With the current economy reminiscent of the 1930’s Great Depression, people everywhere are looking for an economical way to protect their financial future. If you aren’t hell-bent on your insurance policy accumulating cash value, a 30 year term life insurance policy might just be the life insurance plan for you. And the best part? You can make the already affordable term life insurance policy even cheaper. Here are five ways to reduce your 30 year term life insurance premium with ease:
1.Buy a policy at a young age. Many people refrain from purchasing a life insurance policy at a young age because they feel they don’t need it. While this may be true, rates for a 30 year term life insurance policy are significantly cheaper when you’re young, healthy and full of energy. Keep in mind that the goal of a life insurance policy, regardless of whether it’s term or whole, is to prevent your beneficiaries from falling into a financial hole should you unexpectedly pass away.
2.Get a new hobby. Sure, skydiving every weekend or scuba-diving amongst sharks might be an exciting hobby, but is it worth continuing if it’s going to cost you more money? Every insurance provider looks at risk factors differently and some are more lenient than others. If you are serious about reducing your 30 year term life insurance premium, consider picking up a new hobby.
3.Inquire about payment/billing options. Many life insurance companies offer discounts to policyholders who pay their premiums in a specific way, such as annually, or who join an electronic funds transfer plan.
4.Review, review, review! You can never go over your 30 year term life insurance policy too often. Because everybody’s circumstances change, you should review your policy a minimum of every three years. There’s no need to pay more for coverage that you might not need anymore.
5.Avoid life insurance policies from work. Obtaining coverage through your employer is convenient, but it’s probably not the best deal available to you. Since work policies are based on the health of the employees you work with, the rates you receive might be more expensive than the ones you would with a personal policy. 30 Year Term Life Insurance Made Cheaper If you’re looking for an affordable solution to your life insurance needs, look no further than a 30 year term life insurance policy.
While this policy already comes at an inexpensive price, there are things you can do to make it even cheaper. By taking advantage of the five tips above, you can start saving on a 30 year term life insurance policy today. Other Term Life Insurance Options Exist Should you not feel that 30 year term life insurance is in your best interest, consult with a life insurance agent about other options. Other popular terms include 10 year and 20 year term life insurance policies. Generally, a 10 year term life insurance policy is the cheapest, providing a high death benefit at a very low premium. 20 year term life insurance, while not offered in every state, also provides another option for young consumers.