Besides your vintage baseball card collection and unappreciated sense of humor, one of the most important things you can leave behind after passing is life insurance. “But isn’t it expensive?” you ask. Depends, though term life insurance is typically one of the least expensive options out there. AND, we know where all the term life insurance discounts are hiding—so BO-NUS.
Everything from certain hobbies to your marital status could help lower your term life insurance premiums. Our independent insurance agents will help you navigate the playing field to snag the right discounts for you. Still a good idea to hold on to those baseball cards, though.
Let’s talk a little more about term life insurance discounts from the what, to the why and the where. So strap in, friend, this is gonna be fun.
Simply put, term life insurance discounts are a super-easy way to lower your premiums. But most insurance discounts don’t work quite the same as your beloved coupons do. They’re more like a tightly woven math problem that the insurance company uses to calculate how likely you are to die prematurely. The less likely that is, the less you’ll pay. Morbid, but true.
It’s important to remember that not all discounts will be spelled out in your policy, even if they’re still saving you money. You’ll likely know if you’re getting a military or veterans discount, but you might not realize you’re getting a discount for not going skydiving, too. It’s all a part of the math.
Oh, and a quick reminder: Term life insurance is different from whole (aka permanent) life insurance. Whole covers you for your entire lifespan, while term covers you for a fixed amount of time, like 5 or 20 years. You can get discounts on either type.
There’s like a gajillion insurance discounts available out there, but they all fall under four main types:
More often than not, it’s pretty easy. But sometimes life insurance discounts depend on things you can’t easily control. Sometimes you have to settle for less-than-ideal discounts, especially if you’re health ain’t what it used to be or you loooooove bullfighting on the weekends.
You can offset the extra cost that comes with being older, being ill or having dangerous hobbies by hunting extra-hard for bundling or group discounts. Talk to your agent and your employer to make sure you’re getting everything you’re entitled to.
Chances are you’ll get a few discounts automatically whether you ask for them or not. Many of these discounts aren’t explicitly spelled out in your policy and are based on things you can’t always control, like your gender and age.
But if you want to go above and beyond to lower those premiums as much as possible, just follow these easy steps while you bargain-hunt:
Now you know how term life insurance discounts work, but why do all the hard work yourself? Our independent insurance agents stay on top of the industry and all the latest discounts so you don’t have to. That means they’ll help you find the right term life insurance coverage for you at the right price.
They’re not just there at the beginning, either. If disaster strikes, your agent will be there to help walk your loved ones through the process of getting the benefits they’re entitled to. Now that’s thinking ahead.