly. (i.e. College tuition, the mortgage, etc.). While you want to ensure your dependents will be financially cared for should you suddenly pass on, if you’re trying to limit the cost of your life insurance plan, there’s no reason to buy more coverage than what you truly need.
Quit smoking.
Smokers often pay higher rates for life insurance. Studies have shown that smokers are more likely to have on-going health problems and a shorter life span than non-smokers. Therefore, they’re considered more of an insurance risk than someone who doesn’t smoke, and will generally pay more for the same coverage. Quit smoking for 1 or 2 years, and there’s a chance that you’ll qualify for a lower rate on your life insurance policy.
Find the optimal payment schedule.
Find out the most cost-effective payment schedule for your insurance coverage. In some cases you may be charged extra fees should you choose to pay monthly, rather than annually for your life insurance plan. Talk to you insurance company to find the best payment schedule for you and your budget. This small change could lead to some big savings.
Shop around.
In order to find the best life insurance rate, you’ll need to shop around. But, when you’re comparing prices, be sure that you’re comparing like policies with like terms. Canada Protection Plan offers no-medical life insurance to those who are hard to insure, or who have a fear of medical exams or needles. Call now, for your risk free insurance quote, 1-877-851-9090.
