Shop around and Bargain
Shop, Compare and Bargain! Well, the oldest principle, old as dirt, but still going strong. Once decided on your coverage, don’t just sign up for the first plan that crosses your eye. Ensure that you shop around (internet is a great place to start) and get a feel of the market. This would help you to bargain hard and get the greatest coverage at the lowest possible price.

Opt for Term Life Insurance – The quickest way to lower your life insurance premium is to opt for Term Life Insurance policy instead of a whole-life policy. The idea is to keep insurance as what it is and not turn it into an investment product. Thus, you can get yourself insured under term life policy at the fraction of the cost of a whole-life scheme with typically the same coverage amount. However, do not forget that Term Life Insurance covers you only for a pre-defined period of time.

Keep yourself Fit – Be a low risk proposition for your insurance provider by maintaining a healthy lifestyle and keeping yourself away from addictions such as smoking, drugs and alcohol. A good health record will result in considerable reduction in your life insurance premiums.

Consult an Insurance Advisor – To reduce your life insurance premium, the easiest thing you can do is to consult a good Insurance Advisor. Since the advisor will be pro in the insurance marketplace, he/she would be able to get you to the most affordable deal in line with your coverage requirements. Essentially a good insurance advisor would compare different market rates for you and would also negotiate the best rates on your behalf. Well, internet is a great place to identify an agent.

Start at a young age!
Insure yourself at a young age. Life insurance premium at a young age is only a fraction of what it could be when you are well into your middle-age. The premise is young and healthy people are the lowest risk segment. The low mortality risk is a great incentive for insurance companies to insure you at lower premiums.

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5 Quickest Ways to Lower Your Life Insurance Premium is a post from: Life Insurance Information Guide

So why make the policy out to a beneficiary -or “written in trust” if in the UK.

If your policy is nominated to pay out to a beneficiary,usually your spouse,significant other, surviving parents or kids, then the beneficiaries – if more than one, will recieve the policy proceeds a couple of weeks after you have died – providing they did’t have anything to do with pushing you off the edge. The money will come to them free of tax and estate duty and executor fees.

Your executor,banker,lawyer,local church or anyone else looking for a slice would prefer you to nominate your estate as the beneficiary. But if you do then the beneficiaries mentioned earlier will be the last in the payout queue.

First in the queue comes the executor and his fees – about 3-6%. Well someone must pay for his new mercedes. Next in the queue comes the tax man. The banker and lawyer will want their slice for moving the money around and all of this activity can take months if not years to resolve.

Meanwhile your wife,kids,parents and anyone else you were supporting while alive will simply be looking through the window and starving unless the executor chooses to make a mercy loan to them.

I have seen families go homeless and driven to the brink of destitution because the estate is tried up in tax and business loan disputes.

On the other hand – if your wife or kids are the nominated beneficiaries they get the money. The tax man will still have a go at the estate but if it is empty well – nothing much he can do. Can’t really pull you out of the hole and threaten you with a debt collector. Likewise the bank will simply have to write off the business debt unless secured by the surviving beneficiaries.

But even so – the life insurance money is in the hands of who it was meant for and they can decide what to do with it.

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Why You Must Nominate A Beneficiary On Your Life Insurance Policy is a post from: Life Insurance Information Guide