Happy family with life insurance

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Take charge to find affordable life insurance.

The most important function of life insurance is to replace the income that children, your spouse and others lose because they depended upon your income. Another function of some types of whole life insurance is as an investment vehicle. Many parents of young families get term life insurance because it provides a cash payout in the event of death, at a relatively low cost.

What you pay for term life insurance or whole life insurance depends upon a lot of factors, including:

— Your age -- Life insurance rates tend to go up with age.

— Your health -- If you are overweight, have diabetes or other health problems you may pay higher rates.

— If you are a smoker or non-smoker -- Smokers pay much higher premiums than non-smokers 

— Your hobbies -- If you rock climb, sky dive or participate in hazardous activities, you may pay a higher rate.

— Your coverage -- The higher coverage typically means the higher your rate.

Before you get life insurance, take a moment to estimate how much coverage you need. After you’ve estimated how much life insurance you need, think about these tips to help you lower your life insurance costs:

Take the time to shop and compare life insurance quotes. Rates can differ quite a bit between companies. If your home or auto insurance company sells insurance, you can start with them but be sure to compare their quote against at least two others. Using the Internet to get online life insurance quotes is a great way to help you make decisions from the privacy of your home or office.

Consider term life insurance. Term life is the simplest and most affordable type of life insurance. You may want to check out the differences between term vs whole life insurance coverage before you get quotes.

Choose a stable, reliable company. With life insurance, it doesn’t matter if you’re paying a low premium if that company is gone when your family needs it. Look for reputable, financially stable life insurance companies.

Can you get group insurance? Employers, professional organizations, associations and more may offer discounts on group life insurance if you’re eligible.

Think about the term. Determine how long you’ll need the coverage for. A 20-year term life insurance policy may have a lower premium than a 10-year policy, but if you only need the insurance for 10 years or less you may want to get the lower term. On the other hand, if you need the insurance after 10 years, you'll pay a higher premium to extend the term. Also, if you can get guaranteed renewal than you may be able to extend that term without having to take a medical exam and risk losing coverage. You will pay a higher premium based on your age at the time of renewal.

Get healthy. Stop smoking. Start exercising and taking care of yourself so you may be able to get a lower life insurance rate. 

LowerYourInsurance.com has partnered with Insureme to help you find the best term life insurance for your situation. You can also get several free quotes on permanent life.

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