Having a life insurance policy is part of being an adult, but the extra expense can be a burden. If you are looking to reduce your payments, you might be interested in these lesser known life insurance discounts.
Safety discounts
For these discounts, you have to show the insurance company that you are taking measures to stay healthy and are not engaging in risky behaviors. The evidence required to receive this discount will vary between companies. However, common documentation includes doctor’s notes, lab results and fitness tracker data. In some cases, evidence is not required—such as claiming not to smoke or drink—but if a claim is made and autopsy shows signs of the habit, the company may refuse to pay out.
Bundling discounts
Insurance companies tend to reward those who have multiple policies with them. By adding your life insurance policy to your plan with a current provider, you can save as much as 25 percent each year. If you already have a policy with another provider, ask them about what incentives they can offer for you to take out a life insurance policy as well.
Group discounts
These discounts are open to people belonging to professional associations. For example, teachers can access reduced life insurance policies that are only offered to educators. Before taking out a policy, see if there are any special programs available to you based on your line of work or groups you have a membership with.
How to get these discounts
Life insurance discounts are pretty easy to come by. The first step is to contact your provider or broker and state you are looking for a discount. Chances are they will help you find something to reduce your costs. If that does not garner sufficient results, ask your broker to start searching for other options. Even if your current company does not offer what you want, another company likely will.
Are you unhappy with your life insurance premiums? Then make a change. Speak with your insurance broker to find a cheaper plan with discounts that work for you.
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