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Top ten ways to lower your life insurance costs
So you’ve been approved for life insurance, but you’re just not that thrilled about the rate class that you received. Sound familiar? Now you are looking for ways to lower your whole or term life insurance rates. If that describes you then keep on reading, you may be surprised by what you learn about ways to lower life insurance premiums.
1. Get a second opinion
Getting approved for life insurance at any rate class is a great thing! After all, now you know that there is at least one life insurance carrier out there that thinks you’re an “acceptable risk” for life insurance.
Think of it this way, now that you’ve been approved, you can now spend the rest of your life trying to get a better deal on your life insurance. And if you’re not able too, well at least you found coverage somewhere.
The good news is that there is a very good chance that when you originally applied for life insurance, you probably did one of two things:
- Applied with the first insurance company you called.
- Or applied with an insurance broker who most likely recommended the most affordable insurance carrier out there.
This happens all the time, because in reality what else are you supposed to do?
The problem is, what happens if the:
First company that you called isn’t the best fit for you?
After you take your medical exam you don’t qualify for that super low rate that they promised?
What usually happens is that the individual looking for life insurance coverage is presented with a rate that is much higher than what was originally quoted!
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2. Take your cholesterol and blood pressure medications!
Easy, it’s because these medications work!
So if you’ve recently been approved for life insurance at a rate class that you’re not satisfied with due to an elevated cholesterol or blood pressure level, first be sure that you applied with the most lenient life insurance carrier for both cholesterol and or blood pressure.
And second, spend the next 6 months to a year getting a handle on these levels through diet and exercise or get on those meds!
Typically, one should be able to qualify for a preferred rate class within a year of getting their blood pressure or cholesterol under control. So if you don’t have any life insurance right now, and you’re certain that you will be able to get your cholesterol under control, why not take out a 10 year term life insurance policy now, and then just re-apply for a longer term policy in a year when you will qualify for a lower rate?
Want to find out more, give us a call, we may not be able to help you this time around, but would love to put you on our calendar to give you a call a year out from today with great news about your new, much more affordable life insurance option!
3. "I'm not a diabetic, that's just something my doctor likes to call me"
So have you been labeled type 2 diabetic or type 1 diabetic? Or were you told that you might be considered pre-diabetic? If so, there’s really not much you can do about being “diagnosed diabetic” by the insurance industry since insurance companies generally feel that once one is diagnosed a “diabetic”, they will always be a diabetic in the eyes of the life insurance industry.
Which means, we’ll able to let you know really quickly if we can help you. In fact the call is going to go a lot like this:
TermLife2Go: So you’re diabetic or you’ve recently been told by an insurance company that you’re “pre-diabetic”?
TermLife2Go: Ok, so who did you apply for life insurance with?
To this question, there are only 2 right answers. Based on who you applied with will determine if you have a chance to get approved for a better life insurance premium.
Why don’t you give us a call. We’ll let you know in 10 seconds if it’s worth applying for life insurance again.
4. Elevated Liver Says What?
One reason why insurance companies want to receive a blood sample during their exam is so that they can run a series of tests that check to see if ones liver is functioning normally. The problem with these exams is that they are super sensitive which is why you may become a victim of one of the many “false positives” that will occur in underwriting.
Definition: False positive: a test result that is incorrect because the test indicated a condition or finding that does not exist. Meaning, the test says your liver is not functioning normally when in fact your liver is fine--- the blood sample is the issue.
What could cause a blood sample to be the issue?
A wild night of debauchery before the exam? Sure.
Or how about after the mobile medic takes your blood sample they then go on to three more appointments leaving your blood sample in the trunk on their car!
This happens all the time. In most cases it is the more likely cause of the false positive!
For this reason, if you have been denied coverage or were approved a lower rate class than you feel that you truly qualify for, it’s important to know which life insurance carrier denied you.
By knowing which carrier that you initially applied with, we at TermLife2Go should be able to match you with an “equivalent” life insurance carrier and order a new medical exam so that we can get these liver functions exams redone for you, free of charge!
Now if you do have liver issues and you have been approved for life insurance, well in that situation, take the life insurance coverage, and see your doctor!
