Life Insurance: How to Save Money

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While shopping for life insurance can be a hassle, and no doubt less than enjoyable, now is a perfect time to consider purchasing coverage. Don't put off buying life insurance until your family needs it. Since quotes are calculated mostly by age and health, purchase coverage when you are young and healthy. Even if you don't think it's beneficial now, eventually it will be.

Educate yourself. Figure out how much coverage you need, and become aware of the different types of policies available to you. While agents tend to push whole life insurance, opt for term life coverage, which is generally cheaper.

Shop around -- our research suggests that quotes for the same person can vary dramatically from different companies. Get quotes from three or four companies before settling on one. Look for insurance providers that offer coverage with little or no commission. Don't overlook billing options and hidden fees. Some companies charge just for allowing you to make monthly payments. At the same time, consider paying annually, many companies give discounts for paying your premium once a year.

Get in shape. If you are overweight try to loose a few pounds. Lower your cholesterol or blood pressure to lower your risks. If you smoke, stop. Most insurance companies double the rates for smokers, making this one of the best tips to lower your cost. Keep in mind that it will take a year after quitting before you are considered a non-smoker.

Evaluate how you live. Activities like scuba diving or mountain climbing are considered risky and will no doubt drive up the price of coverage. Frequent travel to dangerous places will also increase your cost.

Drive safely. Although it may seem irrelevant when purchasing life insurance, many companies check your driving record before making a quote. If you have a lot of moving violations on your record, you could be considered a risky driver. Thus, increasing the likelihood of being involved in an accident, and raising your rates.

Don't forget that all companies and policies are different. What works for one company might not lower the cost of insurance from another. However, by following these guidelines you can generally add a little width to your wallet, making your insurance experience all the easier.

As a last point, if you have very little income, you may qualify for free life insurance.