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Life insurance is a way to protect your family in the event that you are no longer there to provide for them. It provides enormous peace of mind to people across the country. However, it offers no protection if you cannot afford the premiums and have to cancel the policy. To help you avoid that, below are some essential ways to reduce your life insurance payments.

What Is Life Insurance & Why Is It Important?

life insuranceIn return for making a monthly payment, life insurance pays your survivors a death benefit if you should die while the policy is in effect. The two main types are term life and whole life. Term life is cheaper, more basic, and lasts only for a predetermined term of years. Whole life lasts until you die, or stop making payments, and usually includes an investment arm that lets you build wealth you can withdraw from during life.

In addition to the death benefit, it often includes disability insurance. It offers higher benefits but costs more each month. Life insurance is necessary because it helps you plan your family's future, provides for them financially after your death, pays for your kids' education, and removes the financial burden of your final expenses from your survivors.

How Can You Reduce Your Rates?

Good health is one of the key factors that determine your rates. To promote positive health, quit smoking, and keep your weight at the recommended level. Get any preexisting conditions, such as diabetes or hypertension, under control through the use of medication, diet, and exercise. Avoid risky hobbies such as rock climbing or skydiving, because your insurer will raise your rate to compensate for the increased risk. Finally, don't delay buying coverage. You will pay more for the insurance as you get older. 

 

To have an experienced agent help you design the ideal life insurance policy, contact Western States Insurance Group in Lovington, NM. They are an independent agency serving clients in Lovington, Hobbs, Lea County and surrounding areas and are known for their attention to customer service and high-quality insurance products. In addition to life insurance, they also carry health, home, auto and business insurance. Visit their website to submit a contact form or call (575) 396-1318 to request a quote.

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