According to the Insurance Information Institute, Individual Life insurance should cost less this year. The reason is people are living longer, so mortality charges are lower, plus competition helps keep prices down. Here are some tips for keep insurance on your life even lower:
1. Quit smoking. Nonsmokers pay lower life insurance premiums.
2. Younger folks should consider term insurance (keep in mind this form of insurance has no "cash value" or savings aspect like with other permanent insurance)
3. Overall health. If you can get your insurance company to qualify you as a preferred risk (meaning your health is very good and you are at a low risk for dying), you can save up to 50 percent on premiums.
4. Shopping low numbers on policies. Consider what your goals for the insurance are. If you are concerned about the final death benefit consider the Net Payment Cost Index and compare those prices between policies. If you expect to surrender the policy and hope to take its cash value consider the Surrender Cost Index and compare those prices between policies.
"Overall health. If you can get your insurance company to qualify you as a preferred risk (meaning your health is very good and you are at a low risk for dying), you can save up to 50 percent on premiums."
Low risk for dying? We all have a 100% risk for dying. Hmmm...
Posted by: AntonK | August 15, 2007 at 10:58 AM
Good tips. I am delaing with life insurance in Canada and we provide many health bonuses too (check on webpage if you are interested). I believe this is the biggest positive thing on both life insurance and private health insurance - it forces you to take care of you health and saves money both you and society.
Posted by: Toronto life insurance broker | April 14, 2008 at 06:05 AM
I would agree with the comment above that it sounds really strange because even if you are healthy (doctors could not identify any minor illness or having inclination to that) it doesn`t necessarily mean that you are not at risk of dying. I`m planning to buy a life insurance policy and I`ve already contacted a Toronto life insurance company where I got several promising information similar to this one mentioned in the article. It`s not always fair because a smoker sometimes could live longer than a non-smoker, it merely depends on the individual.
Posted by: term life insurance | April 14, 2008 at 06:08 AM
Good One
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Posted by: Jonathan Paul | October 07, 2009 at 02:09 AM