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5 Tips to Lower Your Life Insurance Premiums

If you want to save money on your life insurance premiums, you’ll need to make some lifestyle changes and preparations. The healthier you are, the lower your premiums are likely to be because there’s less of a chance of premature death. Follow these five tips to reap the savings. a group of people sitting at a table

1. Don’t Delay 
  If you need life insurance, you can expect higher premiums if you wait around. In fact, the best time to buy life insurance is when you’re young and brimming with health. If you face a serious health condition later in life, you’ll face higher premiums unless your rate is already locked in.

2. Get in Shape 
While a few extra pounds may not cause immediate distress, it can contribute to the development of serious illnesses down the road. Getting in shape positively impacts your overall health, which can also lower the cost of your life insurance.

3. Buy Term Life Insurance 
For a fraction of the cost of whole life insurance, term life insurance allows you to customize your policy to provide the greatest coverage at times when you think you’ll most need it. This allows you to obtain the coverage you desire without spending any more money on life insurance than you need to.

4. Stop Smoking 
Smoking contributes to many respiratory illnesses that could potentially be fatal. In fact, insurance companies usually have different premium rates for smokers and non-smokers. By kicking the habit, you’ll significantly lower your premiums—not to mention, improve your health—in as little as one year.

5. Buy a Policy with a Higher Payout 
The more life insurance you buy, the lower the cost per unit. For instance, an $80,000 policy would have a higher premium rate per thousand dollars of coverage than would a $250,000 policy. Though the latter is more expensive, you’re actually getting more coverage for relatively less money. See how much you can save today. Call Morgan Financial Service at 908-910-8044 for more information on life insurance.