Hopefully, you signed up for a life insurance policy at a young age and in prime health, thus securing a low premium. If you missed this window, don’t fret. Even those with chronic health conditions can take some steps to reduce their payments. For example, working to manage a health condition — whether you’re trying new types of exercise, dropping bad habits such as drinking or smoking, or consulting with a doctor about other medications you could be taking — can reduce the cost of monthly premiums.
In addition to lifestyle changes, take a closer look at your current policy with some help from professionals like at Health IQ. For example, riders are typically added to policies. Many people, however, can do without the extra coverage that riders provide. Re-evaluate your policy and remove unnecessary riders to lower your payout. Also keep in mind that you don’t want the longest term period you can find. Your health will change as you age — which is something insurers account for. A longer policy increases the risk that the company takes on in insuring you, so you’ll deal with a more expensive policy.
The above situations are only a few brief examples. From driving more defensively to securing a rate when you’re young and switching to annual payments, you can consider many factors to reduce the cost of life insurance. Meet with an insurance agent, but do some homework beforehand. Take a short quiz on costs to learn about other ways to decrease what you pay for life insurance.
Thank you Health IQ for sharing this knowledge quiz with Leisure Freak readers.
About The Quiz Provider / Insurance Company- Health IQ
Health IQ’s mission is to improve the health of the world by celebrating the health conscious through financial rewards. Health IQ delivers better rates and underwriting, and was recently featured in sites such as CNBC, Venturebeat, and TechCrunch. and partners with top-rated insurance carriers such as SBLI, Ameritas Life Insurance Corp. and Assurity Life Insurance Company, and reinsurer partner Swiss Re to offer health conscious people between 4 and 33 percent lower rates on life insurance. Founded in 2013 by a team of health conscious entrepreneurs, the company is a licensed life insurance company in all 50 states and has helped tens of thousands of individuals secure a total of $5.3 billion in insurance coverage.