- Consider term life insurance
- Buy only what you really need
- Buy life insurance online as soon as possible
- Add riders to your insurance
- Avoid stacking policies
- Review your insurance often
- Keep in touch with your advisor
7 Tips to Save on Your Life insurance
Getting more for your money is always a good feeling. Here are a few tips on how to save money on your life insurance while being well protected.
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 very 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 your children or to cover the mortgage on the family home.
The ideal solution is to cleverly combine these two types of insurance 😉.
2. Buy only what you really need.
It is well known that life insurance is a "necessary evil" to protect your family properly. However, it is not needed to get more protection than your real needs. Our smart calculator allows you to calculate your needs in less than 2 minutes and find out the amount of insurance that suits you best.
3. Buy life insurance online as soon as possible.
Don't wait until you absolutely need it before buying life insurance. So, when you have children, a mortgage or debts, you shouldn't delay in taking the necessary steps. In fact, prices increase with your age!
In addition, you run the risk of having a health problem or an accident that will negatively affect your insurability... The sooner is always the better!
4. Add riders to your insurance
In insurance, the riders are additional coverages that can be added to your contract. For example, with Emma, you can add a child life insurance to your contract.
The trick is that by adding riders, you can have a single policy for several coverages. You will pay the administrative fees (which are included on each life insurance policy) once rather than paying these fees several times on several policies 👍.
5. Avoid stacking policies
As mentioned above, the administrative fees can quickly add up and increase your life insurance bill.
The solution? Avoid accumulating insurance contracts, and favor higher insurance policies rather than several small ones. For example, it is probably more cost-effective to have a single $450,000 policy rather than three policies of $50,000, $150,000 and $250,000 purchased in different years.
6. Review your insurance often
Insurers will often offer you temporary insurance for 10, 20 or 25 years. However, it is very important to review your insurance needs, and therefore your insurance, often! When you think about it, in 10 years, your life can change drastically: your children get older, your mortgage decreases, you might have a new cottage project, etc.
It then makes sense to review your life insurance coverage often (every 3-5 years) in order to avoid paying for 20 years of coverage that no longer suits you.
With Emma, you can review your needs and get a new quote in 5 minutes. Saving money becomes easier!
7. Keep in touch with your advisor
Last but not least, having a good relationship and communication with your advisor is essential. Your advisor is in the best position to tell you whether you could save money on your insurance by making a move, or not. For example, if your health has improved or if you've quit smoking, an expert will be able to guide you and make the necessary changes to your insurance.
Why not take advantage of the simplicity of our chat to do so? 😉