Life insurance is a must-have for anyone with debts greater than their cash savings. This protects your family in the event you die before, say, paying off your student loans or credit card debt. With so many life insurance options on the market, it’s easy to find one that suits your needs and your budget, too. However, getting the best rate possible requires knowledge and strategy. Follow these tips to secure a cost-effective life insurance rate:

Exercise

Getting in better physical shape means lower life insurance premiums because the healthier you are, the lower the risk to the insurance company. You don’t have to start competing in triathlons or spending every waking moment at the gym – incremental chance can make a positive impact. For instance, walking for a half hour every day will improve your heart health and your blood pressure, meaning a lower blood pressure reading during your life insurance physical exam.

Say No to Tobacco

Smoking or the use of other tobacco products will increase your life insurance premiums because of the proven negative effects to human health. If you stop smoking now, your rates – and your health – will thank you.

Keep Shopping Around

Just because you lock in a great rate, it doesn’t mean you should stop looking at other options. In fact, with so much competition in the marketplace, it behooves you to review your policy every three years and compare it to other available policies. Sometimes, your insurance company may even agree to adjust your rate a bit in order to keep you as a customer, so be your own best advocate and never stop looking for a better rate.

Life insurance can be an incredibly cost-effective and valuable asset to have. As you shop for the best policy for your situation, consider the above tips in order to get the best rate possible.

Image via Flickr/Amit Kamble