We’ve put together 10 great tips to show how you can save money when you need to protect your family with an affordable life insurance policy.
There are so many companies with different policies, you have a broad range of choices so you can select the perfect policy to give you the life insurance protection you need.
Tip 1. Research Your Life Insurance Agent
All life insurance agents in Arizona are licensed by the Arizona Department of Insurance. They also have a search feature which allows you check the licensing qualifications and the products they allowed to sell. This will give an idea of the agent’s level of expertise and experience in selling life insurance in the state of Arizona.
Tip 2. Buy Arizona Life Insurance When You are Young
Whether you opt for the most basic life insurance policy such as term or desire a permanent life insurance policy that has a cash value accumulation feature such as whole life or indexed universal life insurance, you want to buy a policy when you are young.
Although there are many factors that insurers use when rating your application, two of the biggest factors that affect the cost of your policy are:
- Health Status
Life insurance is cheapest to buy when you are younger and becomes increasingly more expensive as you age so the sooner you buy a policy the better. Both age and health more or less go hand in hand, and it’s a simple fact of life that for many of us that as we get older our health begins to deteriorate, so always try to buy a policy when you are younger.
Tip 3. Ask About Price Breaks
One little know fact when it comes to buying life insurance is that there are many companies that will give you a price break simply by upping the amount of a policy. For example, you might think that all you need is a $450.000 policy, but if you increased your policy to $500,000 you can get a better price per $1000 of insurance. The premium will be slightly higher, but it will be a better value for your insurance dollar.
Tip 4. Always Use an Independent Agent In Arizona
Whether you choose to buy online or deal directly with a person, then one of the biggest ways you can save money when buying Arizona life insurance is to use an independent agent.
Independent agents are a much better source when it comes finding the cheapest life insurance policies because they have access to numerous companies. Instead of comparison shopping on your own, an agent can do that for you.
At Abrams Insurance Solutions we have access to over 70 life insurance companies so we know how and where to find the best life insurance policies for your family so give us a call at 858-703-6178 and we can help you get the process started.
Tip 5. Choose Your Payment Option Wisely
Almost all insurance companies have different payment options available in how you can pay your policy such as monthly, quarterly, semi annually or annually. The most expensive way to pay a policy is monthly and you can actually save money by paying your premium on an annual basis.
Tip 6. If You’re Healthy – Don’t Buy a Guaranteed Issue Policy
There are many companies peddling Guaranteed Issued or No Medical Exam policies and they are very convenient to buy and don’t require a medical exam.
However, what they don’t tell you is that these policies generally cost up to 3 times more than the same type of policy that does require a medical exam.
If you’re healthy and still relatively young you can save a lot of money by opting for a policy that requires a medical exam so why pay 3 times the cost when you don’t have to?
We do sell guaranteed issue policies and even fast instant issue life insurance policies, so if you don’t like needles or need a policy fast, a guaranteed issue policy is not a bad option for you. It just won’t be the least expensive.
Tip 7. Research Life Insurance Quotes Online
You can save a lot of leg work and money in finding out how much life insurance will cost by using the handy life insurance calculator such as the one you find on the right hand side of this page.
This will give you a rough idea of what a policy will cost you, but remember to discuss your situation and circumstances with your independent life insurance such as us here at Abrams Insurance Solutions before you buy.
Tip 8. Improve Your Overall Health
When you first buy life insurance you might still be smoking, slightly overweight or maybe even recovering from a health issue. Your premium reflect these situations, so if you can improve your health such as quitting smoking or shedding a few pounds you can get re-evaluated by the life insurance company to reflect these health improvements.
A re-evaluation will likely get you a better rating and lower premiums.
If you have health issues then call us here at Abrams Insurance Solutions at 858-703-6178 because we can give you some valuable advice on how we might be able to save you money on a policy.
Tip 9. Buy Only What You Need
Many people have no idea on how much life insurance they need. Right now, there are over 60% of Americans that are actually underinsured on their existing life insurance policies. There are many things to take into account when buying a life insurance policy and pulling a number out of the hat is not the way to go.
If you want to know just how life insurance coverage you need, then try our convenient to use life insurance needs calculator to help you more accurately determine how much life insurance you will actually need to fully protect your loved ones.
Tip 10. Consider Buying Term Insurance
If you are just starting out and looking for the cheapest type of Arizona life insurance, and especially if you’re on a budget, then the most affordable form of life insurance available is term insurance. It pays out death benefits only but it goes to your chosen beneficiary as a lump sum payment and is usually tax-free.
No Exam Life Insurance for Arizona Residents
There are plenty of life insurance companies which now provide the convenience of No Exam Life Insurance. These policies do cost a bit more but you don’t have to bother with the hassle of a medical exam and can get a policy quickly such in just a couple of days or as fast as 15 minutes. For those who dislike needles, and want the convenience or need a policy fast then this might be your perfect option.
At Abrams Insurance Solutions we understand that anyone who is looking for Arizona life insurance wants to learn how to save money, so if you have life insurance needs then call us with your questions or if you need advice at 858-703-6178 and we can save you time, money and frustration.