How to Control Life Insurance Costs

Online quote services make it easy to compare insurance premiums.
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Buying life insurance isn't one of life's great pleasures. In fact, its recreational potential falls somewhere between a root canal and kidney stones. Unfortunately, it's one of those inescapable duties of adult life, so you might as well do it right. Use an online calculator to figure out how much you'll need, and don't panic over the total. Life insurance is pretty inexpensive for most people, and you can control your costs by observing a few basic rules.

Step 1

Shop around. It's not like the old days, when comparison-shopping for life insurance meant letting a half-dozen pushy salesmen into your home. Now you can take your pick of online quote-comparison services and get figures from hundreds of companies with just a few clicks.

Step 2

Try a larger amount of insurance. Insurers often reduce their cost per thousand if you buy a larger policy, so sometimes you can pay less for more coverage. Strange, but true.

Step 3

Buy early. Insurance is at its cheapest when you're at your youngest and healthiest, so get your coverage as early as you can and your costs will be low. It's not exactly rocket science.

Step 4

Go the group route. Your alumni group and any business or professional organizations you belong to often have an arrangement in place with a major insurer to provide reduced rates as a member benefit.

Step 5

Fix yourself if you have unhealthy practices. People with healthy lifestyles live longer, and that means insurers can offer lower rates. If you stop smoking, drink minimally and lose weight through a doctor-supervised program of exercise and sensible eating, you can cut the cost of your coverage significantly.

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