How Can I Save Money on Life Insurance?

Tips on how to save money on life insurance and find yourself a better life insurance rate.

There are ways to save money when buying life insurance. As your top priority, look for a policy that meets your needs. Beyond that, here are some ways to maximize your life insurance dollars:

As part of your research, determine which rate class you will fit into. Most companies that sell individual life insurance have several different price classes, usually called "preferred (non-tobacco)," "standard (non-tobacco)," "preferred (tobacco)," and "standard (tobacco)." A small percentage of people have health conditions or histories that disqualify them for even "standard" rates. However, many in this group will be offered insurance at "impaired risk" or "nonstandard" rates.

Remember that the best policy is not necessarily the cheapest; you should also consider whether the policy addresses your overall goals.

Also, make sure to compare group and individual rates since, depending on your age and health status, group insurance may or may not provide a savings. In comparing group to individual life insurance, remember that if you have over $50,000 of group life insurance, IRS tables determine how much it costs your employer to provide the amount over $50,000 and adds that amount to your taxable income.

Also, the premiums on group life insurance plans tend to be high and the face value low. If you are healthy, you may get better rates by taking a medical exam, as insurance companies often offer discounts for people in good health.

• This article adapted from information provided by the Insurance Information Institute.

Get a Free Personalized
Term Life Insurance Quote

Please fill out the fields highlighted in red
Date of Birth 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993	Height 4' 5' 6' 7' 0" 1" 2" 3" 4" 5" 6" 7" 8" 9" 10" 11"
Select coverage amount Coverage Amount $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $850,000 $950,000 $1,000,000 $1,500,000 $2,000,000	Select nicotine use Nicotine Use Never Current User Within the past year Over 1 year ago Over 2 years ago Over 3 years ago Over 5 years ago
Select term length Term Length 10 Years 15 Years 20 Years 25 Years 30 Years	Weight lbs
First Name
Last Name	Gender Gender Male Female
Primary Phone	Secondary Phone
State Select a State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Dist. of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming	Enter 5 digit zip
Email

We will never sell your information. This form is secure.
Learn more or read our privacy policy.