5 Ways Newlyweds Can Save On Life Insurance
Whether you have been married for 5 days or for 5 months, at some point every couple must consider life insurance. Marriage marks a significant step in life, financially and emotionally. Providing protection in case of the unthinkable, life insurance can be a wise investment for couples.
Know that you need life insurance though but looking to see how you can save? If so, you’ve come to the right place!
We break down what newlyweds need to know when it comes to saving on life insurance with these 5 tips. After all, here at TermLifeInsurance.com, we don’t think you should pay more for coverage than you have to.
1.) Understanding the difference between whole and term life insurance
Before getting too far ahead of yourself and begin comparing premiums and policies, first consider the type of coverage that you need. In fact, many people are unaware that there are actually two types of life insurance, term life insurance, and whole life insurance. Term life is the most common type of life insurance as well as the most affordable. Providing coverage for a set period of time, term life insurance provides coverage when you need it most, with the option to renew at the end of the policy. Whole life insurance, on the other hand, provides coverage for your entire life as long as the premiums are paid.
2.) Maintaining a healthy diet and fitness regimen
After you gain a better understanding of the difference between whole and term life insurance, you will want to take your health into consideration. Individuals that are in good health are often able to secure the best coverage at the lowest possible price. In addition, younger individuals also qualify for some of the lowest possible rates as well.
So, the morale of the story? If you want to experience significant savings on your policy, it is wise to keep in shape. Not only will this leaving you feeling physically and mentally at your best, it can also save your wallet as well. In fact, taking care of your health is by far one of the most important things you can do when it comes to saving on life insurance.
3.) Calculating expenses versus assets
Next, in order to determine just how much coverage you will want to invest in, you will need to have a clear idea of your expenses as well as assets. After all, every couples’ coverage needs are unique. Depending upon your financial situation and family situation, you may need more or less coverage. Also, keep in mind that your coverage needs are likely to change over time, so be sure to select a policy that offers flexibility to maximize your options.
4.) Quitting smoking for at least 1 year
Are you a smoker? If so, now is the time to quit. While you may have heard it a million times before, smoking isn’t doing your body or wallet any favors. Not only is this habit financially draining, it can also cause your healthcare costs to soar, including life insurance. Smokers on average pay 15-20% more for coverage. While no single provider may offer identical rates, smoking will not be in your favor when it comes to obtaining the most affordable rates.
5.) Understanding how to shop for insurance
Above all, the most important thing you can do when shopping for life insurance is understanding how to shop for life insurance. Although it may seem simple enough, the reality is that unless you’re a life insurance specialist, things can get complicated. Especially if you’re not sure what to even look for in a policy in the first place.
Which is why we decided to do something about it here at TermLifeInsurance.com. After all, we don’t think anyone should pay more for coverage than they have to. We’ve created an easy, hassle-free term life insurance quote generator. With no personal information required, you’ll have access to quotes instantly.
So, what are you waiting for? Discover how you can save up to 70% on term life insurance today.
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