To find a good term life insurance rate, apply for coverage when you are still young and in good health, advises CNN Money. Maintain a good credit history, and avoid risks in your job, hobbies or travel, adds Kiplinger. Shop around for the best premium price among companies with proven stability, according to Bankrate.Continue Reading
Purchase term life insurance for only as long as you need it by calculating how long your spouse and children require financial support if something happens to you, reports CNN Money. To minimize premium rates, quit smoking for a year or more before applying for term life insurance, according to Kiplinger. Go for a physical before you apply, and if you have high cholesterol or blood pressure, have treatment to alleviate these conditions. If you are overweight for your gender and height and cannot lose enough weight to bring yourself within the average weight range, look for an insurance company with lenient weight requirements.
If your credit score is low, take steps to improve your credit record before applying for life insurance, advises Kiplinger. Maintain a good driving record, as multiple citations for moving violations implies risk to life insurance companies. Avoid taking up risky hobbies or occupations, such as race car driving, scuba diving and plane flying. When traveling, stay away from high-risk countries.Learn more about Insurance