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Ways to Reduce your Life Insurance Premiums


Many people go without life insurance because they can't justify the cost of something they likely won't need for decades or at all. However, it is important to have life insurance, and there are some ways you can lower the premiums you pay.

Take advantage of group rates

One of the reasons you usually pay less for health insurance through an employer is because you get group rates, which are cheaper than individual rates. The same goes for life insurance. If you can get group rates by getting your policy through your employer or through a trade or other group to which you belong, you can get a cheaper policy.

Get term life insurance

If you simply need life insurance coverage until your kids are grown, then a term policy can be an inexpensive way to get coverage. Term policies have a level premium and set benefit for a set number of years, such as 20 or 30. If you don't die during the term, the life insurance expires. Because of this provision, premiums are much lower for term policies than for other types of life insurance.

Accept exclusions

You may be able to lower your life insurance premiums by excluding coverage for some situations. For example, if you have a family history of cancer, you may be able to get a policy that excludes coverage if you die of cancer. That way, the insurer excludes a major risk, which should lower the cost of your policy.

Improve your health

Health issues can affect what you pay for life insurance, so if there are things you can change or control, it can reduce your rates. Quitting smoking and losing weight may lower your premiums. If you have a medical condition that can be controlled with medication, doing so can lower your rates. 


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