Tips of reducing your life insurance premium

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Tips of reducing your life insurance premium
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What is term plan?

• A premium is the monthly amount that is paid by
  an insured individual to the insurance company
  depending on the type of insurance cover
  provided. Premiums differ from one type of
  insurance to the other.

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• Most people are afraid to take life insurance
  cover because of the relatively high quotes
  required by most insurance companies. Before a
  premium is determined, the insurance company has
  to assess the individual for health issues before
  setting a term insurance premium amount to be
  paid. Individuals can reduce the amount of
  premium, they are paying by avoiding certain
  behaviors or habits and doing others that make
  them healthy. Premiums for life insurance Canada
  recipients differ for each individual depending
  on their physical health.

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• The first tip of reducing the premium you pay is
  by quitting smoking for those who are smokers.
  Smokers are prone to lung diseases while non
  smokers are prone to live longer. Insurance
  companies would not like to insure someone who is
  prone to die within the term he is insured for. A
  non smoker may likely live longer and therefore
  the insurance company will have more years to
  collect his term insurance premium payments
  before having to possible pay out on the policy
  when you die. The quotes for a smoker and a non
  smoker will also differ. Another tip is to lose
  weight. Weight loss leads to lower cholesterol
  levels, lower blood pressure and low risk of
  developing chronic diseases such as diabetes.

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• Another tip of reducing the premium you pay is
  reducing or eliminating alcohol intake. Drinking
  can pose a health risk such as liver cirrhosis.
  Companies will check your application, driving
  record and medical exam to get a grasp of your
  drinking habits before giving you the insurance
  quotes. Drinking less alcohol or stopping
  completely makes you as an insured individual
  less risky to the company. This means that the
  company will reward you with a lower term
  insurance premium. The term life insurance Canada
  premiums are relatively affordable than permanent
  ones but can be even more affordable if you are
  healthy. Individual should therefore be smart
  enough to ensure that they are in great health
  before applying for a term life insurance or any
  other form of life insurance.

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• Another tip is improving your driving. Reckless
  driving puts an insured individual under high
  risks of getting an accident and dying or being
  permanently injured. Insurance companies will be
  at risk to pay for the death benefit of such
  people within the period covered. Such
  individuals always receive very high quotes for
  their premiums. Insurance companies will assess
  the driving records of an individual before
  setting a premium to be paid. Other companies
  such as life insurance Canada companies may go a
  step further to give the individual a driving
  test.

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Source http//articles.abilogic.com/60698/tips-re
ducing-your-life-insurance.html