What is the expense in having insurance at an old age? If you ask anyone, life insurance for over 50s certainly does not come cheap, especially if you belong to the worst health class the insurance companies usually assign applicants.
If you are unhappy about your premium rates, the situation is not hopeless.
Actually, research shows that there is plenty you can do that can lower these rates significantly.
Here are a few of those things: Quit smoking - If your insurance company has grouped you in the worst health class, chances are you are smoking tobacco.
Virtually all insurance companies consider the use of tobacco as a high risk factor that can lead to premature death.
Thus, they charge higher premiums for individuals who smoke.
If you want to lower your rates, consider quitting smoking.
Maintain a healthy weight - Insurance carriers also examine your weight in relation to your height.
If you are overweight then you will pay more for your life policy.
Hence, take steps towards maintaining a healthy weight if you want to pay less.
Of course, this means having a regular physical exercise routine and proper nutrition.
Keep your cholesterol and blood pressure in check - Even individuals who might not be overweight can experience high levels of cholesterol and blood pressure due to visceral fat.
Insurance companies will also check for these levels and if they are unhealthy, you will pay higher rates.
It is thus vital to consult a doctor and determine steps you can take to keep these two in check.
Consider changing your occupation or retiring - Insurance carriers consider some occupations to be of higher risk than others.
For instance, if you are an army officer you will pay more than a schoolteacher.
If your insurance company determines that your occupation is of higher risk, consider switching to another job or applying for early retirement.
Make annual payments and do not buy more than you require - Compared to monthly payments, annual premiums are much cheaper.
Before choosing a policy, ask the insurance company for both monthly and annual quotes.
You will be surprised how big you can save.
It is also vital to access your life insurance needs so that you do not buy more than you really need.
You can make use of the numerous online insurance calculators to determine the amount of coverage you need.
By so doing, you will be able to lower your out-of-pocket life insurance costs significantly.
If you are unhappy about your premium rates, the situation is not hopeless.
Actually, research shows that there is plenty you can do that can lower these rates significantly.
Here are a few of those things: Quit smoking - If your insurance company has grouped you in the worst health class, chances are you are smoking tobacco.
Virtually all insurance companies consider the use of tobacco as a high risk factor that can lead to premature death.
Thus, they charge higher premiums for individuals who smoke.
If you want to lower your rates, consider quitting smoking.
Maintain a healthy weight - Insurance carriers also examine your weight in relation to your height.
If you are overweight then you will pay more for your life policy.
Hence, take steps towards maintaining a healthy weight if you want to pay less.
Of course, this means having a regular physical exercise routine and proper nutrition.
Keep your cholesterol and blood pressure in check - Even individuals who might not be overweight can experience high levels of cholesterol and blood pressure due to visceral fat.
Insurance companies will also check for these levels and if they are unhealthy, you will pay higher rates.
It is thus vital to consult a doctor and determine steps you can take to keep these two in check.
Consider changing your occupation or retiring - Insurance carriers consider some occupations to be of higher risk than others.
For instance, if you are an army officer you will pay more than a schoolteacher.
If your insurance company determines that your occupation is of higher risk, consider switching to another job or applying for early retirement.
Make annual payments and do not buy more than you require - Compared to monthly payments, annual premiums are much cheaper.
Before choosing a policy, ask the insurance company for both monthly and annual quotes.
You will be surprised how big you can save.
It is also vital to access your life insurance needs so that you do not buy more than you really need.
You can make use of the numerous online insurance calculators to determine the amount of coverage you need.
By so doing, you will be able to lower your out-of-pocket life insurance costs significantly.
