Six Super Tips, Life Insurance Savings

Tip #1: Combine Insurance Policies

Since most people have multiple types of insurance –auto, health, life – why not get them all from the same company? Doing this saves them administrative costs and makes their lives easier, so you also get to save on insurance premiums in return. Save up to 20% on each policy by combining them.

To pick the right company, find the cheapest life insurance quotes and then get quotes from the winning companies for their other services. Compare the totals.

Tip #2: Reduce Coverage to Minimum Levels

Calculate the lowest possible death payouts that will still meet the needs of your family and get a policy with that amount in mind. You don't want to leave your beneficiaries in need, but you don't want to live a destitute life either because all your money is going to life insurance premiums!

Tip #3: Pay Premiums Annually

Paying your premiums each month or even bi-annually actually costs a great deal more than paying them up-front for the year. Because the insurance provider is guaranteed that money for the entire year, rather than risking losing your business each month, your premiums will be reduced significantly. You won't have to pay any fees either, and there is no risk of forgetting about your premium payments since you do it just once.

Tip #4: Consider Switching to Term Life Insurance

While there is no clear out and out winner of the life insurance race, term life insurance definitely has the cheapest premiums on average. You can get the most coverage for the least money with term life. Other benefits include being able to cancel at any time, in case you cannot afford it any longer or simply don't need it, and obviously the lower premiums.

If you so choose, you can probably convert your term life insurance into cash-value insurance when the term is over. It's the best of both worlds!

Tip #5: Lock in Rates while Young and Healthy

You might consider the long-term savings rout instead of Tip #4. This means getting a cash-value policy, such as whole life insurance, while you are still young and relatively healthy. Policies will only be come more expensive to take out as you age, especially if you develop health problems. Very few people get healthier with age – though it is possible with dietary change (look at Bill Clinton and his vegan diet!) – so capitalize on your current condition. Lock in the lowest rate you can get right now for life.

Tip #6: Shop Around

Compare life insurance quotes to get the best savings ever.