how to reduce premiums

by Guest » Tue Sep 13, 2011 06:19 am
Guest

I’m giving a hell lot of money to pay premiums for my life insurance. Is there anything I can do to lower the cost of my life insurance?

Total Comments: 7

Posted: Tue Sep 13, 2011 06:33 am Post Subject:

The premiums you pay for life insurance depends on a lot of factors.

Your age, health, and your lifestyle is considered before deciding your premiums. So if you are older, have health problems, and are a smoker, you are likely to pay more for life insurance than someone otherwise.
Thus, you may consider on improving your lifestyle, like quitting smoking and lose weight before going for another life insurance.

You can also try to find out the rate per $1,000 of coverage, which usually drops once you cross a certain level of coverage. Thus, you may get a better coverage for a lesser premium.

Only an expert can tell you whether or not you can reduce the premiums for your current insurance.
I’m sure some expert will answer that shortly.

Posted: Wed Sep 14, 2011 06:14 am Post Subject: Smoking costs more?

I want to buy a life insurance policy but heard smoking makes it cost more. Is it true? How will they know that I smoke?

Posted: Wed Sep 14, 2011 08:08 am Post Subject:

It is true that smokers get a much higher rate of premiums compared to non-smokers. That’s because smokers fall under the high risk class, which determines the premium rates for life or health insurance.

You should never hide the fact that you smoke, it won’t work. Usually there are medical tests before getting a life insurance. Nicotine gets easily detected in urine or blood tests.

Moreover, even if there are no medical exams and you lie about your smoking habit; you may have a greater pitfall. Your insurer may deny the death benefits if the reason of death turns out to be smoking related.

So it’s better to be truthful and try to negotiate a lower rate. Better still…Quit Smoking!

Posted: Wed Sep 14, 2011 05:18 pm Post Subject: rates

When you take a physical for the coverage or when they look at your medical records they will know if you smoke or not. As for reducing premiums talk with an independent agent. If the premiums are hurting that much you maybe able to switch to a different type of policy or maybe consider laddering with different policy durations but the best thing you can do i sit with an independent agent.

As a side note, it's a good idea to quit smoking because with some carriers if you quit after a certain time period they may reduce your premiums.

Posted: Tue Sep 20, 2011 07:00 am Post Subject:

You can reduce the premium on an existing life insurance policy by voluntarily agreeing to reduce your death benefit. You fill out a "Policy Change Form" and request a lower death benefit amount, or specify a premium amount and the insurance company will calculate your death benefit.

Posted: Tue Sep 20, 2011 11:55 am Post Subject:

You cannot do anything on the factors which are responsible for the determination of insurance policy premium rates, and all these factors are related to your health conditions, your age and your medical history.

Posted: Tue Sep 20, 2011 05:02 pm Post Subject:

You cannot do anything on the factors which are responsible for the determination of insurance policy premium rates, and all these factors are related to your health conditions, your age and your medical history.


While there might be some truth to this statement, lowering the policy death benefit will lower the actual premium cost. That's (some or all of) what the OP was asking about.

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