5. Either become a better driver or buy a slower car
One of the leading causes of death, to what would otherwise be a healthy individual, is a motor vehicle accident. For this reason, multiple tickets, accidents, or DUI’s during a set period of time could lead some carriers to either deny an application or postpone the life insurance application until your DMV record is clean.
For those with such issues, it’s key to let your TermLife2Go life insurance agent know them right away so that they can direct you to the life insurance carrier that will best meet your needs…
And, maybe suggest taking public transportation for a while!
6. Eat less, walk more!
This is an easy way to lower your life insurance premiums; if you’re too heavy for the rate class you feel you deserve, lose weight!
Or you could also consider a life insurance carrier that doesn’t have such a strict height to weight ratio underwriting guideline. We at TermLife2Go are constantly amazed to see just how often other insurance agencies will simply place someone into a Standard Rate Class rather than do their due diligence and learn which life insurance carriers allow for more... shall we say “girth”!
So it’s up to you. You can either get on that treadmill and work off those unwanted pounds or you could give us a call… We recommend you try both!
7. Give me a break....my “insurance age”?
Yep that’s right, in the world of life insurance, there is a term called “insurance age”. Never heard of it? Not many have, now let’s define it and see if you fell victim to how it works.
Definition: Insurance age: is the age based on the individual’s nearest birthday. If the individual is more than 6 months or 182 days into their birthday year, this individual would be treated as if they were in fact already one year older than they actually are.
Most insurance companies use a client's “insurance age”, or nearest age, to determine what their premium should be. Now if you’re in your early 30’s this isn’t going to be a big deal, but if you’re in your late 40’s and up, it could represent a 10-20% increase in the amount of premium that you will be charged per month!!!
Now just multiply that over 20 or 30 years and you’ll begin to see why insurance companies love to use ones “insurance age” rather than their actual age.
So want to figure out how you can save 10-20% on your life insurance? That’s easy, all you need to know is which insurance companies look at ones actual age when determining your insurance premium rather than ones “insurance age”!
8. News flash… Insurance companies don’t like tobacco products.
One easy way to lower the cost of life insurance is to stop smoking. But if you smoke cigarettes and you have no intention of quitting, our advice for you is get your insurance early, get the longest possible policy available and move on with your life.
Now if you are looking for life insurance and use some other type of tobacco product such as cigar, chewing tobacco, electronic cigarette, etc… There could be good news out there for you. In fact, you could theoretically qualify for a non-tobacco rate provided you know where to look!
You’re just going to have to take our word for it. If you don’t smoke cigarettes and you were just rated a tobacco user by an insurance company, you really need to give us a call.
9. Are you at one with the Herb?
Now that marijuana is no longer considered the devil’s weed, it’s amazing how frequently we’re seeing people looking life insurance while actively using marijuana. The good news is that in many cases marijuana use is now slowly being considered equivalent to tobacco use with one exception:
Why are you using marijuana? Due to the legalization of medical marijuana dispensaries, many marijuana users found themselves able to be diagnosed with conditions that allowed them to receive prescriptions for the use of medical marijuana. Well, diagnoses have consequences, which means if you were prescribed marijuana for:
- Panic attacks
Insurance companies are going to what to know about these conditions as well.
The take away on all this is that if you use marijuana as a medication or for recreation as one would use alcohol, you definitely want to be sure that your life insurance agent is aware of this and that he or she knows how to get marijuana users approved for life insurance.
We at TermLife2Go do!
10. Momma always said to get your rest!
Want to know one of the best ways to lower life insurance premiums and get the best rate on life insurance? Easy, don’t have any issues on your exam. If, when your originally applied for life insurance, you weren’t told these tips for acing your life insurance exam:
- Fast for 12-24 hours before your exam.
- Avoid consuming any alcohol or tobacco for 24 hours prior to your exam.
- Avoid any strenuous exercise for 24-48 hours.
- Continue to take any prescribed medications from your doctor.
- Eat a light meal, not loaded with saturated fats the night before your exam.
- And be sure to take your exam first thing in the morning when your blood pressure, weight cholesterol and blood sugar are typically at their lowest.
...then your agent has done you a great disservice!
These are just ten ways to lower life insurance premiums. The agents at TermLife2Go are equipped to deal with virtually every life insurance scenario and find you a way to lower your premium on life insurance even if none of the above list pertains to you. Give TermLife2Go a chance to earn your business today!