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News and Announcements November 2015

News and Announcements November 2015

Reducing Life Insurance Premiums

Thinking about purchasing a life insurance policy and looking for ways to reduce your premiums? Consider the following tips:

  • Check prices for slightly more coverage. Often, insurance rates will go down as you purchase higher amounts, especially as you approach multiples of $250,000.
  • Clearly explain any medical conditions on the insurance application. If you have one of the conditions listed, make sure you explain the situation in detail, especially if the condition is under control or cured. Incomplete answers can result in the insurance company increasing your premiums.
  • Shop around. Insurance companies often specialize in insuring for different preexisting conditions, so it pays to find a company who is familiar with your condition. Their underwriters are better able to evaluate the extent of your problem.
  • Work on health issues. If you stop smoking or lose weight, you will typically save significant amounts in insurance premiums, often as much as 50%.
  • Only obtain riders that you really need. Insurance companies offer a wide variety of riders, but you can save substantial amounts by only purchasing the ones you need.
  • Don’t rely on rules of thumb when purchasing insurance. This can result in too much or too little coverage. Instead, go through a detailed analysis of your needs.
  • Understand your options before purchasing insurance. There are so many types of insurance with many options so that many people just rely on the advice of an insurance professional. While you definitely want to consult a professional, only you truly understand your circumstances. Make sure you understand your options so you can select the appropriate coverage.

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