Reducing Life Insurance Premiums
Life insurance premiums can be expensive. During times when money is tight and your financial future is uncertain, you can look for ways to save money. Rather than dropping your life insurance altogether, you may be able to do some things to reduce your life insurance premiums. Here are a few things you can try to get those life insurance premiums down to a manageable level: Get term, not whole life. If you have a whole life insurance policy, cash it in and buy term life insurance. Term life insurance doesn’t build cash value the way whole life does, but it’s also a lot cheaper. You can get several times the face value for the same premium price when you switch to term. Reduce your term length. The length of your term life insurance policy determines, in part, your premiums. Consider getting a shorter term policy, as that can reduce your premiums. Lower your face value. One of the easiest ways to drop your rates is to lower your coverage. Figure out the minimum insuran