3 Ways To Reduce Life Insurance Monthly Payments

Life insurance policies are an important part of safeguarding you and your family against the financial risk that can come with a sudden illness or unexpected accident. However, the monthly cost associated with maintaining a life insurance policy can be financially restrictive for some families. Thankfully, there are a few things that you can do to reduce your life insurance premiums each month, while also making yourself healthier and less at risk for health concerns.

Stop Smoking

The number one factor that will cause your life insurance premiums to be higher than they otherwise would be is if you are a regular smoker. Smoking greatly increases your risk of lung and respiratory diseases, and can also increase the risk of cancer and several other serious diseases and life threatening ailments, including heart disease. While quitting smoking is easier said than done, eliminating this habit from your life will save you a great deal of money (both on cigarettes and on your monthly payments). Keep in mind that you will have to have not smoked for a significant period of time, sometimes up to a year, before your life insurance company will alter your premiums.

Weight Loss

A close second to smoking is being overweight, which is a serious health concern that affects your cardiovascular and cardiac health and can carry a number of other complications with it as well. Life insurance policies make use of BMI, or body mass index, to determine if an individual is overweight. BMI only takes into consideration your height and your weight, and since you can only control your weight, losing a few pounds can help move you into a healthier category under your life insurance plan and save you some money every month. Keep in mind that when pursuing any sort of weight loss regimen, it's a good idea to consult with a doctor to determine what the healthiest options for you are.

Switch to Term Insurance

You could consider switching to a term life insurance policy instead of a whole life insurance policy. Like the differences in their names would suggest, term life insurance policies will only cover you for a short period of time, usually five or ten years. Since these plans won't cover you for your entire life, and you are statistically much less likely to die in the next few years than over the course of your entire life, your premiums won't be as high.

Reach out to a company like Amberg Insurance Center Inc to learn more.