🔎 Disclosure: Heads up, babe: some links here are affiliate links, which means you might throw a tiny commission my way if you buy (zero extra cost to you). Only things you’d actually use and love get shared on this site.
1. Only Buy the Coverage You Really Need
You know that feeling when someone tries to upsell you at checkout, and you’re like, “Nice try, but no thanks”?
That’s exactly how you should treat life insurance.
More coverage sounds safe, but it often means paying for protection you’ll never use.
Here’s what you actually need to consider:
Match your coverage to your income, debts, and dependents. Not random “recommended” amounts.
Skip unnecessary add-ons like riders for extreme scenarios you don’t need.
Review your policy every few years as your financial life changes.
👉 Here's How You'll Do It: Add up your total debts and annual expenses, then multiply by 5–10 to estimate a realistic coverage amount.
Make It Easy: Use a financial binder to keep your insurance numbers and documents organized for quick review.
2. Choose Term Life Over Whole Life
Whole life sounds fancy until you realize it’s like buying a luxury car when a reliable sedan does the same job.
Term life gives you simple, solid protection for way less money.
And the best part? It’s flexible enough to fit your real-life goals.
Here’s what makes it better:
Lower premiums that free up hundreds every year for savings.
Fixed coverage periods (10, 20, or 30 years) that align with your family’s needs.
No complicated investments, just pure protection that does what it promises.
👉 Here's How You'll Do It: Choose a term length that matches your major financial responsibilities, like your mortgage or kids’ education.
Make It Easy: Use Insurify to compare term life quotes from multiple providers instantly.
3. Quit Smoking to Get Lower Rates
Life insurance companies don’t play when it comes to smoking. They’ll charge you up to double.
Quitting not only saves your health but also your wallet, which IMO, is the real win-win.
Even better, many insurers re-evaluate your rate after a smoke-free year.
Here’s how quitting pays off:
Lower premiums after 12 months tobacco-free (yes, they actually check).
Better overall health, which means fewer rate hikes later.
Potential refunds if you switch to a non-smoker policy early.
👉 Here's How You'll Do It: Talk to your insurer about how long you need to be smoke-free to qualify for a rate drop.
Make It Easy: Keep a habit tracker notebook to mark your smoke-free streak and stay motivated.
4. Avoid Risky Hobbies That Raise Costs
Love skydiving, rock climbing, or motorcycle racing? Your insurance company doesn’t.
Those adrenaline highs come with higher premiums that’ll make your head spin faster than the rollercoaster you just rode.
But don’t worry. You can keep your sense of adventure without paying extra for it.
Here’s how to cut the cost:
Skip declaring extreme hobbies you no longer practice (no one cares about that one-time bungee jump).
Pick safer activities like hiking, swimming, or cycling that don’t trigger higher rates.
Reassess your hobbies every year to update your insurer and lower costs.
👉 Here's How You'll Do It: Update your insurer if you’ve ditched risky hobbies. It could drop your premiums instantly.
Make It Easy: Get a durable folder to store all insurance-related communication and updates neatly.
5. Lock In Rates While You’re Young
Here’s the thing. Life insurance gets more expensive with every birthday candle.
Buying early means you pay less for the same coverage for decades.
It’s like getting a lifetime discount just for being proactive.
Here’s how locking in early helps:
Lower premiums that never rise once you’re approved.
Easier approval since you’re typically healthier at a younger age.
Long-term savings that stack up to thousands over time.
👉 Here's How You'll Do It: Apply for a policy now while your health and age work in your favor.
Hey, I'm Lily! I'm a mom who's really good at two things: stretching a dollar and talking about stretching a dollar. I created Money Vice after one too many grocery trips where I watched my total climb and thought, "There's gotta be a better way." Spoiler: there is. Think of me as your money-savvy friend who's always got a tip (and coffee in hand).
