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Tips for Finding the Best Rates for Life Insurance Life insurance premiums vary depending on your health history. A recent survey conducted by insuranceQuotes.com showed that smokers generally pay more than thrice for the same coverage than non-smokers. Your overall health, occupation, hobbies, and age are considered and could drive up premiums. But that doesn’t necessarily mean you have to pay higher rates or avoid insurance altogether. The following are 4 recommendations for getting the best life insurance premiums. Compare different policies
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Carefully compare different policies. Some insurance carriers charge smokers higher premiums than other carriers. You can have an agent look around for your insurance or make use of online aggregators to evaluate plans and rates. Every insurance carrier has their own method of determining rates, so try to get at least three quotes including rates from a leading carrier that provides coverage countrywide.
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Work out Healthy people usually get reduced life insurance rates. Kicking your smoking habit is your best chance to get a lower rate, even though different companies have different policies when it comes determining how long one must be smoke-free to be deemed a non-smoker. If you’re denied or are paying higher life insurance rates than you anticipated, you can use this opportunity to improve your health. Once you’ve done this, you can then go back to your insurer and demonstrate how you’ve improved. If you stop smoking and have life insurance, let your insurance carrier know before you ask for a reduced rate. Join a group policy Many company benefit programs provide life insurance without requiring one to take any medical tests or physical exam. While they often cap how much one can take out, it’s a good way for an unhealthy person who can’t afford the rates to get coverage. In many cases, you can often access group life insurance if you join an association or organization. Review your insurance policy annually Make sure to review your policy yearly or when you have a life-changing experience such as a divorce, wedding, or new child. You should also ensure your beneficiary terms are updated and compare your options, especially on term life insurance, so as to ensure you are paying the least rate possible. In addition, you can change your mode of paying premiums and save some money. When looking for life insurance, always be honest with your agent and use some common sense. Do some research on different kinds of life insurance coverage and compare each with your agent. If you are not sure, you can ask questions. It can be harder to get life insurance coverage as you age, so it’s advised that you find one while you are still young. Also make sure to choose a policy you can afford.