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How You Can Save Money on Life Insurance

April 11, 2012 | Comments: 0 | Views: 78

Life insurance is not just about signing up for a policy and then expecting the money to come in when you get in trouble. This is also about saving money. So whenever you need to purchase insurance, think about the costs. The money life insurance saves is equally as important as saving your life and your family member's lives when something unexpected happens.

But how do you save money on life insurance? What are the things that you should consider? Here are six tips that you should take note of when you're looking at insurance coverage terms and don't want to spend too much.

  1. Look to your needs and the needs of your family members. In order to save money, life insurance online calculators are helpful in helping you know how much you need to cover until the retirement of your spouse or until your children finish their college education. Websites such as Life and Health Insurance Foundation for Education helps you compute your expenses through their calculator.
  2. Choose a term-life policy. From 20 years of age to around 50, you need to go for the term-life, as this is the simplest way to avail of a mutual savings life insurance. For people who are over the age of 60, cash-value life insurance is the better way.
  3. Get quotes from online sources. There are many online sites that can give you quotes. Among these include, InsWeb, and These sites can help you with the quotes that you need. Just be prepared to undergo a detailed application process and medical exam.
  4. Be in healthy condition. Companies don't give out policies to those who are sickly. In order to get into better shape and become eligible for insurance, you need to quit the vices that are detrimental to your health, such as smoking and drinking. You can also try getting a couple of medical exams to see how healthy you currently are. This way you know in advance what to do when you finally apply for a policy.
  5. Get professional advice on what to buy. You can seek the advice of a good financial planner or you can buy directly from the insurance company. You can also buy through an insurance agent or buy through a financial planner who is commission-based.
  6. Study and review. In order to know how much money you will be saving, you need to do your homework. Set aside time to research and seek expert help.

As a blogger, Marti Anonas writes about money, life insurance, and a variety of other things. She lives in Pandacan, Manila.

Source: EzineArticles
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