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The "Tricks" and "Treats" of Term Life Insurance

Trick or Treat! The spookiest holiday of the year is upon us! This Halloween we wanted to discuss some “tricks” to potentially lowering the cost of your life insurance and some of the “treats”, or benefits, of having term life insurance.
In the past we have discussed several ways that could help you potentially lower your life insurance premiums. This time we will briefly cover two “tricks” to lower the cost of your term life insurance policy: purchasing when you are young and leading a healthy life style.Purchasing term life insurance when you are young is one of the easiest ways to help ensure you receive a lower premium. Life Insurance companies view younger clients as usually a lower risk candidate and as a result will offer them lower premiums. For this reason, younger individuals should look into longer terms to ensure that they are covered for as long as possible at (possible) lower rates.
Another simple way to potentially lower your term life insurance premium is to live a healthy lifestyle. The reason this can help lower you premium is simple: life insurance companies use specific factors to help determine your premiums. These factors can range from age and weight to medical history to risk factors such as smoker/non-smoker or alcohol consumption. By eating healthy, exercising and removing as many risk factors as possible, you could be looking at substantial savings on the cost of your premium.
Term life insurance is a type of insurance that is a pure death benefit. That means that unlike other types of insurance that invests part of your premium, yours goes strictly to a payout at the time of your death. This makes term life insurance one of the least expensive life insurance options that you may want to consider obtaining.
One of the other benefits of term life insurance is that you are able to choose your coverage/term amounts. If you are on a budget, being able to adjust the amount of coverage and term length can help you get coverage for a price that you can afford.
Like any major purchase, you should compare your options when purchasing life insurance. Different policies will have different pros and cons, and will be influenced by different risk factors. By using an independent term life insurance agency, like SelectQuote, you can compare different life insurance companies and policies to find the best policy to fit your budget and lifestyle.

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