6 Tips to Reduce Your Life Insurance Premium

/ Life Insurance / Feb 7, 2023

Did you know that your life insurance premium can be reduced by following seven simple steps? You might think that getting life insurance or reducing your premium isn’t possible, but it really is!

If you want to save money on your life insurance policy and reduce the cost of paying for it over time, then take a look at these tips on how to reduce your life insurance premium so you can save big money in the long run.

  1. Avoid smoking

One of the primary determinants of your life insurance premium is whether you smoke or not. If you currently smoke, quitting now will not only improve your health, but it will also lead to a drastic reduction in your life insurance costs.

  1. Exercise regularly

Exercising regularly can help you stay in shape and improve your overall health, which may lead to a lower life insurance premium.

Do you know there are several simple ways you can get more exercise in your life? For example, consider spending less time in front of a screen (that means less TV or mobile devices) and take up an active hobby such as tennis or swimming instead.

To make it easier to focus on making changes in your life, try tracking your daily steps through an app like Fitbit, so you’re not tempted to keep slacking off.

  1. Maintain a healthy weight

Being overweight can increase your premiums by as much as 50%. That’s because obesity is linked with a number of health risks, such as heart disease, stroke, and diabetes. So if you’re looking to save on your life insurance premium, one of the best things you can do is to maintain a healthy weight.

  1. Avoid dangerous sports

Many people think that their life insurance premiums are based solely on their age and health. However, insurers also consider other factors, including your hobbies and activities.

If you participate in dangerous sports or activities, you may be considered a higher risk and charged a higher premium. To save money on your life insurance, avoid participation in dangerous sports or activities.

  1. Get your cholesterol checked

High cholesterol is a major risk factor for heart disease, which is the one of the leading causes of death all around the world. Having high cholesterol can also lead to higher life insurance premiums.

You can significantly reduce your life insurance premium by getting a yearly cholesterol test. Cholesterol tests are inexpensive and simple, and they’re also one of many factors that insurance companies use to determine how much you pay for life insurance.

For example, if you have a cholesterol level below 160 mg/dL and have no other risk factors (such as smoking), you might qualify for a lower premium on your life insurance plan. If your cholesterol is over 200 mg/dL, you may have to pay high premiums unless you bring it down.

  1. Consider starting early

The younger you are when you start a life insurance policy, the lower your premium will be. This is because younger people are generally healthier and have a longer life expectancy than older people. If you’re in your 20s or 30s, now is the time to start shopping for life insurance.

And make sure you follow these tips while buying life insurance for the first time:

  • Shop around. Get quotes from multiple life insurance companies to find the best rate.
  • Consider term life insurance. It’s the most affordable option and you can always convert it to a permanent policy later.
  • Don’t smoke. Smokers pay significantly higher premiums than non-smokers.
  • Get in shape. A healthier lifestyle can lead to lower premiums.
  • Choose a policy with level premiums. This means your rates won’t increase as you get older.
  • Pay annually. You’ll save money by paying once a year instead of monthly or quarterly payments.

Review your policy regularly and make changes as needed.