Readers Question:

What’s the most effective way to get cheap term life insurance quotes? I only need life insurance coverage for the next five years, so I don’t want to pay too much! Thanks!

Margot

Cedar Rapids, IA

Good question. The right kind of term life insurance policy would not only give you the peace of mind knowing your family or dependents are financially secured, it could also stand to save you hundreds of dollars a year. Here are some effective tips to help you out:

Avoid Group Term Life Coverage

You’re rates could probably do better if you go with an individual life insurance policy as opposed to group life coverage, which tends to be at your disadvantage, since most high-risk member makes the rates more expensive everyone else.

Avoid No-Exam Term Life Policies

If you’re relatively young and in good health, there is no reason to avoid the physical exam. No-Exam life coverage is much more expensive because the insurers are taking a bigger risk for not knowing you’re likelihood to die within the coverage period. So unless you have a terminal illness which makes you uninsurable, why overpay?

Kick Away That Cigarette

Did you know that smokers pay three to four times more on life insurance compared to non-smokers? Even if you only finish a pack a week or a pack a month, usage of cigarettes and other nicotine-based products would automatically give you a those high smokers’ rate with most insurers. It takes tow or three years of zero-smoking to get your rates to a non-smoker.

Shop Around For The Lowest Quotes

Getting to compare the cheapest term life insurance quotes, coming from a wider range of insurers in the market, is the best way to maximize your chance of getting the most affordable term life insurance coverage around. In fact, this website is a great place to start your search, with the free insurance quote search tool found here.

Rates Are Cheapest While You’re Young And Healthy

Buy while you are still in relative good health. Buying while you are young gives you access to the cheapest life insurance rates, especially now that premiums have gone down significantly.