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Permanent Life Insurance Discounts

How to Find Affordable Permanent Life Insurance

Everyone wants to save money on their expenses, whether it is groceries, gas or life insurance. You can save money on your permanent life insurance simply by taking the time to shop around and compare what several different companies offer and their rates. Be sure to ask for information on all available permanent life insurance discounts to help you save on your insurance costs.

One of the easiest ways to find low cost permanent insurance is to contact an independent agent in the Trusted Choice® network. A local agent right in your area can help you compare affordable permanent life insurance quotes and discounts. Find an agent today.

Obesity Statistics in the U.S. 2009 to 2010

Health risks such as obesity, high blood pressure, heart disease and smoking can have a dramatic impact on your life insurance costs.

  • Percentage of adults over the age of 20 who are obese: 35.9%
  • Percentage of adolescents between ages 12 and 19 who are obese: 18.4%
  • Percentage of children between the ages of 6 and 11 who are obese: 18%

How to Cut Costs on Permanent Life Insurance

There are a variety of ways to reduce the cost of your permanent life insurance. You can do some things for yourself to cut costs on your premiums, such as managing your health proactively and buying your policy as young as possible. Buying your life insurance policy while you are healthy can ensure that you do not become ineligible if your health status changes.

One of the most costly mistakes people make is to allow their life insurance to lapse by not keeping up with their premiums. If you allow this to happen, and then attempt to buy life insurance again after you have a health condition, you will have a much harder time qualifying. If you do qualify, your coverage will be more costly due to your age and poorer health.

Remaining as healthy as possible, buying your life insurance policy as young as possible and maintaining your policy are important things you can do to keep your costs down.

How to Qualify for Discounts on Whole Life or Universal Life Insurance

You can qualify for a discount on whole life or universal life insurance simply by selecting the right policy and making sure you get all of the discounts you qualify for.

Let’s look at the types of whole life insurance policies and see how you find these discounts.

Whole Life Insurance Discounts

There are several different types of whole life policies. Examine each type to determine the best and most affordable whole life insurance policy for your needs.

  • Participating whole life: Of your choices, this is the most expensive to buy. A participating whole life policy allows you to choose how to use the dividends from the insurance company issuing your policy.
  • Non-participating whole life: This is a more of a hands-off policy as you do not have an option for how to use the dividends. As such, the premiums for this type of whole life policy tend to be cheaper than a participating whole life policy.
  • Combination policies: This is a type of policy where you have a participating policy with a portion of the death benefit provided by a term life insurance policy. Dividends are added to the policy and gradually replace the term insurance. A combination policy can be even cheaper than a non-participating policy.
  • Joint policies: Married people and business partners sometimes buy separate whole life insurance policies, but you can actually save money by buying a joint policy.

Universal Life Insurance Discounts

Universal life insurance provides more flexibility than a whole life insurance policy because it allows you to alter either your premium payment or the death benefits.

This flexibility may be a cost savings depending on how you use the options offered.

  • Low fee and bonus policy option: Some universal life insurance policies are available that offer a low fee policy option, which reduces the administrative cost to manage your policy. This means that more money is used to increase the cash value accumulation portion of your policy.
  • Joint policies: Married people and business partners sometimes buy separate whole life insurance policies, but you can often save money by buying a joint policy.

Lower Your Rates

There are a variety of things you can do to find affordable permanent life insurance. These include:

  • Adjusting your premium payments: Some policies offer you a variety of choices in how you pay your premium, such as paying monthly, semi-annually, annually or in a single up-front lump sum payment. By paying annually, semi-annually or a lump sum payment, you will typically pay a lower premium.
  • Buying life insurance young: Life insurance premiums are cheaper when you buy at a younger age. They become progressively more expensive as you grow older. If you are considering the purchase of a permanent life insurance policy, don’t wait. You can save significantly on your premium payments by locking in a rate sooner rather than later.
  • Remaining healthy: Life insurance companies give you premium discounts if you are healthy, so if your lifestyle includes some unhealthy habits such as smoking, or if you live a sedentary lifestyle, then improving your diet and getting more exercise can also help you save money on your insurance costs.
  • Comparison shopping: You can save money by shopping around to compare both the types of policies being offered by different insurance companies and the rates they charge. One of the best approaches to compare policies and find low cost permanent life insurance is by talking to an independent agent in the Trusted Choice network. A local member agent can do the comparison shopping for you and help you find all possible permanent life insurance discounts.

Word of Caution on Discount Life Insurance Policies

When shopping online you will come across many advertisements for cheap life insurance which may be hype, a scam or may not be the right coverage for your needs. Also beware of calls from insurance sales people; the elderly can be particularly vulnerable to these kinds of calls.

Be sure to work with an agent who can help you find high quality insurance tailored to you. Independent agents in the Trusted Choice network have all signed a Pledge of Performance commiting to quality customer care and ethical business practices. You can sit down with a local member agent in your area to get unbiased assistance with your life insurance choices.

Avoid Riders and Add-Ons

To get the most affordable life insurance policy, pay close attention to whether you really need to buy any optional riders or add-ons offered. Some of the riders include:

  • Accelerated death benefits: These allow you to receive funds disbursement from a life insurance policy, under specified conditions, before you would normally be able to access those benefits.
  • Accidental death benefits: These benefits increase the face value of your life insurance policy if you were to die accidentally.
  • Automatic premium loan rider: This rider ensures your premiums are paid up to date.
  • Guaranteed insurability: This rider permits you to buy additional life insurance coverage without having to take a medical exam.
  • Waiver of premium: If you become disabled, this rider allows you to cease your premium payment and still retain your coverage.

As with all insurance, choosing the amount and type you want is about finding a balance between risk management and cost. By working with an independent agent in the Trusted Choice network, you can get the quality advice you need to choose the life insurance coverage that makes sense for you.

Is It Possible to Get Multi-Policy Discounts?

You can get multi-policy discounts from some insurance companies. For example, some life insurance companies also offer health coverage, long term disability coverage and more. By bundling two or more of these policies together with one insurance company, you may receive a discount.

The way policies are bundled together and the discount you receive will vary from one company to another. Not all insurance companies offer bundled insurance discounts so be sure to ask your agent which policies can be combined with your permanent life insurance.

Finding affordable permanent life insurance can be daunting. Contact a local agent in the Trusted Choice network to help you find an affordable permanent life insurance policy to protect your family’s financial well-being.

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