7 Tips to Save on Your Life insurance

1. Consider term life insurance

Permanent life insurance is often attractive because of its cash surrender value or simply because we are certain it will pay off one day.

On the other hand, term insurance is more affordable and does a great job of protecting your family. Remember that term life insurance is there to cover a temporary need such as maintaining a standard of living for minor children or a mortgage on the family home.

2. Pay your life insurance premium annually

Most insurers will charge an additional fee for monthly payments. It is therefore recommended that you pay your life insurance premium annually.

In some cases, you can save up to 7% to 9% on your life insurance payments.

3. Buy only what you really need

It is well known that life insurance is a necessary evil to protect one's family effectively. However, it is not necessary to get more protection than we really need. Our intelligent calculator allows you to calculate your needs in less than 2 minutes.

4. Do not buy life insurance without a medical examination

Regularly, we are presented with life insurance without a medical examination, because it is easier to subscribe and the insurer asks fewer questions before issuing the contract.

However, insurance without a medical examination is riskier for insurers because they don't ask the insured many questions. The price is therefore higher. Don't hesitate to buy term life insurance if you are in good health (not necessarily excellent) but do not have any serious problems or history.

5. Look at the price on a life insurance premium comparison site

Comparing prices is always a good idea before buying anything. It's no different when it comes to buying life insurance online. That's why we recommend that you validate the prices from different insurers with a premium comparator.

6. Buy life insurance online as soon as possible

We shouldn't wait to buy life insurance when we need it. So when we have children, a mortgage or debts, we should apply for life insurance right away. That's because prices increase as we get older. Also, we run the risk of having a health problem or an accident that will negatively affect our insurability.

7. Adding coverage by way of a rider instead of a new contract

If you assess your life insurance needs online with our Smart Calculator and it recommends that you purchase additional life insurance coverage on top of your current policy, you can ask your agent, or when you chat with us on emma.ca 🙂, to add a life insurance rider to your current policy. This way, you'll avoid paying duplicate policy fees for additional coverage.