How To Get A Cheap Life Insurance Policy In 2019

Written by NextGen Life Insurance

Are you looking for a cheap life insurance policy in 2019?

If so, you’ve come to the right place.

Technology has made it faster and easier to get multiple quotes from various carriers. Just input a few pieces of information and in just a few minutes you will be reviewing and comparing quotes.

Previously, you either had to go through an insurance agent who handled your home and auto or get it through work. It made the process easier for some but it certainly did not mean that the consumer got the best policy at a good price.

Read on to get some great tips on how to get cheap life insurance in 2019.

Don’t wait!

With life insurance, the younger you are the cheaper your rates. According to Investopedia, it is best to purchase life insurance before you turn 35. Not only are you typically at your healthiest when you are younger, but the rate structures and pricing are in your favor.

If you are under 35 and single, you are probably thinking you should get a small policy now and get more coverage later. While that might be exactly what you need, thinking ahead could find you wanting a larger death benefit. Why? Simple – circumstances can and most likely will, change.

Let’s fast forward five years down the road and see where you might be. Married, searching for your first home and either thinking of a family or already have a baby on the way.

At this point, some people might be now just be thinking about life insurance to ensure your family’s needs are taken care of. Luckily, you don’t have to worry because you thought ahead and got a larger policy that would take care of your family if the unexpected happens.

Even if this scenario isn’t in your future and you think a small policy would be sufficient, getting life insurance sooner than later will still benefit you with lower out of pocket costs.

Also, keep in mind you never know when your health might decline and make it difficult or impossible to get an affordable life insurance policy.

Term vs Whole Life vs Universal Life

For most people, term life insurance is going to be the most cost-effective policy to buy. You can get a larger death benefit at the lowest cost, providing peace of mind to you that your family can maintain the same lifestyle if you were to pass away.

In some instances, whole life or universal life insurance might make more sense for you. Take a look at the different policy types in more detail and find one that works best for you and your family’s needs.

Get multiple quotes

With so many ways to get life insurance quotes online, it just makes sense to get multiple quotes from various carriers. If you are ready to start looking, you can get quotes right here.

It’s always a good idea to try to get the same coverage amounts so you can do a good comparison between companies and products. Not all policies are the same; some companies offer different coverages, policy options, and number of coverage years.

Compare the quotes you receive and look at what is offered for the price so you can weigh your options and find the right one.

Get various Death Benefit amounts

This is especially true when searching for term life insurance. Companies price their insurance in chunks with each section having a specific rate per thousand. This is called rate banding.

What this means is that you can potentially get more life insurance for close to the same price as a lower amount. For example, band rates are the same for $100,000 to $249,000 in death benefit, and the price per thousand goes down when you purchase $250,000 or more in coverage.

Essentially, if you get rates for an amount below the first band and above the second, you may be surprised to see that the premium difference is not very much, making the higher death benefit amount more cost effective over the life of the policy.

Check the companies financial stability

When purchasing life insurance, you are doing so in hopes that the payout is decades in the future.

Making sure the company you purchase from has strong financial stability is the best way to know that if you don’t pass for another 20 or 30+ years, they will still be in business and able to pay out to your beneficiary.

Here you can find a list of rating companies you can check to compare company stability.

Don’t smoke or chew tobacco for a Cheap Life Insurance Policy

Not only does smoking or chewing tobacco put you at greater risk of multiple types of health issues, it can also shorten your life span.

Is it any surprise that life insurance companies have rates for smokers and nonsmokers?

You can be sure that one of the questions you will be asked is if you smoke or chew tobacco. Most companies go back at least a year, so if you smoke or chew, best to stop now so you can get better rates.

Your wallet and health will thank you!

Check your health for a Cheap Life Insurance Policy

Only the healthiest people get the best rates when it comes to life insurance.

If you are seeing a doctor regularly or taking medications for a health issue, it can impact your rates.

If you haven’t seen a doctor in a while but are in otherwise good health, you might want to get your weight and blood pressure checked to make sure you are at least in the normal range.

These are things that can cause you to pay higher premiums for the life of your policy, so you want to do your homework first to prepare. Once you submit your application, it’s already too late to make changes to positively impact your rates.

Your driving record matters

One of the things the insurance company will check prior to issuing your policy is your driving record, and they go back anywhere from 5-10 years.

If you’ve got a clean record, then you don’t have anything to worry about. Just continue to drive cautiously (pretend your grandmother or brand new baby is always in the car with you) so you don’t cause an accident or get a ticket.

Not all driving infractions will make a difference, so if you aren’t sure you can always ask before you submit your application.

Search for hidden fees

Much like other goods and services, you can typically save money if you pay annually over another payment method.

Not all companies do this, so make sure you ask questions to see if there are service or processing fees if you decide to pay any other way. Remember, you’re looking for a cheap life insurance policy.

Does it save to take the Exam?

If you are healthy, don’t take any medication, and you have a normal BMI, chances are you can save money by doing the medical exam.

Insurance companies offer substandard, standard, preferred, and preferred plus rates on their life policies. Qualifying for the preferred plus rating will save you the most money on your insurance premium.

If you have some medical issues and risk getting a substandard rate, you might be better off going with a no exam life insurance policy.

Do you have coverage elsewhere?

Riders are cost-effective add-ons to your life policy. They vary from carrier to carrier, but you can get options of disability coverage, accidental death coverage, spouse and child coverage, just to name a few.

Check to see if you have these coverages already at work. If you have Disability insurance already or have an accident plan through work, you might not need to pay for this coverage under your life insurance policy.

Some employers also offer cheap life insurance policies for you, your spouse and your children. If you have this coverage through work, check the amount and how much you are paying. You should also check to see if these policies are portable if you leave your job or are let go.

Credit Union coverage

If you belong to a credit union, you may have received something in the mail about credit life insurance coverage.

This is typically $1,000-$5,0000 accidental death & dismemberment (AD&D) coverage that members can get at no cost as a courtesy if they return the paperwork. Some even let you get more coverage if you pay a few dollars a month towards the premium.

Most people don’t even realize that credit unions offer this if they don’t regularly check their mail. If you have a membership, give them a call to find out if you have it and if not, whether they offer a cheap life insurance policy option.

Consider your travel plans

You might be surprised to know that where you have traveled recently and where you might plan to travel over the next year can have an impact on your life insurance rates.

Every country in the world has a score used by the insurance company to rate their risk, and if you have gone to or plan to go to a high-risk country, it can impact your rates or even get you denied for coverage.

Bundling for a Cheap Life Insurance Policy

Chances are if you have home and auto with the same company, you are familiar with bundling your policies to save money.

Life insurance is no exception, however, you may find that the company could have higher rates. Check with your company to see what they offer and compare to other quotes.

We hope this list was informative and provided you with some useful tips for getting the best rate you can on your life insurance policy.

Now that you’ve learned about the best ways to get cheap life insurance in 2019, reach out to us directly to receive a free quote.

Bear in mind that some of the links in this post are affiliate links and if you go through them to make a purchase I will earn a commission. Keep in mind that I link these companies and their products because of their quality and not because of the commission I receive from your purchases. The decision is yours, and whether or not you decide to buy something is completely up to you.

About NextGen Life Insurance
About NextGen Life Insurance

We work with individuals across the nation to secure the best life insurance rates. With access to all the top rated life insurance companies, we are always trying to find the lowest rates available. Get your free quote today!

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