Here Are the Ways to Save Money on Life Insurance

Feb 28, 2017 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

Save Money on Life Insurance - Aegon Life

A life insurance is a contractual agreement between the insurer and the insured. In such an agreement, the insured person needs to pay regular payments known as premium and in the case of his/her death, the insurer will pay a lump sum amount to his/her nominees.

A life insurance plan offers financial reimbursement to the nominees of the insured in case of event of untimely death. The simplest among them is the term insurance plan.

There are many insurance providers in India who offer life insurance plans. This has resulted in a dazzling array of options for a customer. A customer should know what he/she wants from a life insurance, however, it would be unwise to buy an expensive plan just because it offers a variety of features. There is always an opportunity to save some money. Here are some of the ways.

  1. Go Online:

With the rise of internet usage, it has never been easier to buy insurance online. There are many advantages to buying life insurance online.

When you buy a life insurance from agents, the cost you pay often includes their commission, this is negated when you go online. Another interesting aspect is that insurers often prefer online mediums because it saves them from distribution cost for the agents and reduced operational cost (decreased paperwork, reduced staff, and increased efficiency).

  1. Buy early:

The cost of life insurance rises with age. As you age, you are exposed to higher health risks; therefore, you will need to shell out more for your life insurance than a younger person. When you are young, you are healthy and your chance of meeting an untowardly incident are lesser. However, with age your health suffers and susceptibility to diseases and risks increases, thereby increasing the chance of death. Insurers understand this fact, and accordingly price lower premium for young people against the older ones..

  1. Compare:

Whether you are a first-time buyer or looking to renew your plan, remember to compare life insurance policies each time. There are many sellers who offer great features at attractive rates to entice customers and keep the existing ones to continue with them. You can visit many websites which list insurers and their plans, this information can help you save money.

  1. Quit smoking

Smoking will not only cost you your health, it will also cost you your wealth. When life insurance providers evaluate your profile, they will charge you a higher premium if you are a smoker.

It’s a wise decision to go smoke-free for your health, if you declare that you have gone smoke-free for a year or two, your insurer will charge you a reduced premium.

  1. Maintain a healthy lifestyle

A healthy lifestyle offers many benefits including lower life insurance premiums as well. A healthy diet coupled with regular exercise helps boost your health, lose weight, and improve immunity. This in turn reduces the cost of coverage and therefore you pay lower premiums for your life insurance.

When you are looking to buy the best health insurance plans and trying to save money at the same time, Aegon Life is one place you should visit. They have some of the most affordable plans with all the features of a top-notch life insurance plan.

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