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					More bang for your buck:
7 GREAT tips to save with life insurance
October 10, 2008
Gregory Ellis

                                                              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
    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