1. Find a Life Insurance Advisor that you trust. Take the time to research and pick a life insurance advisor that has your best interest in mind. A broker or independent agent can shop around and get lower cost life insurance. Ask your advisor how many companies he/she investigated when he/she developed your plan.
2. Decide on what term life insurance policy best suits your needs, Term 10, 20, 30 (ETC). For instance, if you have 20 years left on your mortgage, you may want to cover it with a 20 year term policy. You could also break it up and cover half your mortgage with a 10 year policy and cover the other half of the mortgage with a 20 year term policy. This way you can reduce your life insurance cost after 10 years.
3. Quit Smoking. After one complete year of abstaining from smoking (and related activities) you can apply as a non-smoker or apply to have your current policy changed to non-smoking rates (depending on which insurance company you purchased your policy from). If you plan to do this, ensure that you see your doctor regularly and have him document your health. I suggest once a month. Insurance companies usually want to see this information before they will approve a rate change. Make sure to get in touch with your advisor and let him know you are planning on quitting. Quitting smoking is good for you and may get you cheaper life insurance rates.
4. Get Fit. This will help keep your blood pressure down and you may qualify for preferred life insurance rates.
5. Take your medication. If you (example: high blood pressure) are prescribed medication by a MD, take it. I have had many client who avoid taking their medication when they have high blood pressure. You should always listen to your doctor. If he/she prescribes you medication you should always take it. Not only should it help get you cheaper rates on your life insurance, it may save your life.
6. Avoid coffee and sugary foods before a life insurance medical. I request my clients to fast for 12 hours before taking a medical. This may allow your blood pressure and sugar levels to normalize.
7. Don't wait to buy life insurance. The older you get, the higher the rates will be. Even if you're a senior now, buy it right away. People have a tendency not to buy life insurance when they are healthy and fit. That is exactly when they should buy it. The sooner you buy life insurance the cheaper it will be.
If you follow these steps, you should be able to reduce your life insurance costs. Whatever decision you make, it can’t hurt to get started by getting a quote. You can find the most affordable life insurance and then decide if it fits within your current budget.