There are many articles that help you get life insurance tips, but for the most part you can find various tips there. Wouldn’t it be great to have all those tips and tricks in one place? We have created this list for life insurance! This list is a comprehensive overview of all life insurance savings opportunities in Canada and was created after numerous discussions with various insurance brokers. If you find this list helpful, bookmark it and share it with others! Let us begin!
1. Age: Apply for the policy when you are young and your premiums will be lower.
2. Pick your age wisely: if you decide to buy a life insurance policy, make sure that your age deteriorates and does not increase, that is, if you are going to turn 30 on December 31, then buy the policy in the first 6 months of the year when your age is still around 29, not 30.
3. Good health – If you are healthy and have a good build (weight / height ratio) when applying for a life insurance policy, insurance companies will reward you with lower premiums.
4. Non-smokers: stop smoking early (at least one year) before applying for a policy; otherwise, your premiums will double.
5. Good driving record – make sure you have a good driving record before applying; penalize the life insurance provider with a poor driving record (such as auto insurance companies); your premiums will go up an additional 25-50%.
6. Gender: Policyholders pay an average of 25% less than male policyholders. Changing your gender won’t really help – insurance companies take into account the gender you were born with.
7. No Depression: Mental Health Matters: People with a history of depression pay between 50% and 200% more.
8. Family history: Having a healthy family free from serious illnesses lowers your life insurance premiums because you are less likely to face serious illness. Known serious problems in your family’s medical history can increase your premiums by 50% to 250%.
9. Your medical history: Having a past medical health history (other than your current good health at the time of application) has an impact on your health insurance. If you have serious problems, some potential illnesses may be excluded from your coverage.
10. Don’t drink too much – If you don’t have a drinking problem, you can take advantage of lower insurance rates; otherwise, your premiums can increase by up to 50%. A heavy drinker is someone who drinks 3 to 4 beers a day.
11. Duration instead of other types of insurance: Choose term insurance products instead of, for example, Global Life. The former is a pure insurance product, while the latter is a combination of life insurance and an investment product, and often costs more.
12. Get in shape: If you already have a life insurance policy and you are in shape compared to your state when you signed up for the policy (like spending hours in the gym), you can request a replacement of your insurance premiums. lifetime.
13. Driving Violations Leaks From Your Record: If your driving record improves while you have a life insurance policy, you can review your premiums with your insurance company and lower them (the usual time for minor violations that are removed from your driving record is 3 years)
14. Quit Smoking: If you have a policy that you bought when you were smoking, quitting smoking and showing your insurance company that you have not been back for at least a year will lower your insurance premiums. Smokers often pay double the premiums!
15. Stop Drinking – A Similar Drinking Story – Show that you haven’t had a drink in a year and this will be reflected in your current life insurance adjusted premiums.
16. Group life insurance: Group life insurance can be an alternative to personal life insurance if your employer provides adequate coverage; at least you are protected while you work for the company.
17. Federation employees / members: some companies offer discounts to union members (such as IBM Canada or Research in Motion)
18. Elimination of unnecessary additional coverages: Check the additional passengers who have the life insurance policy to decide if you need it, for example, accrued death benefit (higher payments in case of death by accident), transfer of term of the contestant (in case you want to convert your general insurance policy in a term)
19. Avoid a life insurance policy – Healthy people do not need a guaranteed issue life insurance policy (these are policies that do not require a medical exam but cost more) – Get a medical checkup and enjoy a lower life insurance premiums.
20. Professional Membership: Are you a member of a professional organization (such as Certified Management Accountants of Canada or the Air Canada Pilots Association)? So some insurance companies offer you a discount.
21. A policy for you and your spouse: You can have a policy for you and your spouse; it will often be cheaper than two life insurance policies (also called a multiple life insurance policy).
22. Coverage Amount Adjustment: Make sure you don’t take more (but not less) of your insurance coverage than required: $ 1,000,000 may be enough; Ask yourself and your insurance advisor if you really need $ 2,000,000.
23. Less risky jobs: Not engaging in dangerous jobs like being a member of a police bomb squad will help avoid additional insurance premiums.
24- Buy: find, compare and change insurance company. There are many insurance providers and their quotes for the same policies can be very different, so use multiple tools online and talk to multiple brokers because they will all cover a limited number of insurance companies.
25. Alumni: Graduates of certain Canadian universities (such as the University of Toronto and McGill University) may be eligible for a discount with some insurance service providers.
26. Annual payments versus monthly payments: Compared to monthly payments, annual payments to insurance companies save on administrative costs (such as sending bills) and therefore reward you with lower premiums.
27. Welcome discount: Some insurance companies offer what is called a welcome discount!