How Do I Get the Best Price for My Insurance Policy?

Even as downsizing and consolidation afflict other segments of the financial sector, the market for term life insurance has become increasingly competitive. This is good news for consumers; policy premiums continue to drop as actuarial models improve and life expectancy increases.

Then again, the sheer variety of available term life insurance policies presents the average risk-management shopper with a baffling buffet of coverage options. As of 2011, there were over 900 life insurance companies in operation in the United States. The combined value of their underwritten policies approached $19 trillion, a staggering sum that exceeds the value of the country's gross domestic product by several trillion dollars.

Will My Policy Always Be the Same Price?

save money on life insuranceWhile nearly all American life insurance companies use the same "mortality tables" to predict their policyholders' life expectancies with remarkable precision, rates on otherwise identical policies often vary markedly between firms. This can be due to differing cost structures or specific areas of focus. For instance, some life insurance companies cater their services to older individuals while others prefer to deal with healthy, low-risk young people. In any event, customers who compare rates may end up saving hundreds of dollars per year.

How Can I Find the Best Price?

The average person simply does not have the time or resources to vet hundreds of life insurance companies and make an educated purchase. Fortunately, an entire cottage industry has arisen to take care of the legwork associated with insurance shopping.
The best way to ensure that you’re getting the lowest insurance price is to work with an independent insurance agent. Unlike a traditional insurance agent, independent brokers work with dozens and dozens of highly rated life insurance companies across the nation. That means that these agents can bring you all of the best insurance quotes directly to you, without the hassle of calling all of those companies yourself.

Finding the perfect company can be the difference in getting an affordable policy or paying for a plan that’s going to break your bank every month. Every insurance company is different, which means you’ll get drastically varying rates based on their medical underwriting and rating system. Instead of wasting your time calling those companies to get the quotes, let us do all of the work for you.

Most of this activity takes place online. Many insurance providers, especially those who provide auto coverage in addition to home and life insurance policies, have supposedly non-biased comparison tools built into their websites. These tools do often direct potential customers to competitors' sites.

Getting Better Prices for Your Life Insurance

One of the most common reasons that people don’t purchase life insurance coverage is because they assume that the policy is going to be too expensive. In most cases, that couldn’t be further from the truth. There are several ways that you can reduce your premium amounts for your coverage.

The first thing that you should do is cut out any tobacco that you currently use. If you’re listed as a smoker on your application, then you will be facing much higher premiums for your life insurance plan. In fact, smokers are going to pay at least twice as much versus what a non-smoker is going to pay for the same sized plan. If you want to save money, quitting smoking is one of the best ways to do that. Kicking that bad habit can save you thousands of dollars every year.

Another way to save money is to improve your health. Before the insurance company approves your application, they are going to require that you take a medical exam (unless you buy a no medical exam plan), and the results of that exam are going to play a huge role how much you pay every month. The best way to get better results is to improve your overall health through a diet and exercise. Both of these can help you lose weight, lower your blood pressure, and reduce your chances of being diagnosed with a severe health complication. Losing weight can save you hundreds of dollars every year.

The best way, as we’ve already mentioned, is to compare dozens and dozens of plans before you decide which one is going to work best for you. Every company and policy is different, which means that your quotes are going to vary, but don’t waste hours and hours doing all of that research yourself. Let one of our agents do all of the work for you.

Talk to a Broker

Finding the best price for your insurance plan can be difficult. Speak with your agent about policy options if you are worried about factors that may affect your policy price, whether it be health problems, a risky job or troublesome credit. Using a third party, like a broker, allows you to tailor your search to your unique situation.

You never know what’s going to happen tomorrow, which means you shouldn’t wait any longer to get the insurance protection that your family deserves. It’s our mission to ensure that you’re getting the best insurance plan for you. If you have any questions about ways that you can get lower premiums, please contact one of our agents bring personalized quotes directly to you.

If something tragic were to happen to you, your loved ones would be responsible for all of your debts and other final expenses. Losing someone that you love will never be easy, but being responsible for a massive mountain of debt is going to make the situation that much worse. Life insurance will ensure that your family has the money that they need if something were to happen to you.

We know that nobody wants to think about his or her death, but not planning for the inevitable is the worst thing that you can do. Please contact us today and talk to one of our brokers, we can save you both time and money on your life insurance coverage.