That is a question we are asked often, and the answer can change depending on your needs and demographics. Ideally, to capitalize on maximum savings, buying a policy when you’re young and at your healthiest is the best way to save money on your life insurance premiums. Life insurance rates are based on age, gender, smoker status, and your overall health. Insurance companies use a rating scale for your health that determines the policy cost – the farther down the scale you go, the more expensive the coverage will be. Waiting until after you’ve had a heart attack or been diagnosed as diabetic is going to make buying a life insurance policy much more expensive. Buying a policy at age 60 is going to be much more expensive than buying a policy at age 40 just based on age, even if you are in perfect health.
Another great way is to utilize an independent broker. Independent brokers have the ability to look at multiple quotes from multiple companies. Your independent broker should also be familiar with the companies they work with and their typical underwriting standards and be able to assist you with applying for the best company that will accommodate your health history at the lowest price. Some people make the mistake of applying for coverage on their own, then they get an offer back for triple the quoted price and wonder where it all went wrong! Then they have no idea what to do next. An independent broker can shop your case with many companies to get you the lowest rate. Best of all, the cost to use a broker is exactly $0 – the price is exactly the same as going directly to the insurance company. A good broker can save you thousands of dollars, will do all of the work for you, and doesn’t cost a penny extra!
Call us at 1-888-972-0024 to get a free quote today! You can also send us a message on our contact us page by clicking here.