• Home
  • Get A Quote
  • Customer Service
  • Refer a Friend
  • About Us
  • Location Map
  • Employee Directory
  • Privacy Policy
  • Contact Us
(979) 543-8884 | (844) 399-1212

How Can We Help You?

Home
  • Home
  • Get A Quote
    • Automobile
    • Business & CommercialImage of right arrow
      • General Liability Quote Form
      • Business Owners (BOP) Quote Form
    • Flood
    • Health
    • Homeowners
    • Life
    • Personal Umbrella Insurance
    • Renters
    • Watercraft & Boat
  • Blog
  • Resources
    • Secure File Area
    • Refer a Friend
    • Insurance Glossary
  • About Us
    • About Rod Insurance Group
    • Our Locations
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter



Have an insurance agent at your fingertips with the INSURANCE AGENT APP.

24/7 access to easily manage your insurance on your own time: ID Cards, Bill Pay, Claims Reporting, Change Request, etc...


Auto Insurance EMPLOYEE BENEFITS

Provide your company and your employees with the best benefits.

Read More
Homeowners Insurance HEALTH

Protect yourself for the road ahead with coverage that reflects what you need.

Read More
Business Insurance LIFE

Discover the perfect insurance options to meet your specific and unique needs.

Read More
Life Insurance COMMERCIAL

Browse a variety of insurance options in order to find the right one for you.

Read More
Health Insurance HOME & AUTO

Learn about different coverage options that fit your specific needs.

Read More
Home > Blog > How to Get the Best Rates on Life Insurance
FRIDAY, SEPTEMBER 30, 2016

How to Get the Best Rates on Life Insurance

Life insurance is supposed to provide peace of mind. But for many, the approval process gives them nothing but nightmares. 

The cost of life insurance varies depending on an applicant’s health history. According to a recent survey, smokers, on average, pay more than three times for the same policy than non-smokers.A non-smoking 45-year-old woman pays around $45 a month for $500,000 of 20-year level term coverage, while a female smoke of the same age will pay $167 month.

Age, your overall health, and your hobbies and occupation are also taken into consideration and can drive premiums higher. But that doesn’t mean you’re stuck paying a higher cost or skip insurance all together.

“There are many ways to save,” on life insurance, says Tony Steuer, an author and insurance literacy advocate. “Each insurance company has their own pricing strategy and can be more [or less] competitive in specific tiers. Companies also have different perspectives on medical/health issues, such as some companies are more lenient on build or on other more complex medical issues”

Here are four tips experts to employ to get life insurance without breaking the bank:

Tip No.1 Shop Around

Take the time to compare plans. “Some carriers weigh the fact that you are a smoker more heavily than other carriers,” says Laura Adams, senior analyst.

There are online aggregators that will compare plans and rates, or you can use an agent to shop around for you. If you use an agent, experts recommend making sure the professional has access to multiple policies and insurers since each company has different underwriting and rating polices.

“Every company has their own secret sauce on what they quote a customer,” says Adams. As a result, she says consumers should get at least three quotes and include one from a top carrier or a company that provides coverage nationwide.

Tip No.2: Get in Shape Now

In general, healthy people pay less than for coverage.

While it’s going to vary from one insurer to the other in terms of how long you’ll have to be smoke free to qualify as a non-smoker, kicking the habit is going to be your best shot at getting a lower rate.

“An individual who might be declined or facing life insurance premiums that are higher than they anticipated might use their quest for coverage as a wakeup call to improve their health,” says Jack Dolan, a spokesman for the American Council of Life Insurers. “When they do that, they can then come back to the life insurer and show how they have improved.”

If you already have a life insurance policy and quite smoking, Adams suggests alerting the insurer and inquiring about getting reclassified for a lower premium. The one thing you don’t want to do is lie or stretch the truth on your application--even if it’s something they can’t prove such as your weekend bungee jumping escapades. “If you die before you quit smoking and they investigate your death, they can deny a payoff if they found nicotine in your blood at the time of death,” says Adams.

Tip No.3: Get in on a Group Policy

Many corporate benefit programs offer life insurance that doesn’t require a physical exam or undergo any medical tests. While the amount you can take out is often capped, it is a way to get some coverage if you are unhealthy and fear you can’t afford the premium.

Becoming a member of an association or organization can often get access to a group life insurance policy in many cases.

Read More: Source

Posted 8:10 PM

Tags: life, insurance, tips, mistakes
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2017
  • 2016

  • insurance(51)
  • tips(28)
  • home(19)
  • life(13)
  • auto(12)
  • homeowner(11)
  • safety(10)
  • car(7)
  • holiday(6)
  • house(6)
  • homeowners(5)
  • rates(4)
  • health(4)
  • family(4)
  • summer(3)
  • money(3)
  • claims(3)
  • business(3)
  • flood(3)
  • mistakes(3)
  • dog(2)
  • accident(2)
  • value(2)
  • halloween(2)
  • commercial(2)
  • save(2)
  • april(2)
  • long-term(2)
  • funny(2)
  • policy(2)
  • theft(2)
  • thanksgiving(2)
  • valentine(2)
  • claim(2)
  • inventory(1)
  • employee(1)
  • disability(1)
  • texas(1)
  • driver(1)
  • stability(1)
  • jewelry(1)
  • teen(1)
  • traffic(1)
  • super bowl(1)
  • pets(1)
  • company(1)
  • school(1)
  • automobile(1)
  • spouse(1)
  • student loans(1)

View Mobile Version
Facebook
Twitter
LinkedIn
RSS
logo, company name
logo
logo, company name
a close up of a logo
logo
logo, company name
 

Trusted Partners Of

a drawing of a faceCore Benefits
logo, company name
Home

Contact Us

  • Office Address
  • 601 E. Jackson
  • El Campo, TX 77437
  • _
  • O: 979-543-8884
  • T: 844-399-1212
  • F: 844-521-5698
  • Mailing Address
  • PO Box A
  • El Campo, TX 77437
© Copyright. All rights reserved.
Powered by Insurance Website Builder