Do you want to get a discount on your term life policy?
When it comes to pricing for term life coverage there are several factors to consider that affect your price.
The amount of life insurance and the length of term are two of the main factors.
Rates for life insurance increase with amount of coverage. The "Term" or duration of coverage (usually 10, 15, 20 or 30 years) affects your premiums.
The longer you have coverage, the higher your rate per $1,000 of life insurance protection.
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How to Get a Discount on Your Term Life Insurance Policy
Risk Factors
That’s where your "Risk Factors" come into play. Risk factors indicate to the insurer how long they may expect you to live. These include your current age, health, lifestyle, tobacco use, occupation, hobbies, height-to-weight ratio, and driving record, among others.
You may find discounts available for people who are considered better than average for any of the above mentioned factors.
For example, if you are in better than average health your rate will be lower than someone with health problems are of average health. which means you get a discount.
Another example would be someone with no traffic violations at all would get a discount compared to someone with an average driving record and 2 or more traffic violations in the past few years.
Also, if you have no high risk hobbies your rate would be much lower than someone who B.A.S.E. jumps, bungee jumps or sky dives on a regular basis.
Basically, the healthier you are, and the safer your lifestyle, the lower your rate per $1,000 of life insurance protection compared to person who presents an average risk for each of the above mentioned Risk Factors.
Multiple Insurance Policies with the Same Company
If you have one or more insurance policies with an insurance company, they may offer you a multiple policy discount.
For example, several insurance companies offer multiple policy discounts, including Allstate, Nationwide, Travelers, among others.
If you already have auto or home insurance, you may want to contact your existing insurance company and ask if they offer a multiple policy discount and how much of a discount you would get for buying a term life insurance policy through their company.
Comparing Rates
Another option for finding discounts on your term life policy is by comparing term life insurance rates among several of the leading term life insurance carriers.
Shopping for term life insurance by comparing rates among carriers will help you to quickly and easily find the lowest offers on term life coverage from the most financially secure insurance companies.
Since each insurer has their own set of pricing guidelines, they all offer different rates based on your risk factors and the amount of coverage, as well as, the length of term.
That’s why some insurers are more competitive on pricing for non smokers while others may offer the lowest rates for diabetics or seniors.
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