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Nearly 30 Ways to Save on Life Insurance
1. Age: Apply for the policy when you are young and your premiums will be lower.
2. Round-up your age wisely: If you decide to buy a life insurance policy, make sure that your age rounds down and not up, i.e. if you are going to be 30 years old on December 31, buy the policy in the first 6 months of the year where your age is still rounded down to 29 and not 30.
3. Good health: If you are in a good health and have a good build (ratio of weight and height) when you apply for a life insurance policy, insurers will reward that with lower premiums.
4. Non-smokers: Stop smoking well in advance (at least a year) before applying for a policy - otherwise your premiums will double.
5. Good driving record: Ensure you have a good driving record before applying - a bad driving record is punished by life insurance provider (as by auto insurers) - your premiums will go up by extra 25-50%.
6. Gender: Female policyholders pay on average 25% less than male policyholders. Changing your gender will not really help - insurers consider the gender you were born with.
7. No depression: Mental health matters - those with a history of depressions pay between 50% and 200% more.
8. Family history: Having a healthy family without any serious diseases lowers your life insurance premiums as you are less likely to face a critical illness. Known serious issues in your family's medical history can increase the premiums by 50% to 250%.
9. Your medical history: Having a healthy medical history in the past (not equal to the good current health state in the moment of application) has impact on your health insurance. If you've had serious issues, some potential disease cases can be excluded from your coverage.
10. No excessive drinking: If you do not have any drinking issues, you can benefit from lower insurance rates - otherwise your premiums can increase by up to 50%. An intensive drinker would be considered somebody who drinks 3-4 beers a day.
11. Term instead of other insurance types: Choose Term insurance products instead of e.g. Universal Life. The first one is a pure insurance product whereas the latter one represents a combination of life insurance and investment product and often costs more.
12. Getting in shape: If you already have a life insurance policy and got in shape compared to your state when you signed up for a policy (e.g. spending hours in a gym), you can request a re-view of your life insurance premiums.
13. Driving offenses coming off your record: If your driving record improved while you have a life insurance policy, you can review your premiums with your insurer and get them reduced (typical time for smaller offenses to come off your driving record is 3 years)
14. Stop smoking: If you have a policy which you got when you were a smoker, stopping smoking and demonstrating to your insurer that you have not returned to it for at least 1 year will reduce your insurance premiums. Smokers typically pay double amount of premiums!
15. Stop drinking: Similar story with drinking - demonstrate that you had 1 year of no drinking and it will be reflected in your adjusted premiums for an existing life insurance policy.
16. Group Life insurance: Group Life Insurance can be an alternative to your Personal Life insurance if your employer offers sufficient coverage - at least you are protected as long as you work for the company.
17. Employee / Union members: Some companies offer discounts to union members (e.g. IBM Canada or Research in Motion)
18. Drop unnecessary additional coverages: Check additional riders offered with a life policy to decide if you need them e.g. Accident death benefit (higher payouts in case of death through an accident), term conversion rider (in case you want convert your Universal policy into Term)
19. Avoid guaranteed issue life policy: People with good health do not need a guaranteed issue life insurance policy (these are policies that do not require a medical exam but they cost more) - do a health check / exam and enjoy lower life insurance premiums.
20. Professional Membership: Are you a member of a professional organization (e.g. Certified Management Accountants of Canada or The Air Canada Pilots Association)? Then some insurance companies offer you a discount.
21. One policy for your spouse and you: You can get one policy for both your spouse and you - it will be often cheaper than two single life insurance policies (also called a multi-life policy)
22. Adjust coverage amount: Make sure that you are not taking more insurance coverage (but also not less) than needed: perhaps $1,000,000 is enough - ask yourself and your insurance advisor if you really need $2,000,000?
23. Less-risky jobs: Not being involved into dangerous jobs like a member of the police bomb squad will help to avoid additional insurance premiums.
24.Shop around: Search, Compare, and switch insurance companies. There are many insurance providers and their price offerings for the same policies can be very different, therefore use multiple online tools and talk to several brokers since each will cover a limited number of insurance companies.
25. Alumni: Graduates from certain Canadian universities ( e.g University of Toronto, McGill University) might be eligible for a discount at certain Insurance providers.
26. Annual vs. monthly payments: In comparison to monthly payments, annual payments save insurers administrative costs (e.g. sending bills) and therefore they reward you lower premiums.
27. Welcome discount: Some insurers offer a so called welcome discount!
