Ways to Reduce Your Life Insurance Premium

You want life insurance to allow your family to continue their quality of life after you’re gone. You also want to be able to provide them with a way to take care of your funeral costs, as well as pay off any medical bills or other expenses you may incur before you leave this life.

However, you also don’t want your life insurance to break you before you actually pass on. Therefore, you’ll be looking for any ways to decrease your life insurance premium so that you can actually live while you’re still here.

Nobody likes to think about death, or how they’ll die, but insurance is important; just as having a low life insurance premium is important. The following are a few ways to reduce your premium so that you can maintain your insurance easily and without stress.

Premium Amounts

Life insurance companies determine your life insurance premium in a variety of ways. They consider your health, how old you are, the lifestyle you live as well as how much money you decide you’d like to leave your family after you’re gone. All of the above go into an equation and that determines how much you have to pay each month to keep your life insurance active. To lower your premium, you have to change any of the above that are within your control.

Your age isn’t within your control; that much is certain. And for many, their health isn’t within their control either. Your immune system and the lifestyle you’ve chosen thus far typically determine how healthy you are. On the other hand, your lifestyle and the amount you wish to leave your beneficiaries are well within your control. So start working on those things and you’ll see your premium fall to more manageable levels.

Your Lifestyle

You can change your lifestyle right now and that will often reduce your life insurance premium. If you’re a smoker, work on quitting right now. Gum, patches, and medications are all good ways to quit; but the best is just quitting cold turkey. Quitting isn’t easy but you should strive to quit if you’d like to reduce your premium. Note that it takes at least six months for all traces of nicotine to leave your system.

If you don’t work out, join a gym or start walking after dinner five to six nights per week. Get others to join you to increase your motivation. These two things will drastically improve your health. You’ll probably also lose weight, which will look very good to an insurance company. That company will then reduce your premium because you’ll be a lower risk than someone who smokes, or someone who’s overweight and not very healthy.

The Amount

Shop around before you decide on the right insurance policy. Find the company that offers the lowest life insurance premium for the amount you’d like to leave. If you already have life insurance, there’s nothing wrong with switching companies. You owe it to yourself and to your family to find the company that offers the most for the lowest premium possible.


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