More bang for your buck: 7 GREAT tips to save with life insurance October 10, 2008 Gregory Ellis http://ca.pfinance.yahoo.com/ca_finance_insurance/40/more-bang-for-your-buck-7-great-tips-to-save-with-life-insurance Note: Guaranteed issue policies are great for Most people, at some time in their life will buy people who are unable to get any other life life insurance. When will you? Whether it's insurance. While it may be more expensive because you're buying a home, getting then a standard policy, it is still worth having married, starting a family, starting your own a guaranteed issue policy over having no life business or retiring, almost everyone at some insurance coverage at all. time needs to financially protect their loved ones and interests with life insurance. 3. Buy only what you need. It's not a good idea to buy too little insurance, So to help you get the most for your life but buying too much is unnecessary insurance dollar, kanetix.ca compiled the: and will only cause your insurance premiums to be higher. So before you Top 7 ways to save with life insurance buy, review your needs and what you want to achieve and go from there. 1. Choose term life insurance. Term life insurance typically offers you the most For example, do you want to have coverage coverage for the least amount of that will: money, and although there is no investment or saving component to a Pay funeral arrangements? term life insurance policy, there are Pay the outstanding balance owing on a many who would tell you to "buy term, mortgage and other debts? and invest the difference." Offset the loss of your income? For how long? 2. If you're healthy, avoid guaranteed Contribute to the future education of your issue policies. Guaranteed issue children? policies may sound ideal because they do not require a medical exam, but it A combination of all or part of the above? is for this same reason, that they are generally more expensive. A guaranteed issue policy is available to everyone, healthy or not, which means Knowing what you would like to accomplish the premiums tend to be significantly with your life insurance policy will help you higher. If you are healthy, you will get determine how much life insurance you need better life insurance rates by buying a to buy. life insurance policy that requires a medical questionnaire or exam. You'll find that many industry folks suggest 7. Compare the life insurance policies and that the amount of life insurance coverage prices of competing insurers because you should buy should be five to ten times every company prices their policies your annual, before-tax, income. differently. A real easy way to do this, without having to listen to a sales 4. Of course, there are always exceptions pitch is to compare premiums and to the rule. After having said "Buy only policies online. It's a great way to what you need", it's important for you compare prices and see what different to know that sometimes the more you companies have to offer. buy, the cheaper the policy. While not always true, some companies will Get the coverage you need at the best charge you less to encourage you to price purchase a slightly larger policy. For With these 7 GREAT money saving tips, term example, if you are considering buying life insurance is more affordable than ever! $200,000 in coverage, get quotes for There is no better time than now to compare the next most common face amount, life insurance quotes through kanetix.ca, $250,000. You'll be surprised to see where insurance companies compete and you how in some cases the premium is save money. actually less. 5. If you're looking to get life insurance for yourself and your spouse or partner, then consider buying one joint policy, instead of two individual policies. The premium is usually about 15% less for a joint life policy than 2 single life insurance policies of the same coverage amount. 6. Save money by paying your annual premium all at once, instead of setting up a monthly payment plan. Almost all life insurance companies will charge you a little extra to cover the cost of administering your payments every month.