How can seniors save the most on life insurance? Here are five strategies to help you save the most on life insurance

The key to life insurance for retired seniors is to ensure adequate financial protection for their loved ones while not letting premiums deplete retirement savings. Yes, it’s a balancing act, but who says you can’t master it with some smart moves?

Let’s look at five thoughtful strategies that can help seniors get affordable, adequately protected life insurance.

1. Apply early

Consider age a key factor in your life insurance formula. Every birthday you pass can increase your premiums by 9% to 12%, which can cause prices to spike like a last-minute ticket. If you’re considering buying life insurance at age 65, waiting until 67 may not seem like a big deal, but paying higher premiums due to age could become a reality. Acting quickly can lock in lower rates, making your premiums more manageable in the long run. This is a clear case where time is money.

2. Travel around

Have you ever spent hours searching online for the perfect vacation deal? Buying life insurance is a similar process. You don’t book the first flight or hotel you see; the same is true for buying life insurance. Getting quotes from at least three different life insurance companies can reveal differences in premiums for similar coverage, sometimes as much as 55%.

3. Perform a health check

It may sound appealing to skip a health exam—it’s quick, easy, and stress-free. While it may be convenient to choose a life insurance policy that doesn’t require a medical exam, the premiums for such policies may be higher than those that do require a medical exam. If you’re in relatively good health, getting a blood test may work to your advantage. With a health exam, you’ll be considered less of a risk, which means lower premiums for your life insurance.

4. Tailor your coverage

When it comes to protection, more isn’t always better. For every additional $100,000 in life insurance coverage, your life insurance premiums could increase by $50 to $100 per month, depending on your age and health. Downsizing from a $1 million policy to a $500,000 policy could cut your monthly payments in half. Assessing your actual financial obligations and life insurance needs can help you avoid overinsurance and paying too high a life insurance premium.