3 Ways to Make Life Insurance Premiums More Manageable

Many Americans (approximately 84 percent, in fact) agree that having life insurance is essential. In 2018, nearly 60 percent of the population was covered by some kind of life insurance.

However, the payments associated with life insurance can often feel like an undue burden. When you consider the fact that four in 10 adults say they can’t cover an unexpected $400 expense without borrowing money or selling their possessions, it becomes clear just how many US residents might feel they can’t afford a life insurance policy.

Fortunately, life insurance coverage isn’t only for the rich. Not only are policies more affordable than you might think, but there are also specific ways you can reduce how much you’re paying for life insurance. With these tips in mind, you should be in a better position to decrease your premiums and eliminate unnecessary expenses.

Embrace a healthier lifestyle

Insurance companies of all kinds will typically increase policy costs for individuals they feel come with a higher risk.

Teenage drivers, for example, will cost more to insure under an auto policy due to their increased likelihood of being involved in a crash. With life insurance, a provider might quote you a higher premium if they feel they’re more likely to pay out based on your poor health.

For example, a person who smokes cigarettes and is considered overweight will likely end up with a higher premium than someone who has never smoked and who maintains a healthier weight. That’s because these factors put you at a higher risk for developing more serious health conditions, and improving your health can lower your premiums.


The same principle applies to any pre-existing health conditions you may have or the activities in which you participate. If you have high blood pressure or high cholesterol, you may be able to reduce your premiums simply by seeing your doctor regularly, following their instructions, and controlling your condition.

life insurance policy

Make changes to your policy

Assuming you’ve put in the effort to improve your health first, you may be able to save money by making strategic adjustments to your existing coverage.

Sometimes, you may have too much coverage or the wrong type of coverage, which can result in significant costs. If your potential payout represents far more than your beneficiaries would conceivably need, it might be wise to consider a different policy altogether.

That said, you can actually save a bit by opting for slightly more coverage. Some insurers offer discounted premium rates by increasing your coverage. Once you hit a certain threshold of coverage, your premium may decrease even though the coverage level is higher. You may want to ask your insurance company about potential benefits tiers they offer.

You may also want to inquire as to whether the length of your policy is having an adverse effect on your premiums. While whole life insurance can provide coverage at virtually any time and provide a lot of advantages, you’ll end up paying more over your lifespan for that privilege.

Term life insurance provides coverage only for a specific period of time (commonly anywhere between 10 and 30 years). It’s generally less expensive and can provide for your loved ones at critical times, such as when you have dependents and have a mortgage to pay off, but it won’t require you to pay high premiums for the rest of the foreseeable future.

Consider selling policies you don’t need

Ultimately, you may decide that the costs associated with life insurance are still too high. If you no longer have any beneficiaries who might require this payout after your death, or you have more pressing medical bills to pay for, you may want to think about selling your policy rather than letting it lapse.

When you opt to work with companies like Sell My Life Insurance Policy, you’ll be able to reap immediate financial benefits by selling your policy and getting the payout early. Choosing to sell your policy now, rather than paying for coverage you really don’t need, can be a welcome option for many Americans who are struggling financially.

Although you should always consider your options carefully before getting rid of your policy, this decision can provide some much-needed relief.