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Family PortraitHaving a life insurance policy is one of the many ways you can support your family in the future. Specifically, term life insurance is one of the least expensive options when you are interested in purchasing insurance. With a term life insurance policy, you can purchase coverage with a substantial death benefit for a fraction of the cost spent on other policies. You can adopt the following strategies to reduce the cost of your term life insurance.

Purchase an Insurance Policy Earlier in Life


Although it may sound counterintuitive, getting a life insurance policy early in life saves you money. While you are young, you don't present as many risks to insurance companies. As a result, you increase your chances of receiving a preferred rating from your insurance underwriting department, allowing you to pay less for the policy. Plus, those lower rates are locked in for the entire term of your policy.

Adopt a Healthier Lifestyle


Insurance companies base their ability to provide you with insurance on risk factors. Individuals with a higher propensity to becoming ill or dying will generally pay more for their insurance. Instead of paying the extra money for an insurance policy, adopt a healthier lifestyle:
  • Eat healthier
  • Become active
  • Break bad habits
Each day you commit to the new and improved you, you can help reduce the cost of purchasing your term life insurance policy.

Improve Your Driving Record


Some people don't understand the connection between their driving record and the rate they pay for their life insurance policy. With a poor driving record, you place your life at risk when you drive. Reckless driving is a risk to insurance companies, so individuals who drive safely tend to benefit from better rates on their term life insurance policy.

Stop Smoking


Everyone knows the ill effects of smoking. For smokers, having life insurance comes at a higher premium compared to non-smokers. When you kick the habit a year before purchasing insurance you may reduce the cost of your term life insurance. If you've already purchased term insurance as a smoker, quitting can still save you money down the road.

Learn more about getting the right coverage. Call Fleming & Riles Insurance at (800) 833-4379 for more information on Albany life insurance.
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