Top 7 tips to save money on your life insurance premium

life insurance in Toronto

Life Insurance is undoubtedly important, and standing in 2021, most of us are aware of it. It can help your loved one stay afloat financially in case the worst happens to you.

So, if you are planning to go for an affordable life insurance plan this year, why not try to save a bit of money along the way? The following tips can help.

1. Know about life insurance price breaks

Some life insurance companies offer price breaks, also known as ?milestone discounts? for higher coverage term life insurance plans. You can take advantage of these discounts.

For example,

You may be able to get a significant price break for $250,000 coverage rather than that of $200,000. Even if you think a lower coverage would do you fine, it may be worth knowing how much a higher coverage plan would cost.

life insurance in Toronto

A significant price break can help you save a lot of money of life insurance, while getting you higher coverage for greater protection.

2. Go for a life insurance policy that comes with a medical examination

Although no-medical life insurance options are available, opt for standard life insurance plans that actually come with a medical examination (ideal for individuals in good health). No-medical life insurance plans do not require a medical examination, but they are also quite expensive in comparison to a regular term life insurance plan.

If you are in good health, why waste money on a no-medical plan?

3. Given the option, choose your term length

Term life insurance plans last for a certain period of time, usually between 10 to 30 years.

Some life insurance companies also allow you to choose the term based on your needs, in 1-year increments.

For example, if you have a mortgage that will be paid off in 17 years, you can get yourself a 17-year term life plan to safeguard the mortgage commitment.

The longer the duration, the more you will be paying for it. By customizing the length of your term, you will only pay for coverage for the years you need it the most.

4. A life insurance rider can help you get extra coverage for minimal additional cost

Life insurance rider is an addition to your primary life insurance plan. It is a great way of getting extra coverage for minimal additional cost.

The most common types of riders include critical illness riders, disability insurance riders, accidental death benefits, etc. Consult an experienced financial advisor at Trust Life who can help you choose the best possible rider options based on your needs and budget, ensuring you get the highest value for your money.

5. Compare your payment options

Some life insurance companies allow you to pay your premiums monthly, quarterly, half-yearly, or annually.

Going for annual payment can often save you a lot of money. There are also additional fees for monthly payments. So, if it is possible for you to make the payment in one-go, go for the annual premium payment option.

6. Buy when you are young

The younger you are; the cheaper life insurance is.

You simply cannot beat the life insurance rates you get when you are young and in relatively good health. Waiting until later years can drive up your premium ? it can even prevent you from qualifying for life insurance at any possible price.

Lock in the rates today for the highest value for money.

7. Buy life insurance as per your plan

If you have a high-risk occupation or hobby, make sure you shop various companies when purchasing life insurance. Each life insurance company handles risks differently, so you might be able to find a company that charges you less for high-risk activities.

Buying life insurance in Toronto, Mississauga, Brampton, Ajax, Pickering, Oshawa, Markham, Vaughan, Milton, Oakville, Burlington, GTA, and Hamilton takes only a few minutes. Consult an experienced financial advisor at Trust Life for the best and affordable life insurance plans suiting your needs, budget, and goals today!

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