Life Insurance is a necessity if you are the sole breadwinner of the family. You cannot predict the future and it is wise to plan for it. If some unexpected event occurs you can be assured that the insurance amount will be received by your family and expenses will be met. You can choose an insurance that suits your needs and select the insurance coverage accordingly.
The current trend is that men tend to pay more for insurance as compared to women. The main reason for this is that life expectancy for men is slightly shorter than that of women. Therefore insurance companies charge higher premiums for their insurance. However the difference in premiums for men and women is not very high. Recently, the European law has banned the difference in premiums based on gender, however insurance companies argue that they need to charge different rates for men and women based on the different risks each group has.
If you are a man, here are a few ways you can choose the right insurance and pay less. By choosing the right insurance men can pay less premium amount and yet get good coverage.
First, it is important to remember that the older you are when you are applying for insurance, the higher will be the expenses on insurance. So if you are over 50 you may have to pay higher rate for insurance. You also need to understand the purpose for the insurance. If you are taking the insurance to protect your family, and pay bills, loans etc. in the event of your death, then a term policy of twenty to twenty-five years would be enough. This option is cheaper than the whole life insurance. Another way to cut costs is, if the purpose of insurance was to pay off a mortgage commitment, then as years go by, the amount reduces and hence you can reduce your coverage as well. This will reduce your premium. This is one of the options available in insurance plans where you can reduce your coverage amount and this plan is known as decreasing term insurance.
Another way to get a low premium is by staying fit. If you have smoking issues or overweight issues, you have to pay more for insurance. If you quit smoking or exercise and lose weight, it would help to reduce to premium if you inform your insurance agent. You may be able to negotiate and get a discount on the premium you pay.