Monday, September 29, 2008

Seven Ways to Save on Life Insurance

I read this interesting article on 7 Ways to Save on Life Insurance and it got me thinking about other ways you can save on your life insurance policy. We all would like to save more money, right? But you don’t want to have to skimp by on your life insurance coverage, right?

Well, the good news is that there are ways you can save on your Canadian life insurance or term life insurance policy and you don’t have to go without coverage you need to achieve it.

Here are seven ways you can save on life insurance:

Consider term life insurance. You may have heard it said before but term life can give you the same amount of coverage but for lower premiums. There is no investment or savings options in term life but you can benefit from the lower premiums.
Compare life insurance policies and pricing to help find a better deal on the coverage you need.
Pay your annual premium all at once instead of on a payment plan to save money.
Avoid guaranteed policies if you know you are in good health. They will cost more and you don’t need the extra expense.
Buy only as much as you need. There’s no need to buy more life insurance than you need and doing so will only make your premiums higher.
Buy extra if you can get a discount or special deal for doing so. This is an exception to the rule above.
Buy a joint policy with your spouse to save even more.

These are some basic and simple steps that will help you save on your life insurance. Don’t sacrifice the coverage you need and deserve because you think you can’t afford it.


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