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18 Tips to Cut the Cost of Your No Medical Life Insurance
Category :- Insurance

Author :- Steve Davids 
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Posted on November 27, 2017, 1:54 pm
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You probably know how to save money on life insurance, thanks to the multitude of articles on this subject. However, what you are most likely thinking of is actually traditional life insurance. While the following tips will help reduce the cost of traditional insurance, they are aimed at those who are looking for no medical insurance – which is life insurance without a medical exam.

No medical insurance can be very practical, but it can also have some drawbacks. For example, it costs more than traditional insurance, and its coverage is typically capped at $500,000.

If you want to know several simple ways of dropping the price of your no medical life insurance policy, here is what we suggest:

1.Avoid excessive alcohol consumption. Drinking about four bottles of beer or any other alcoholic beverage every day can double the price of your policy in comparison to policy-holders who consume less alcohol.

2.Quit smoking. Knowing that smokers pay about double the rate of non-smokers is good incentive to quit the bad habit!

3.Your age is crucial. The age at which you buy a policy can determine whether or not you will have to pay more. Naturally, the older you are, the pricier the insurance. That is why the period when you make a purchase will make a noticeable difference; if you get a policy long before your birthday (about half a year), your age will be rounded down, saving you money. The sum can be especially significant for seniors.

4.Keep your health stable. It is safe to say that life insurance without a medical exam has a higher price for people with pre-conditions.

5.Union membership. Members of large corporations or unions often receive a benefit package that can include insurance discounts.

6.Read consumer reviews. Nothing says as much about the quality of any service as its consumers. Reading reviews from people who share their experience of dealing with a certain insurance company will help you make an educated decision.  For example, InsurEye Inc. provides its users with a free tool for consumer insurance reviews, which covers not only life insurance reviews, but also reviews for mortgages, homes, cars, and motorcycle insurance, along with credit card providers.

7.Steer clear of insurance agents. People often confuse the terms “broker” and “agent,” but the difference between them is quite distinct: brokers are independent from any insurance company, and their task is to know everything about the situation on the market, so they can help you choose among the variety of insurance providers that best suit your case. Agents, on the other hand, represent one company and act in its favor.

8.Compare life insurance policies. Different companies put different prices on life insurance without a medical exam. Take some time to do your research, or you can pass this task on to your insurance broker, who, as we established above, possesses more information about the best deals out there.

9.Search for no medical insurance companies. If you have a precondition, consider dealing with companies that only provide no medical life insurance. Plus, these insurance providers specialize in these types of insurance policies and the risks implied. Again, you can spend some time on research, or you can contact a broker who will give you all necessary information for free. Remember, if you decided to use the services provided by a broker, make sure they specialize in life insurance with no medical exam.

10.Mind the type of insurance. Every insurance policy has its price--not to mention the fact that your health and lifestyle are also factors. You can also choose the duration of your insurance, which can be a set period of time, like a year (term life policy) or your whole life (whole life insurance). Naturally, the second will cost you more, so, if you experience some financial difficulties, the best solution for you is to get term life insurance. At the same time, a one-time payment for a whole life policy will save you more than ongoing monthly payments.

11.Type of payment is also important. You can always choose between the annual and monthly payment. Note that your insurance provider has to pay a fee for your every payment, so your fee for an annual payment will be lower than if you make monthly payments. When you save your insurer money, they pass those savings on to you.

12.Think twice about the riders. Insurance riders provide some alterations and/or additions to your policy. Although they all can seem good, you will have to pay for each, whereas there is no guarantee you will need all of them. Look through them carefully and only choose the ones that you really need.

13.Check if you have enough coverage. Supporting what was stated above, you should make sure that you are only paying for the things that you really need. That being said, you don’t want to be underinsured, either! A broker should do a needs assessment that takes into account your assets, liabilities, and risks to determine the best amount of coverage for your needs.

14.The term of the policy. Long-term policies are usually more expensive since the chance of something happening to a policy-holder is increased, plus the age factor always comes into play.

15.Do not forget about backdating. Although this practice is rather unpopular, it is completely legal. A broker can help with it. Your policy can be backdated to an earlier age, and hence a lower premium. This demands payment for premiums starting from the day that has been backdated, and, as a result, you save money on future premiums.

16.Review your insurance every year. You can never know what will happen to you tomorrow, and a year is a relatively long span of time. Make your no medical life insurance policy keep up with your life by reviewing it annually and making changes to it to suit your financial needs and life changes.

17.Use aggregation services. Aggregators can come in handy when you face the trouble of finding an insurance company. Choose among the ones that partner with many insurance providers. Our platform, for instance, works with more than 20 insurance companies in Canada.

18.Alumni discounts. Graduates of some post-secondary institutions can get alumni insurance discounts. Check to see if your educational institution provides this perk.

Site (source)  : https://nomedicallifeinsurance.ca/
Facebook  : https://www.facebook.com/NoMedical
Twitter  : https://twitter.com/nomedical
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