Giving out a certain portion of your income every month in order to save money is hard without a doubt. Getting a life insurance policy for yourself is something which is imperative as well as unavoidable. However, what hurts at times, is the high premium rates which only add to your monthly expenditures, sometimes at points when you are spread too thin yourself and are trying your best to make ends meet. So what if you could get a Life Insurance with minimal premium rates so that saving money no longer feels as painful as it does now. Here are some points as to how to pay your premium at lower rates.
#1 Research Thoroughly For Insurers
Before you start investing in a life insurance policy, it would be wise on your part to do your research properly and get to know the set of insurers which are available at the time. You might find the same amount of coverage, albeit with a lower rate of premium.
#2 Go For Policies With Lower Premium Rates
The no-load policies are usually beneficial for you and are also much easier to manage along with the other expenditures of the month. The insurance agent also charges his regular fee in helping you register for the policy instead of charging a meaty commission. These policies are less expensive and probably a different plan. So, do your research adequately before making a decision.
#3 Do Not Attach Riders In the Policy
While taking a policy, always remember that if you have a nominee or rider attached to your sum of money, then the premium rate would always be higher. For instance, there is a policy of registering the name of a relative or a friend to avail your money if you pass away in an accident or by any other means which causes sudden death. These kinds of riders make the premium rate hit heights.
#4 Pay Your Bills On Time
Insurers always scan your credit reports to get an idea of how exactly your nature of paying bills is and how punctual you are for the same. If the report shows you as a regular payee of the respective bills, then it would portray you to be credible in front of the company. This means that they would be getting the premium on time and you would not slip up.
#5 Kick That Butt Now
You might find it hard to believe, but if you are a regular smoker, your mortality risk increases by a certain percentage which means that you would not live long. And, the insurance company would definitely hesitate to get associated with someone who would be paying the premium for lesser amount of time to them. So, if you cannot quit smoking completely at first, try switching to ecigs which would at least subject you to reduced
#6 Be a Sound Driver
Insurance companies always prefer the people who have the lowest number of moving violations or road accident cases, and in case you happen to fall under the category of the accused frequently, they are bound to raise the premium rates.
#7 Quit Drinking Alcohol
Alcohol consumption is responsible for a lot of ailments like cardiac disorders, blood pressure fluctuation, diabetes, obesity, kidney failure and others. This again makes your life span short, and the insurance companies look for the people who could pay the premium amount for longer periods of time. Therefore, if you want painless saving, try curtailing or at least altering your drinking habits in order to enjoy lower rates of premium. And do not fake anything, as insurance companies check everything in physical before getting associated with you. Usually, your application, driving record and your medical exam, all would be thoroughly checked before zeroing down on any decision.
#8 Get Fit
Last, but certainly not the least, getting fit and losing those extra pounds on your body too could help you land up a lucrative life insurance policy with premium rates that would suit you and your budget in the most suitable manner. Obese people are more prone to die from heart attack or suffer from lifetime diseases like thyroid, fluctuating blood sugar levels, cholesterol etc.