When Life means Life
8 Smart Strategies to Maintain Affordable Life Insurance for Life
Life insurance provides invaluable financial protection for your loved ones, but it's important to keep the premiums affordable to sustain coverage throughout your life. By implementing these 8 smart strategies, you can ensure your life insurance remains within budget while offering long-term security for your loved ones.
1. Seek Professional Guidance: Consult with an independent accredited insurance Adviser who can provide personalised advice and help you navigate the insurance landscape to find the most long term and affordable options. This is also the one call you need to make if anything happens and they will sort your claim on your behalf. This removes the need to deal with insurance companies directly at all!
2. Compare Quotes from Insurers: Rates vary among insurance providers, so it's wise to obtain quotes from several reputable insurers – a role for your Adviser! Compare premiums and coverage to find the best deal for your needs. Remember most insurance companies start off very cheaply and quickly increase their costs over time.. so ask about this and what your cover may cost you in 5, 10, or 20 years! Most people don’t think about this!
3. Maintain a Healthy Lifestyle: Health significantly impacts insurance premiums. Exercise regularly, eat nutritious meals, manage weight, and keep cholesterol and blood pressure in check to secure lower premiums.
4. Avoid Tobacco and Excessive Alcohol Use: Tobacco use and excessive drinking elevate life insurance premiums. Quit smoking and limit alcohol consumption to maintain affordability and improve overall health.
5. Regularly Review and Adjust Coverage: As life changes, review your coverage to ensure it aligns with your needs. Periodically assess whether you need to modify your policy to cover additional or changing needs.
6. Bundle Insurance Policies: Bundling multiple insurance policies, such as life, Trauma and Income Protection insurances with the same provider potentially will mean you receive discounts reducing overall insurance costs. Your trusted Adviser can ensure this happens.
7. Opt for Level-Premium Policies: Choose a level-premium term life insurance policy to avoid increases in premiums! With fixed premiums throughout the policy term, budgeting becomes much easier.
8. Maintain your payments: Insurance companies may suspend your cover if you miss payments. Usually after 3 months in arrears your cover will likely be terminated. Some insurers will offer up to 6 months of free premium holiday should you be able to prove financial hardship. This can only be applied once in the lifetime of the cover.
Affordable Life insurance for Life is achievable with careful planning and smart strategies such as ‘levelled’ premiums. By starting early, comparing quotes, maintaining a healthy lifestyle, and regularly reviewing coverage, you can safeguard your loved ones' financial future without straining your budget. Seek expert guidance to optimise your life insurance choices.
Call Mark for more information or a chat about your insurances now!