Ways to Save on Health and Life Insurance

You shouldn't have to struggle to make ends meet because your health and life insurance policies are too expensive. Read on for a few simple ways to make your life and health insurance premiums more affordable.

1. Buy all of your policies from one carrier. Most companies that sell health and life insurance offer multiple-policy discounts if you purchase more than one type of coverage from the same carrier. You can purchase life and health insurance from the same insurer or purchase coverage from the insurer you already use for home or auto insurance.
2. Get in shape. Health and life insurance companies will charge you higher premiums if you are overweight. Obesity can also lead to problems like high blood pressure, which will also result in more expensive premiums. To receive the best rates possible, lose weight before you apply for your life and health insurance policies.
3. Stop smoking. Smoking will cause your life and health insurance premiums to skyrocket and may even disqualify you from getting coverage. Try to kick the habit before you apply for health and life coverage. A history of smoking will still raise your rates but not as much as if you continue to smoke.
4. Reduce your prescription medication costs. If your health insurance plan offers little or no coverage for prescription medications, you should work on minimizing your pharmacy costs. You can do this by asking your doctor for free samples of your meds, getting on generic meds, or joining your pharmacy's prescription savings program. Most drug manufacturers also offer programs for free medications to people who meet certain income requirements.
5. Exercise. Exercise reduces blood pressure and helps you maintain a healthy weight, both of which will improve your health and life insurance premiums. Even moderate exercise can help you make significant improvements to your health, so it's never too late to start.
6. Purchase term life. If money is a major concern when you purchase health and life insurance, you should choose term life because it provides the largest amount of protection at the lowest cost. Although term life insurance premiums increase as you get older, you probably won't need life insurance once that happens because your dependents will be self-supporting.
7. Raise your deductibles, coinsurance, or copayments. The higher your out-of-pocket costs are on your health insurance policy, the lower your premiums will be. Talk to your health and life insurance agent about raising your deductibles, copayments, or coinsurance in order to reduce your premiums.