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  • Life Insurance 101 in Collinsville, IL

    July 27, 2021 | Blog Insurance
  • Do you have life insurance? Have you made a plan to protect yourself and your assets? Like most insurances, life insurance is also an important one to have. It will help your family continue on with life after your passing. It is an important thing to think about and choosing the right policy can be difficult. We can help you learn about the costs and lowering them as well.

    Life Insurance

    Learning The Costs

    The costs of insurance can range from little to very high. Many factors go into determining the price of life insurance. These can be your age, physical build, physical condition, family’s health history, personal habits, job, location, gender, and if you are a smoker. For example, as a male, you may experience a different price than a woman. The cost is different for everyone.

    Lowering Your Insurance

    life insurance

    When your costs are high, it is not ideal. It is beneficial to know, that there are ways to lower the cost, thankfully! Here are some ways that you can make your insurance premium lower.

    • Looking around for the best price you can. You can request quotes from individual insurers or get quotes for several providers through a life insurance brokerage.
    • Compare the cost of different amounts. There can be certain times where it is possible to get more covered for a lower price. For example, an insurer could offer a lower rate for a for a life policy than coverage.
    • Look for term life insurance policies that include a term renewal guarantee. Term renewal guarantees allow you to renew your policy at the end of the term without submitting to a new health examination. Your rate will increase under certain circumstances, but you will not see any additional increases based on your current health.
    • Try and find out if you are eligible for employer sponsored life insurance. If your employer offers life insurance through your benefits plan, you could enjoy the savings of different group rates. Purchasing an employer sponsored policy also can offer the added benefit of paying your premium through payroll.
    • Maintain good health. Eating a healthy diet and maintaining a daily fitness routine is beneficial in many different types of ways. With this being said, If you smoke at all, you may not qualify for the insurance premium right away, but your insurer may offer a rate reduction after a couple of years.

    If you have any other questions about life insurance, make sure you contact us at Klein, Merwin, Karrer & Associates today!