8 Ways to curb down your Life Insurance costs

8 Ways to curb down your Life Insurance costs

“Fun is like Life Insurance; the older you get, the more it costs.” – Kim Hubbard. This is one of the famous sayings and it is practically correct. Having life insurance is most important for all of us. We usually think of the best plan by paying the least amount as premiums. If the premium for any life insurance which we opt for is lesser than what we expect, then we can manage all other expenses quite easily. Making a balance between your expense and the life insurance premiums can be made by making some smart and wise choices. Here, we have jotted down a few points which can help you curb down the life insurance premium cost.

Read Also: 6 Ways to Measure How Much Life Insurance Do You Need?



8 Ways to curb down your Life Insurance costs

Here are 8 ways to curb down your life insurance costs.


#1: Keep a check on your health

First, take very good care of your health as we all know “Health is Wealth”. Keep a good eye on your BMI index so that you are neither underweight nor overweight. As per our experience, we have found that the person with higher weight or who might be suffering from obesity have to pay a higher premium. So, once you come back to shape, recheck for the premiums of life insurance. Quit all bad habits like smoking and drinking which can again cut down your life insurance premium.

Some companies ask for escalated premiums for smokers. Overall health is also considered as a major point while calculating the premium cost. Lowering it down is in your hands as far as the health factor is concerned. This is also a great choice to buy an insurance plan when you are young.


#2: Choosing the correct amount of life insurance plan

Second, have a close look at the amount of your life insurance. Consider your finances and then decide how much insurance will suit you. Thinking little about the future of your dependents is required here. How much expense would suffice for them to live a happy life if you pass away accidentally?

Choose the plan which is meeting your requirement. It is a complete waste of money if you choose the things which are of your no need. Read and read again the policies’ terms and conditions properly.

The longer we opt for the plan, the more is the premium of the insurance. Reducing the term of the insurance plan can also curb down your life insurance premium cost. So, choose wisely!


#3: Better is the single insurance policy

Third, this is a usual thought as well as the application that we take the joint or the group insurance policies, but this is not always the correct choice to make. In the joint policies, the payout is made immediately when any one of the insured person dies and this leads to the latter one being left uncovered. This is not the best choice to make. Always, consider having single policies for both the partners.

Obtain quotes from different insurance companies and ask for both joint and single policies.


#4: Insurance policies under Employee benefit

Fourth, several companies provide life insurance under the employee benefits program. Check if your employer is giving this benefit as this could be beneficial for you in terms of the premiums. Depending on your annual salary, the life insurance benefits are availed.

One thing that should be borne in your mind while taking the life insurance under employee benefit is that once you leave your current company the life insurance ceases then and there.


#5: Check and Re-check for any hidden fees

Fifth, any policy of life insurance will surely have some hidden fees. This is your top priority job to have clarity between you and the insurance provider about any additional charges that they might claim. Sit back, and discuss every minute details with them as to when will you get the entire amount or health, etc can also be a hurdle in getting the maturity amount and many more.

You might not be aware of the insurance policy allocation fees and some administrative charges as which your insurance provider might not tell. The administrative fees are typically higher in the first year and it gradually decreases. Discuss openly on it to be on the safer side.


#6: Term Insurance is ‘The Best’ One

Sixth, always opt for the term insurance plans as they are way cheaper than the rest ones. Get quotes for the term insurance plan for one or more providers and opt from them. In term insurance plans the coverage is given at a fixed rate and it is for a limited period which will help you earn benefit within the stipulated time duration.

Read Also: 9 Factors That Determine Your Term Life Insurance Rate!


#7: Never forget to Bargain

Seventh, there is a lot of scope of bargaining while buying the life insurance plans. Different companies quote different prices for life insurance plans. It is a good practice to always compare the prices with different companies and then opt for the policy amongst your budget and needs. There are several comparison tools online which can help you in comparing the prices and giving the best result.


#8: Go Digital; buy online

Eighth, with the rapid increase of online transactions it is a very good choice to buy the policy online. The major advantage of it is that you will not have to pay the administrative charges and the agent fees which will automatically lower your premium amount. The online comparison of each and every company can be made easily in this mode and you might curb down your life insurance cost.




It is the primary focus of all of us to choose the plan with lower premiums so that we can cut down the overall cost of the life insurance; however, this should not be the only consideration. The credibility of the insurance provider shall also be taken into view. Go through at least 20 insurance companies before buying the plan which will yield good results for you. Take the advice of experts if necessary in such tasks. We hope you liked our article on the points which can surely help you curb down your life insurance cost. But if you still have any doubts, please contact us through the comments section below.

Leave a Reply

Your email address will not be published. Required fields are marked *