How to Get Affordable Term Insurance Without Compromising on Benefits?

Did you know that many people compromise on benefits of a term plan such as opting for a lower coverage, skipping riders or choosing a short tenure just to make it more affordable? You can be different from them and reap the full benefits of a term plan by buying at a younger age, smartly choosing between various plans, maintaining good health and avoiding adventure activities.

5 ways to get an affordable term insurance plan without compromising on benefits

1. Buy term insurance when you are young

One of the simplest and most effective ways to secure an affordable term insurance plan with great benefits is to purchase it at a young age. When you are young, you pose a lower risk to the insurance company since you are likely to be in good health and have a longer time horizon ahead. This helps you get a significantly lower premium even for a high sum assured. 

2. Compare multiple plans before selecting one

The market is full of options, with numerous insurance companies competing to offer the best products at affordable premiums. Rather than settling for the first plan you come across, take the time to research various options. Comparing multiple term insurance plans can help you find the most cost-effective option that suits your needs. You can conveniently use the online term insurance calculator of different insurers and compare the plans at the comfort of your house.

3. Purchase term insurance online

When you purchase term insurance offline, you may go through third-party agents who take a commission. This can increase your premium. However, when you buy term insurance online, you can purchase the plan directly from the insurer. This eliminates the middleman and any additional costs. Additionally, the online process is totally transparent, and you can avail the free assistance from the advisors of the insurance company to get your doubts regarding the plan clarified. Moreover, many insurance companies offer online discounts that can help you save even more.

4. Maintain good health

Insurance companies favour applicants in good health because they pose a lower risk of filing a claim. If you are healthy, the insurer is less likely to have to pay out any benefits, which can result in lower premiums for you. You must prioritise your health to secure a quality coverage plan at an affordable rate.

Make sure to regularly monitor your health parameters, keep your weight in check and avoid harmful habits like smoking, drinking, vaping and chewing tobacco. Additionally, you need to prioritise eating a balanced diet and exercising a few times a week to improve your overall health. These habits can help you qualify for better rates on your term insurance plan.

5. Avoid adventure activities

Engaging in adventurous activities like skydiving, rock climbing or paragliding can also lead to higher premiums, as they increase the likelihood of injuries.  You can either avoid high-risk activities or exercise extreme caution while engaging in them. This can help you secure a more budget-friendly premium without compromising on the coverage you need.  

To sum it up

You do not have to settle for fewer benefits just to save money. It is possible to secure a term insurance plan with excellent coverage that meets your needs while keeping the premium affordable. By following the above suggestions, you can get the best of both worlds—comprehensive protection and a premium that fits your budget.