Buying a life insurance policy that is affordable, yet not solving the purpose is simply useless. Do not pick a product that does not serve your needs. Read through the post to understand other important ways to reduce the premium costs on Life Insurance Policy.
Compare And Then Buy: If you are deciding on a policy just going by a TV ad or because someone had recommended or bought it, chances are high that it is a misfit for you. Rather, compare all the available options in the market and pick the one that best suits your need and the budget. Compare and buy the best plan for the best price.
Buy When Young: Premium costs increase with pre-existing ailments and age. So get the advantage of a low premium cost when buying young, because that is when your mortality risk is low and you are healthier. Thereby getting good cover at a good cost.
Maintain A Good Lifestyle: The premium cost of the life insurance depends on the applicant’s health. Smoking habit increases the premium costs as the mortality risk is estimated by the lifestyle followed. Lower your mortality risk and reduce the premium costs, by following a healthy lifestyle.
Opt For An Optimum Tenure: Keep the tenure optimum or short, to pay low premiums. The optimum tenure should be till the time your financial dependents need you. For instance, your 10-year child might be dependent on you only for more 15 years, why take a 20 or 30-year term plan?
Avoid Buying Through Brokers: It is advisable to buy a policy online or directly with the company. Middlemen (brokers or agents) sell life insurance policies for commission every purchase. And the commission is added to the premium costs. Avoid middlemen to avoid addition/unwanted charges.
Consider these simple things to save money on premium costs of your insurance policy, without compromising on the cover. Do not compromise on the benefits or purpose of the life insurance policy. For more information approach ArthaYantra – an online fiduciary.