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How to save money on your term insurance premium?

Sep 04, 2019 | 5 months ago | Read Time: 3 minutes | By iKnowledge Team
How to save money on your term insurance premium

Finding joy in small things in life can be difficult. It is a practice that is extremely difficult to follow. And that’s what I found so impressive with Neeta. She calculated her term insurance and was quite excited on buying term insurance. People felt she was happy because the term insurance cover will safeguard her finances as well as her family members in times of strife. But later, when asked, Neeta said the real reason was that she would be able to save money on her term insurance premium and create a pool of wealth for herself. Since you haven’t heard of anything like that before, you don’t think any of that is possible. Well, it is. You can save quite substantially on the term premiums you pay, we tell you how:

Ask People Around

Ever heard the phrase “Ask and you shall receive”? There is absolutely nothing standing in your way to asking for what you want. When you go shopping, you ask around and see various products and schemes before you decide what you want to purchase. Now, let that be the case with term insurance too. Be sure to do your homework, get quotes from different life insurance companies and compare them. This will help you find the best term insurance product, a plan that suits your needs. 

Stay Healthy

Most term insurance companies look out for potential risks when deciding on the coverage amount. So, why give them anything to worry about? If you want a lower premium, you might have to make some lifestyle changes that could decrease your term insurance risk and keep you healthier. It could either be giving up smoking or having a clean driving record. According to the Indian Heart Association, 50% of all heart attacks in Indians occur under 50 years of age and 25% of all heart attacks in Indians occur under 40 years of age. Therefore, keeping yourself healthy can reduce mortality risk and consequently reduce your term insurance premiums.

Consolidate All Under One

There are high chances that you may be offered discounts if you choose one insurance company for all your policies. This saves the time you would spend shopping around for every policy you want and the insurance company will gain a loyal customer. It’s a win-win for both sides.

Pay Less Often

With some policies, it is possible that you may have to pay a tad extra if you want to pay a monthly premium. Instead, find out if paying once every quarter or half-yearly is slightly less expensive. Even though it requires discipline to save up the amount, it can save you money in the long run.

Recheck Before You Renew

Before you assume that your initial deal is the best deal available in the market, revisit and recheck new schemes introduced. There are high chances that you might find one that enables you to save a bit more. Once you get your renewal notice, check for reduced rates and any other competing policy. With quotes easily available on the internet, you can easily re-evaluate your decision and select a policy that suits your needs best.

The last word

When most people consider life insurance, their main objective is to leave a financial legacy for their family. However, several insurance policies, today, offer a wide range of benefits you can enjoy in your lifetime. These benefits encompass tax-deductions and exemptions to readily available cash when most needed.

While saving money on insurance premiums is a good thing, you shouldn’t compromise on the coverage available. There may be a situation where you might not get a lower premium but get a higher coverage. Keep an eye out for such offers.

To know about Aegon Life’s life insurance products like health insurance and other products, visit our home page.

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