Nothing in life is free, so the saying goes. Yet despite this old adage, people are always searching for items that are free, and if not completely free, that cost as little as possible; even when it comes to life insurance. Life insurance is one of the most important “things” that you will ever purchase. It protects the well-being of your family, should you pass away. If you have a mortgage or other large debts, or loved ones who are dependent on you in any way, life insurance can ensure that they are financially taken care of in the event of your passing and the loss of your income. Life insurance is such an important purchase, yet most people don’t want to spend a ton of money on a policy, despite the fact that they want to have a decent amount of coverage.
Well, the good news is that you don’t have to break the bank to get a life insurance policy that will provide financial reassurance for your loved ones in the event of your passing. Believe it or not, there are actually some free. Yes you read that right I said FREE, and others that cost as little as $20 a month.
No-Cost Life Insurance
One particular organization provides free insurance coverage for individuals and their families for longer than a decade. MassMutual’s LifeBridge plan provides a no cost $50,000, 10-year term life insurance policies to individuals and their families making between $10,000 and $40,000 a year. While the insurance policies do not require any kind of purchase,qualifications do need to be met. In order to qualify, a potential candidate for this free life insurance policy will need to work at a minimum of part-time and have a child younger than 18.In addition to age restrictions for the candidate, there are health constraints: You will not be eligible if you have any potentially life-threatening conditions, such as HIV or cardiovascular disease. So what happens if you don't qualify for MassMutual’s LifeBridge plan, or you want more coverage than the $50,000 that this no cost policy offers, Well there are still ways that you can get life insurance that offers great coverage without having to spend a tremendous amount of money. Enter then what I call the Free Life Insurance Challenge.
Free Life Insurance Challenge?
Everyone loves a challenge right take the ALS Bucket Challenge, or the Cinnamon Challenge, do those ring a bell? I have one that I know you haven't heard of and that's the Free Life Insurance Challenge! So what is it you ask? Well did you know that right now you could purchase a term life insurance policy with a return of premium rider also known as (TROP). A return of premium rider on a life insurance policy means that when the term of your life insurance policy is up and you’re still alive, you get the amount you put in as premiums returned to you, tax free. Think about it , if you paid $50 a month for a 10-year term, and are still alive in 10 years you get $6,000 back. Making your policy absolutley free.
So what's the challenge? Obviously the challenge here would be to stay alive, out live your policy and put that cash back in your pocket.
I know that an insurance policy while extremely important to your families well being and financial security, isn't necessarily the cheapest thing in the world. But there are ways to ensure that you get the cheapest rate possible. Here are some tips that will help you get the lowest rates possible on your life insurance policy, while still providing excellent coverage for your loved ones.
Maintain a Healthy Weight.
Your weight plays a major part in your overall health. The heavier you are, the greater the likelihood that you will be prone to certain health conditions that could be seriously detrimental to your health, like cardiovascular disease and diabetes. For that reason, one of the primary factors life insurance companies consider when calculating your rate is your weight. The amount you weigh can directly impact your life expectancy. That said, maintaining a healthy weight, eating a healthy diet and getting regular exercise can lead to substantial savings on your premiums.
Don’t Use Tobacco Products.
Another major factor that influences the premiums on your life insurance is tobacco use. It’s no secret that tobacco use has grave effects on your health, including increasing your chances of developing life-threatening conditions like lung cancer, mouth cancer, and cardiovascular disease. Avoid using all types of tobacco products, like cigarettes, cigars and chewing tobacco, and not only will you enjoy a better quality of life, but you will also save big on your life insurance coverage.
Control Chronic Medical Conditions.
Though certain chronic medical conditions, like high blood pressure, can lead to higher premiums on your life insurance, keeping chronic medical conditions under control can help you score lower premiums on your life insurance coverage.
While you may not think that life insurance is a necessity when you are in your mid-20s, buying a policy at that age can actually translate into great savings for you. Generally speaking, the younger you are, the healthier you are. As a young applicant, you will attract lower premiums and attain better deals on your life insurance coverage. Buy life insurance when you are young and you may be able to lock in a lower rate.
Keep Your Driving Record Clean.
What does your driving record have to do with your life insurance? Believe it or not, a lot. The better your driving record, the lower your life insurance rates will be. Why? – Because a clean record translates to a more cautious individual. If you have a clean record that is free from traffic violations, insurance carriers consider you to be less of an asset because there is less chance that you will be involved in an accident.
Opt for Term Rather Than Whole Life.
In general, term life insurance policies are more affordable than whole life policies. Term policies are issued for a pre-set amount of time, while whole life insurance policies never expire. For this reason, term policies have lower premiums, and the lower the premium, the less you will spend out of pocket. And, a term policy can be just as beneficial as a whole life policy.
Not only are these factors that the insurance companies use to determine your policy premium. Doing these things may actually allow you to live long enough to win the free life insurance challenge by allowing you to live long enough to out live your policy. If your ready to take the challenge today feel free to get your no hassle, no obligation quote here.