(ThyBlackMan.com) Life insurance is an essential part of modern living to ensure your loved ones are taken care of if something happens to you. While it’s important to make sure you have adequate coverage for your family in case the unexpected does occur, that doesn’t mean you should pay through the nose for your life insurance policy. Take these three tips into account when shopping for life insurance to get the best deal from the provider you decide to go with.
See Your Doctor Before Applying for A Policy
Some life insurance companies like Colonial Penn offer a no exam policy, but you could save money by paying a visit to your family doctor before you apply for any life insurance policy. When your medical records have been recently updated, and life insurance companies can see that you have no unresolved issues, they are 
more likely to give you a favorable deal on your coverage. In short, the more positive outlook you can make your health report, the more likely you are to get a more favorable rating. Healthy policy applicants on average get a 25% savings over those who did not see a family doctor before applying. That’s pretty significant if you think about it.
No-exam policies can be convenient, but you should know that they cost anywhere from three to six times more than policies that do require an exam. Most young and healthy individuals should not apply for the no-exam policy in order to save money, as it’s not worth it. The only reason to apply for one of these policies is if you have major health issues that you are certain would prevent you from having the application approved in your favor.
Consider Layering Your Term Policies
Most people who buy life insurance buy one comprehensive term policy that covers everything, however, you could save money if you buy layers of term policies to cover different things for different lengths of time. For example, you can get different term coverage for income replacement, college education, and mortgage coverage. The kid’s education insurance is only needed while they’re young; once the kids graduate 15+ years later, you no longer need coverage for their college funding. Three short-term policies will likely be cheaper than purchasing one lump sum policy that has coverage for something you may no longer need. Discuss your needs with an insurance agent to find out whether or not you could save money through layering your life insurance policy, instead of choosing a lump policy.
Choose Annuity Pay Out
Most people think life insurance can only be paid out to beneficiaries in one lump sum after the death of the policyholder. However, annuities payments are also a great option and may lower the cost of your policy over time. An annuity payout gives death benefits over a period of years specified by the policyholder at the time of the policies’ creation. An annuity payout lets the insurance company plan for when the payout will kick into effect over the course of several years, which reduces the monthly premium you pay. The side effect of annuity payments is that your beneficiaries may need to pay tax on these payments, unlike the tax-free lump sum. An insurance agent will help you decide which payment schedule works best for your plans.
Staff Writer; Calvin Moore
