5 Quickest Ways to Lower Your Life Insurance Premium

Life insurance and/or other forms of providing for the future are a must-have, that is if you appreciate the fact that you can never truly predict how events in your future will turn out. If you are just coming across this article for the first time or have not given this topic much thought in the past, then this should get you thinking in this direction. To begin with, you should understand that to lower your life insurance premium there are certain measures which need to be taken. The first of such measures will be to change your old habits, which from experience is difficult to do; like they say: "old habits die hard," but if you want to get the best out of a life insurance policy by paying less on your premium there will be no escaping this fact.

Bad habits that will increase your premium payment include smoking, eating habits that make you obese and others that will generally make you unhealthy. Additionally, to reduce your life insurance premium it is better for you to make lump payments rather than regular installments because installment plans cost you more. The higher cost is because due to the cost of making additional payments and the transaction fees that are charged by the insurance companies. Moreover, many insurance companies offer a discount on your premium if it is paid annually. Other ways to think about this include being charged for fewer online transfers by your banking institution. 

A third quick way to lower your life insurance premium is to research different policies and carriers online. What you want to do is get free online quotes from different insurance companies because insurance providers all make use of different structures in assessing risks and determining their own premiums. It is often possible for you to get the same coverage you seek at a less expensive cost through a different insurance provider. These tactics can save you hundreds of dollars annually and possibly more.   

Still another way to reduce your insurance premiums is by considering term life insurance if you know you cannot afford whole life insurance so long as it fits with your particular situation. Premiums for whole life insurance of a similar term life insurance can cost you five times as much on average. Though make sure you discuss with your insurance agent what suits you best.

Lastly, you should also profile yourself to find out if there are any high risk factors in your life or potentially dangerous activities that you are engaged in which can make your premium payments increase. For example, do you participate in extreme sports such as skydiving, climbing mountains, etc. Something else that will have an effect is your occupation; is it one that could be considered risky or dangerous. Reducing high risk habits or lifestyle activities are definitely another sure fire way to reducing your premium.