10 Ways to Save on Life Insurance

feline · #1 (**permalink**) 07-30-2006, 08:53 AM

The price you pay for life insurance will depend on your age, your health and your habits. That is to say, forget about a really cheap policy if you smoke, have existing health problems or enjoy skydiving. Still, there's plenty you can do to save on your premium and avoid some common pitfalls. There are 10 suggestions which you can find from the link below:

http://finance.yahoo.com/insurance/l...Life_Insurance

Among them are buying in bulk for a discount, for health problems, seek a specialist, negotiating with the agent for cost and other benefits, don't be misled with riders, etc. It guides us on what to consider before paying for a life insurance.

brian · #2 (**permalink**) 07-31-2006, 05:08 PM

That's a very good little article - thanks for that.

The issue of fees is definitely something worth looking at - for example:

Quote:

9. Try a Low-Load Company
It's a dirty little secret that insurance agents don't want you to know. But some companies sell life insurance at little or no commission. That can mean big savings for you, if you're the type who doesn't need much handholding to make a decision.
A few of them even sell whole life policies this way. Ameritas (800-552-3553) is a leader in the low-load business with hard-to-beat rates on all types of policies. For example, a female, age 30, can buy $250,000 worth of coverage for just $162 a year. Northwestern Mutual (414-271-1444) is a traditional insurer that sells some low-load policies through its agents. It has some of the best prices around, particularly on whole life policies.
10. Avoid Hidden Fees
Convenient monthly payments, automatically deducted from your checking account. What an easy way to pay your life insurance premium. But before you sign up, ask a simple question: What's this going to cost me? At many insurers, the answer is plenty. Metropolitan Life, for example, charges some life policyholders fees equal to 15% to 20% of the annual premium simply for the privilege of making monthly payments. Charges like these are often built into the payments, so you may not even know they put the bite on you.

MsMcClain · #3 (**permalink**) 09-07-2006, 05:20 PM

1.......If your company allows you to buy additional insurance, ....

I've always wondered in insurance companies could prohibit you from having a policy with another company.

parrotbay · #4 (**permalink**) 09-09-2006, 08:51 PM

I have not ever thought to ask. However, I am sure you could have more than one life insurance policy out on yourlself. I would assume there may be some companies that state a "no complete" clause, but I do not see why they would. They just want the premiums.

feline · #5 (**permalink**) 10-14-2006, 02:55 PM

What could be the point of some insurance companies prohibiting you from having a policy with another company? How would that affect them?

stella7 · #6 (**permalink**) 02-15-2007, 03:01 PM

I think all most policies are according to age,sex,past disease records and all those things and all i know is there is nearly no way you can avoid or save on insurance costs except the fact that the younger you buy the insurance policy,the less expensive it is.But if you buy the policy when you are older,ofcourse it will be more expensive.