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Life is pretty expensive these days. So if there are ways you can find high quality, cheap life insurance, why not take advantage?

NetQuote can help you learn the differences between the types of life insurance policies, and which types of life insurance rates and coverage are suitable to your age and individual circumstances.

At any age or income level, consumers are constantly looking for ways to save money. Being an informed shopper will empower you to find the right life insurance company and policy that fits your needs and budget.

Save by Looking into Types of Life Insurance Plans

There are several different ways to save money on a life insurance policy, just as there are different life insurance plans to meet your needs.

Always shop around. Comparison-shopping can save you big bucks. In addition, here are more ways you can save money on your next life insurance purchase.

Consider term insurance

Term life insurance has a cheaper premium and you can invest the difference. However, some financial planners will advise you to get a permanent life insurance policy with cash value components because these policies force you to save money.

The difference in premiums between term life insurance vs. permanent life insurance can be a lot of money. Premiums for whole life insurance can range from five to ten times higher than the same amount of term life insurance.

Term life insurance policies need to be renewed and every time you renew term life insurance, your premiums will increase. But if your needs are generally 10 years or less, term life insurance could be the best option. People with a short-term need generally include those who want life insurance to cover a specific debt – like paying off a mortgage.

Seek out no-load policies

No-load life insurance policies have fewer expenses built into them, such as agent fees and commissions, than other life insurance policies. This can mean lower premiums.

Don’t buy a guaranteed issue policy if you’re healthy

Guaranteed issue life insurance policies require no medical exam. Guaranteed issue policies are riskier for the insurer and are more expensive than other insurance policies.

Guaranteed policies are helpful for people who have difficulty obtaining life insurance due to major medical problems. If you have some medical problems you’re still likely to get better rates by opting for another policy, for which you take a medical exam.

Shop online first

An online life insurance quoting services does not always give you the rock-bottom price for term life insurance; however, they can still be a useful source of information about prices. Just remember, the more personal information you give, the more accurate your online quote will be. Your lowest life insurance quote should be used as a baseline for shopping around.

Improve your health

If you have current health problems it will be harder to buy life insurance. Pre-existing medical conditions, high blood pressure, diabetes and heart disease are among those conditions that will make life insurance companies increase your rate. Another major health factor is your weight, even if you’re healthy but somewhat overweight; you will likely be quoted higher rates.

By showing your insurer a history of improving your health, taking your medications regularly and acting responsibly about your health might lower your rates.

Buy only what you need

Ask yourself how much money it will take to maintain your family’s lifestyle if you were to die. Will your family have the money for your children’s education?

If you need more life insurance, consider a rider as opposed to a new policy

Just because your needs change doesn’t mean you should run out and buy a new life insurance policy. In many cases, a rider adding extra coverage to an in-force whole life insurance policy can let you expand your coverage without sacrificing your built-up cash value.

Buy as soon as the need exists

An advantage to buying life insurance as soon as possible is that your premiums are lower. As you age, life insurance gets more expensive. Many term policies give you the option to renew your coverage at the end of the term without undergoing another medical exam. You also can lock in premiums by asking for a “level premium” policy, which means for a specific time period, say 20 years, your premium rate stays the same. After that term expires, your rates will increase. But if you don’t have any dependents, your money may be better spent elsewhere.

See how easy it is to shop online for life insurance. Get your free life insurance quotes today!

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