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7 Secrets to Save Big on Term Life Insurance

Jan Pinney, CLU, ChFC, President, Trusted Quote

Jan Pinney, CLU, ChFC
Chairman, Life Insurance Committee, The National Society of Agents for Consumer Education
Chairman, The Life Insurance Consumer Advocacy Council



Dear Friend,

I want to share 7 secrets that can help save you money when you apply for a life insurance policy.

Your first question is probably how you can qualify for a low, preferred rate. To do that, you need to know what the insurance companies are looking for. Every life insurance company will want to know the details of your medical history. They may also take a look at your medical records through the Medical Information Bureau (this is common). In most cases, they'll also want you to take a medical exam.

The good news is that your medical exam is absolutely free. You get to pick the location and time, and it takes about 30 minutes or less. The less-than-good news is that if your medical exam doesn't turn out well, you're probably in for a slightly higher monthly payment on your policy.

We know this isn't what you want, so I have a few insider tips to share with you. Follow these 7 easy steps 24 hours before your exam to give yourself the best chance of a good result...and low rates!

Checkmark Get plenty of sleep the night before.
Checkmark Avoid stress of any kind.
  This will raise your pulse rate and cause artificially high blood pressure readings.
Checkmark Avoid alcohol in all its forms.
  This will also raise your pulse rate and cause artificially high blood pressure readings.
Checkmark Avoid all tobacco products.
Checkmark Avoid caffeine, including soda and coffee.
  This will have the same effect as stress and alcohol.
Checkmark Avoid salty food.
  Read the labels on any frozen or packaged food before you eat them.
Checkmark Avoid eggs and other foods high in cholesterol.
  Do this for 24-48 hours before your exam.

On the day of the exam, we have a few more tips to help you get through the process quickly and easily:

Checkmark Drink a big glass of water 1 hour before your exam.
  You'll need to provide the examiner with a urine sample.
Checkmark Prepare a list of all your current medications.
  Include all-natural or herbal medicines. Also include the name of the doctor who prescribed the medicine, your dosage, and frequency.

Should something come up during the exam that you think is incorrect, you do have the right to dispute the examiner's medical findings. You can always volunteer for another exam (a second opinion). If the results turn out differently, you still might be able to get a low, preferred rate.

There are a few more things to be aware of that might have an effect on the rates you'll pay for your policy:

  • Driving Record
    • Insurance companies use this as a determination of your character. The cleaner your driving record, the more likely you are to get lower rates. If your driving record is a little spotty, you can overcome it with other items on this list.
  • Family History
    • If your parents are still alive (or lived a long time), insurance companies regard you more favorably. If no one in your immediate family has passed away from heart disease, cancer, stroke, or diabetes, you'll also be regarded favorably. If you have lost family members to these conditions, you can still show the insurer a history of regular check-ups and a clean bill of health.
  • Exercise Regimen
    • Healthy people cost less to insure. If you work out, many insurers will consider you less of a risk. On your insurance application, answer any questions about your exercise regimen honestly. Be specific about how and when you work out. Specify whether you jog, play tennis, cycle, or even do vigorous household chores or gardening.
  • Height/Weight Ratio
    • If you're height/weight proportionate, you'll be fine. If you're not, you can still cover your bases by making sure the other items on this list look good.
  • Tobacco Usage
    • Insurers give non-smokers lower rates, end of story. However, if you do smoke, it's not the end of the line. You could still be classified as a "preferred smoker." Tell the insurer how much you smoke, because it might make a difference in your rate. A two-pack-a-day smoker will probably pay more than a one-pack-a-day or 1/2-pack-a-day smoker. Cigar smokers, tobacco chewers, and occasional smokers will pay less than people who smoke regularly.
  • Credit History
    • This is also viewed as an indicator how risky you are to insure. If you have bad credit, you may be able to include an explanation of your financial problems. If something incorrect turns up on your credit report, you always have the right to dispute the findings.

There you have it! Seven easy ways to help you get the lowest life insurance rates in town. Click here for more advice on finding low term life rates.

Good Luck to You,
Jan Pinney
Jan Pinney
President, Trusted Quote
Chairman, Life Insurance Committee, The National Association of Agents for Consumer Education
Chairman, The Life Insurance Consumer Advocacy Council

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*Comparison of each carrier’s best published rates for a
10-year level term policy, 30-year-old non-smoking female

^Represents 10-year level term life insurance rates for 40-year-old female,
in good health, no tobacco, residing in Ohio.

R. Jan Pinney CLU, ChFC is a licensed life insurance agent in all states and the District of Columbia. The following agent license numbers are provided for R. Jan Pinney as required by state law: CA agent #0440057, LA agent #291116, MA agent #1674866, MN agent #20270113, UT agent #58330, agent R. Jan Pinney, DBA Pinney Insurance Services. Commercial use by others is prohibited by law. This site provides term quotes. Each rate is a quote based on information provided by the carrier. No portion of Trusted Quote may be copied, published, faxed, mailed or distributed in any manner for any purpose without prior written authorization of the owner.

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