How can i save money on life insurance?

For a long time i am investing in an insurance plan but now i’m really sick and tired of it and what more even my budget is asking for a reform can you suggest me some ideas.

10 Replies to “How can i save money on life insurance?”

  1. if you have knowledge about other avenues like shares,realestate etc
    just take term insurance (no returns but you pay negligible)
    and put your money in ur way of investment

    but if you have no idea where to invest think of investing in mutual funds sip or just ULIPS but they take long time to show you profits

    but real estate done in right way helps “you save when you buy not sell” buy cheap

  2. One can avoid going to movies or restaurants and save money.

    One cannot save money on life insurance, as it is compulsory.

    You mistook insurance as an investment option.

    Buy a Pure Term Plan for insurance.

    Invest your money in good investment options.


  3. putting all the eggs on same basket is not good theory just diversify you portfolio…..put some money in stocks, mutual funds, fixed deposits etc…all these investment diversify your portfolio…however investing in insurance is not bad, but putting all the money in that is also not good……….for more details mail me [email protected]

  4. u dont say what type of policy u have. without that info its difficult to tell u. u should find a reputable life insurance agent who will be able to guide u thru the different policies available and give u unbiased info.

  5. It really depends on what type of insurance plan you are currently using and how long you have been using it. If you only purchased term insurance and you aren’t happy with the premium, go look for term coverage elsewhere. Of course, make sure you are aware the premiums before canceling any life insurance; it is possible it could be cheaper to remain on your current plan.

    If you have a universal or whole life insurance policy you have been paying into, it might be beneficial to convert the policy into a paid-up term policy. Or, worst case scenario, surrender the policy for it’s cash value and purchase a term policy.

    If you have whole or universal life, look at the cash values first and look to see how much it will cost over the long-term to surrender the policy. If you are having immediate temporary budget issues, look at possibly borrowing against the cash value. Of course, you will want to speak with your agent before doing any of this.

  6. Any qualified financial advisor will tell you two things:

    1) Saving money is a good thing.

    2) Looking for bargains in life insurance is a very irresponsible thing to do.

    If you question the plan you’re in, get an opinion from another advisor. Keep in mind that I said “advisor,” not “agent.” Life insurance should only be recommended by an individual who knows you, understands your situation, and is fully qualified in comprehensive financial planning. Insurance salesmen are not qualified to assist you in these matters.

  7. go for lic insurance plan (monthly RD or fixed deposite schemes) which gives u guaranteed returns under section 37 of LIC act 1956
    for more details contact janardan Thorat (insurance cum financial advisor) 9869231313 (email- [email protected])

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