6 Ways To Save Money On Your Life Insurance

Let’s face it, life insurance isn’t something that most people want to pay for.  We do, however, want to know that our family would be looked after in the event of a death.  Below we have outlined 6 ways to save money on your life insurance:

Get the right coverage - Ask yourself these 2 questions:

- How much insurance should I have (You can use this calculator to help with some calculations)

-How long do I need it for.  If you want to have protection for your primary earning years, a term policy is likely your best option.  If you are looking for permanent protection to provide funds for your estate you can consider a Term to 100, Universal Life or Whole Life plan.  If you are unsure you can speak to one of our Financial Planners to help you decide.

Annual Premiums – By paying your premiums annually, you may be able to save 8-10% over the monthly premiums

Bundle – You may be able to bundle your coverage with your critical illness or disability insurance to save money.

Deal with a broker – A broker will have access to many different insurance companies.   Not all companies are the same, a broker can help you compare different companies and guide you based on what’s important to you.  If you would like to take matters into your own hands, you can see various different insurance company prices with this online calculator.

Ditch the mortgage insurance – You may have taken mortgage insurance from your lender when you took out a mortgage.  It may be worth taking a look at an individual policy, you can often find some savings by taking out your own coverage.  You can also design the policy to meet your specific needs.

  Consider a Manulife Vitality policy - This insurance provides additional discounts and rewards for active living. You can get a free wearable device (Apple watch or Fitbit) and be rewarded with perks from various providers, including Amazon & Expedia.