How to Save Money on Life Insurance: 6 Essential Tips

Thinking about how to protect your family without breaking the bank? You're not alone. Life insurance is a must-have, but it doesn’t have to drain your wallet. Here are six insider tips from First Foundation's Tyler Pfeiffer that can help you cut costs significantly, including a fantastic program that rewards you for staying fit!

Tip 1: Choosing the Right Coverage

The right life insurance policy serves as a financial safety net for your family. Consider these two critical questions to determine your ideal coverage:

1. How much insurance do I need? Use our handy calculator to start your calculations.
2. How long do I need coverage? If you're protecting your primary earning years, a term policy might be your best option. For lifelong protection, consider Term to 100, Universal Life, or Whole Life plans.

If you're unsure, our expert financial planners are here to help.

Tip 2: Pay Annually and Save

Did you know that by paying your premiums annually, you can save about 8-10% compared to monthly payments? It's a simple change that can add up to significant savings over the life of your policy.

Tip 3: Bundle Your Insurance

Save money by bundling your life insurance with critical illness or disability insurance. This not only simplifies your finances but also lowers your premiums.

Tip 4: Use a Broker

Brokers have access to a myriad of insurance companies and can help you find the best rates that cater to your specific needs. Want to see how much you could save? Check out different prices with our online calculator.

Tip 5: Consider Personal Life Insurance Over Mortgage Insurance

Personal life insurance can be more cost-effective than mortgage insurance from your lender. Customize a policy to meet your needs and potentially enjoy lower costs and better coverage.

Tip 6: Live Healthy, Save Money

Maintain a healthy lifestyle and you could qualify for lower premiums. Many insurers offer discounts for excellent health and lifestyle choices. An exciting option is the Manulife Vitality® program, which rewards you for healthy living with discounted premiums and a free* Apple Watch—perfect for tracking your fitness achievements!

It's Worth Asking Us—Even If You Have Health Concerns

Think you can’t get insurance because of health risks? Think again! We have solutions for higher health risks too, so it’s always worth having a conversation with us. You might be surprised at the options available.

Ready to Reduce Your Life Insurance Costs?

Interested in learning more about how these tips can save you money on life insurance? Contact one of our friendly financial planners today and start saving. Remember, it's not just about finding affordable insurance; it's about finding the right insurance for you.

*Some limitations may apply. Contact us for full details of the Manulife Vitality® program.

Ready to speak with someone? Book a time with one of our planners below.