Several people tend to avoid getting a life insurance policy as they consider it to be expensive. Paying a hefty premium regularly for a fixed period of time can be something not many want to opt for. But what if there was a way to reduce the insurance premium and make it affordable? Here are six tips to help you secure a life insurance policy and also get it at an inexpensive cost.
Table of Contents
1. Quit Your Lifestyle Habits
Certain lifestyle habits like smoking and drinking alcohol can lead to health risks in the future. This is why if you have any of these habits, your insurance premium will be higher when compared to a normal person’s premium rate. Hence, by quitting such lifestyle choices, you can live a healthier life and also reduce your life insurance policy premium to a considerable amount.
2. Be Cautious of Risky Occupations or Hobbies
Numerous occupations like in the mining industry or other such jobs that can pose a danger to your life can lead to an increase in the premium cost. You might not be able to quit your job but you can definitely control indulging in risky activities like sky diving, bungee jumping, etc. which are known to be risky.
3. Choose Your Policy Term & Sum Assured Wisely
Getting an insurance plan with a longer policy term and a higher sum assured can lead to an increase in your premium quote. This is because a longer policy term means the insurer has to cover your risk for that many years. But if you cannot settle without these aspects and need to have a longer policy term and higher sum assured then do not compromise on it as they are vital factors.
4. Exercise a Healthy Lifestyle
Many insurance companies also take obesity into consideration when giving you a premium quote. As obesity leads to various health issues in the future, the company is covering those risks resulting in a higher rate. Also, certain pre-existing health issues can also lead to an increased premium if you want the insurer to cover those ailments. As various insurers do not cover your current health conditions, you have to lead a healthy life so that you are not endangered due to illnesses.
5. Get Online Life Insurance
The mode of purchase of the insurance policy makes all the difference as an offline policy requires you to pay for the agent as well. In an online mode of purchase, you can get a term policy for a lower cost. Most plans are available on the insurance company’s website and can be easily bought online.
6. Buy Rider Benefits Careful
Adding various riders to your plan can lead to an increase in your premium. But before buying the rider benefits, you should thoroughly understand the need and requirement of it in your life. Just purchasing it for the sake of buying can leave a dent in your wallet giving you zero perks.
