4 Ways to Save Money On Life Insurance

4 Ways to Save Money on Life Insurance

Now, when you’re shopping, you want to make the best decisions, and it’s not always about the price.  If you wanted to save money on everything, you would buy only at the dollar store, right?  In this video, we discuss four ways to save money on life insurance without being cheap.

We want to not only spend as little as possible; we want to get the most for that.  So how do we do that when it comes to life insurance? 

4 Ways to Save Money on Life Insurance

1) Ensure Your Life Insurance Is Not Just an Expense

All of the premium dollars you put toward a term policy are eaten up, and you will never get them back.

On the other hand, we have whole life insurance.  If in fact you keep a whole life policy and are living at age 121, you would personally get your death benefit paid to you.  No matter how you look at it, a whole life policy will pay out as long as you keep it in force. 

2) Get the Most For Your Money

Term insurance may seem like the best way to save money on life insurance.  However, don’t be deceived by the low cost of term insurance when you are young and healthy.  If you had a 30-year policy say from age 35 to age 65 and wanted to renew after that, the cost could easily be 10 to 100 times the cost that you paid initially.

Whole life seems more costly early on because you’re averaging the cost over the span of your whole life.  Overall, you’re putting in fewer dollars to keep a policy in force, and you’re guaranteeing a payout. 

3) Start Young

I know this is challenging because when we’re young and healthy, our mortality is probably the last thing on our mind.

We do ourselves a huge favor if we lock in lower rates when we are young and healthy. You will look back and be incredibly thankful.

4) Start With a Convertible Term Policy

If you can’t afford whole life insurance today, then get a convertible term policy.  You’ll pay a little bit extra to make sure that that’s convertible to whole life, but you will have the ability to leverage your excellent health status today when you convert into whole life later.

If you would like to learn more about how you can save money on life insurance check out: How to Shop for Insurance Part 3: Life, Health, and Disability Insurance

Rachel Marshall

Rachel Marshall

Rachel empowers her clients to maximize and control their money so that they can accomplish their dreams and live out their highest purpose. She believes that if you understand the short and long-term impacts of the financial choices you make, you’re better suited to make choices that put you in control of your resources. She helps you discover money flowing out of your control, strategize ways to have more money flowing into your control so that the end result is that you have more money to retain and utilize during your lifetime, and more to pass on to future generations.

THE BUSINESS OWNER'S 3 STEP ROADMAP TO ACHIEVE TIME/FINANCIAL FREEDOM

(... without working harder or sacrificing your lifestyle! )

Better Than a Budget - Cash Flow Awareness

Better Than A Budget: Cash Flow Awareness – TMA 058

By Rachel Marshall | January 7, 2019

The ultimate goal of cash flow awareness is to save more each month.  Why? Because generously paying yourself first is the foundation of wealth creation.  With more savings, you build up capital to invest in cash-flowing assets so you can create time and money freedom.   But across all income levels, most people’s savings habits are anemic, or even…

Read More
Strategic End-of-Year Tax Moves That Leave You Wealthier

Strategic End of Year Tax Moves That Leave You Wealthier – TMA 056

By Rachel Marshall | December 10, 2018

As you count down the days until Christmas, you’re also counting down the days you have before you tie up the loose ends on your fiscal year to prepare for 2018 taxes.  We’ll walk you through practical and strategic tax moves you can make to close out the books, stay organized, and save taxes.  This…

Read More

Leave a Comment





This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cash Flow System - Roadmap

The Business Owner's 3 STEP ROADMAP to
Achieve Time/Financial Freedom

(... without working harder or sacrificing your lifestyle! )