Life insurance is more affordable than most people think – and there are several strategies to make it even cheaper. Whether you’re buying your first policy or looking to lower your current premiums, these tips can save you hundreds or even thousands of dollars over the life of your policy.
Proven Ways to Save on Life Insurance
Buy Young
Life insurance rates increase with every birthday. Locking in a policy at 30 is significantly cheaper than waiting until 40. The best time to buy is now.
Choose Term Life
Term life insurance is 5-15x cheaper than whole life for the same death benefit. If you need income replacement or mortgage protection, term is almost always the smartest choice.
Improve Your Health
Losing weight, quitting smoking, controlling blood pressure, and managing cholesterol can all improve your insurance classification – potentially saving 30-50% on premiums.
Work with an Independent Agent
TermHero compares rates from 30+ carriers. The same health profile can receive dramatically different rates from different companies. We find the best one for you.
Buy the Right Amount
Over-insuring costs money; under-insuring puts your family at risk. We help you calculate the right coverage amount so you’re not paying for more than you need.
Consider a Medical Exam
No-exam policies are convenient, but if you’re in good health, a traditional exam-based policy will almost always offer a lower rate.
Don’t Smoke (or Quit)
Non-smoker rates can be 50-70% lower than smoker rates. If you’ve quit, most carriers offer non-smoker rates after 12 months tobacco-free.
Ladder Your Policies
Instead of one $1M policy, consider a $500K 30-year term and a $500K 15-year term. As the shorter policy expires, your costs drop – while you still have coverage for the duration you need it.
Find Your Best Rate
TermHero makes saving on life insurance easy. We shop the market, compare rates, and find the coverage that fits your budget.
Call (818) 222-1076 or get your free quote