Getting an affordable life insurance cover is not easy, whether you are 40 years of age or 70 years old. But not getting a policy is also not a practical option as your loved ones will be at huge risk in case something happened to you and there was no insurance for them to claim. As such, it becomes necessary that you look for low cost policies. And in this post, we look at the four ways you can get cheaper insurance.
When choosing a life insurance policy, you may be asked whether you want riders attached to the policy. A rider is simply an extra coverage offered to you along with the regular policy. This can be a long term care rider which will provide you with funds in case you become ill for a long period of time. An accelerated death benefit rider will release the death benefit funds to the beneficiaries early so that they can meet the expenses of the funeral while also receiving some money as a temporary relief until the final claim is processed. Though they sound nice, the riders do increase the policy premium. So, if you don’t need them, make sure that they are not included with your insurance.
Check Your Employer’s Plan
If you have an insurance provided by your employer, it may be time to recheck it. Though insurance companies do say that the employers receive group discounts on life insurance for their employees, this might still not translate as a better deal for you. In fact, if you check with other insurance companies, you might be offered with much more inexpensive policies. And considering that the group insurance policy ceases to benefit you the moment you leave the company, trying out for a low cost individual policy might be in your best interest.
It’s never too late for joining an insurance policy. In fact, the more you wait, the more you will have to spend as a premium. This holds true even more when a person is older. If you are 70 years old now and think that you only need a policy next year, then you will have to pay a higher cost for it next year. As such, the best way to get affordable insurance is to buy it now, when you are younger.
Pay Premium Upfront
Paying premium monthly is more costly than paying the entire premium up front. Check with the insurance company if they provide lump sum payment option. And if they do and you have the finances to make the payment, we recommend that you do it.
So, whether you are looking for an affordable life insurance for seniors over 70 or for people aged younger, keep the above points in mind and you are likely to get them at a cheaper cost.