A lot of people are not aware of the
significance and benefits of whole life
insurance hence the reason why most of the people do not hold life
insurance policies. There are also people who are of a misled conception that
insurance carriers are there to reap them off their hard earned cash which is
not true due to the penetration of unscrupulous insurance dealers in the
market.
There are also individuals that are
discouraged from purchasing whole life
insurance policies due to the high interest rates that some insurance
carriers charge, this greatly stretches the finance of some low income earning
individuals hence reducing their monthly liquidity. I would say that one of the
reason why lots of people complain of poor insurance coverage is simply because
a lot of people are looking for cheap life insurance policies. You can get
pocket friendly life insurance policies and also keep them on the low so as to
enable you get efficient cover and also save you extra cash. The following are
the ways of keeping your whole lifeinsurance rates on the low.
*Credit score. First, for you to be able
to get low interest rate and low monthly premiums you must have a high credit
score and you will only get this ensuring that all your bills and debts are
promptly and fully paid.
*Paying premiums. One of the reasons why whole life insurance carriers keep
increasing their rates for some of their customers is because they are not
keeping their end of the deal by not paying their monthly premiums on time or
in full amount. As a life insurance policy holder it is your responsibility to
ensure that you make your monthly premiums on time and in full amount, this
will enable your insurance carrier to provide your family with the right and
sufficient cash lump sum when you pass away.
Late and partial payments will also lower your credit score.
*Safe living. The insurance filed deals
with risks and possibilities, if you pose a great risk as an individual then
there is a high possibility of your family filing for a claim soon. Engaging
yourself in dangerous activities and also sporting activities considered to be
dangerous like hiking and mountain climbing then you will attract a high
interest rate. Ensure that even after purchasing your life insurance live
safely by not engaging yourself in dangerous activities.
*Good health. Ensure that you keep a
healthy life by not drinking too much alcohol or smoking a lot of cigarettes,
also eat well so as not to get other terminal illnesses like obesity and heart
conditions as this may not just increase your whole life insurance rates or force the insurance carrier not to
compensate your family.
*Multiple line insurance. The best way to
directly lower your whole life insurance
rates is by having multiple line insurance. If your auto insurance carrier
offers life insurance coverage then allow the carrier to also insure your life
and you can easily bargain for low interest rate and this will enable you to
save you extra cash each month.
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