Life insurance is vital coverage for your family – and it doesn’t have to cost a fortune.
Many people think life insurance is an expensive form of cover, so they don’t take out a policy. The reality is that this coverage can be incredibly affordable and it provides invaluable protection for your family. Before you quickly decide that life insurance is expensive and not for you, check out these ways to reduce the cost of your monthly premiums, all the while making sure your family is protected should the worst happen.
- Work out how much cover you really need
As with any form of insurance, the more cover you need, the more the cost will increase. This gives you all the more reason to accurately determine how much coverage your family will need in the event of your passing. Do you want to cover just the cost of the mortgage? Do you want to add some extra cash on top to help with things like the kids’ schooling? You might already have some cover from your employer so be sure to factor that in, too.
- Opt for a shorter term
Some insurers offer permanent cover (which covers you for your entire life) or term coverage (which provides cover for a set amount of time). A term policy will typically cost less than a whole life policy, but be sure that this is the right fit for you. Work out for how long you want coverage for. If the main financial factor you want to cover is the cost of your mortgage which has 20 years to run, do you really need cover for 30 years?
- Adopt a healthy lifestyle
When you take out an insurance policy, the premium you pay is based on how likely it is that you will need to make a claim. Life insurance is no different. If the insurer believes there’s a good chance you will die within the term of your policy, your premiums will be more expensive. Typically, younger and healthier people will pay less for life insurance than those who are older and with medical conditions. If you could do with dropping a few pounds or quit smoking, then the fact that life insurance will be cheaper could be useful motivation.
Don’t hesitate to ask a trusted insurance expert questions to help you understand a little bit more about what life insurance can offer you. For more information about getting the life insurance coverage you need, contact the experts at Donald Weiss Insurance Services. Our dedicated team is ready to get you covered today.