5 Ways to Get Discounted Life Insurance

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  • Bundling your policies, paying your premium in full, and belonging to certain organizations can potentially mean lower life insurance premiums.
  • Ask your life insurer what discounts they offer, how to qualify, and what terms you can change for a lower premium.

These simple steps can earn you discounts on your life insurance.

No one likes to think about their own mortality, but life insurance is an important part of financial planning for you and your family. Term life insurance policies are relatively inexpensive and provide peace of mind in knowing that your loved ones will be taken care of financially if something happens to you.

There are a number of ways to get discounted life insurance, and we've compiled a list of five of the best ways to save. Read on to find out how you can get the coverage you need at a price you can afford.

1. Shop around and compare rates

Don't just go with the first life insurance policy you come across. Shop around and compare rates from different companies before making a decision. You may find just by doing a simple comparison, you can find a policy for less than you are paying now. Remember that the lowest price isn't always the best deal and that you should also consider a policy that offers the best value for the money. Be sure to read the fine print before buying a policy.

2. Bundle your policies

Insurance companies may offer bundling discounts for purchasing other types of insurance such as homeowners insurance, auto, renters, motorcycle, RV, life, and more. A discount for bundling is also known as a multi-policy discount. Bundling insurance policies like home, auto insurance, and life insurance means you are buying multiple policies from one insurer. In addition to saving money, bundling offers greater convenience. Instead of having to deal with different companies, bills, and statements, bundling helps consolidate and streamline your policies.

3. Pay your annual premium in full

Most companies offer a discount for paying your premium in one lump sum each year instead of spreading it out over 12 monthly payments. If you can afford to pay annually, this is a great way to save on your premiums. Don't forget to ask your life insurance company if they offer discounts for paying in full.

4. Look at group or organization discounts

One way to save money is to be a member of certain groups or organizations. Many times, these groups offer their members discounted rates on life insurance policies. Members of the military, teachers, seniors, and others are often eligible for discounts. To take advantage of these discounts, check whether any organizations you belong to qualify through your insurer. If your employer also offers life insurance, you may be able to increase your coverage at a discount.

5. Change your life insurance terms

A shorter term length will typically mean a lower premium payment each month. If you can swing it, opt for a five- or 10-year term instead of a 20- or 30-year term. You can also reduce your coverage amount for a lower premium cost. Keep in mind that your needs may change over time, so be sure to reevaluate your coverage periodically to make sure it still meets your needs.

When it comes to life insurance, there are a number of ways to get discounts. By following these five tips, you can get the coverage you need without breaking the bank. The most important thing is to make sure that you have enough coverage that your loved ones are cared for financially if something happens to you.

Our picks for best life insurance companies

Life insurance is essential if you have people depending on you. We’ve combed through the options and developed a best-in-class list for life insurance coverage. This guide will help you find the best life insurance companies and the right type of policy for your needs. Read our free review today.

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