A simple question that’s been asked numerous times before: What is the best time of year to buy life insurance?

As always, some of this information might surprise you.

Life insurance rates for most policies are lowest in the first five months of the year and rise sharply late in the year.

The typical premium paid in the first few months of the year is in the range of $400-500.

Best time of year to buy life insurance:

For most policyholders, the best time to buy life insurance is during spring when the riskiest period begins — the first half of the year.

On average, each life insurance policy will pay out $6,000 a year by the date of the policy’s expiration.

If purchased before October 1, you can take advantage of most premium discounts and annual fee discounts during the spring.

But because buying life insurance during the warm months adds extra charges to your premium or late fees to your policy renewal, especially if you choose term insurance, it’s best to buy your second policy in the second half of the year.

Life insurance sales in the early spring make sense for many policies.

This isn’t the time period for major policy changes and life insurance company mergers and acquisitions. If the time of year is right, an effective policy sale can be made sooner.

Life insurance in the second half of the year usually comes on the heels of other major events or mergers that affect the industry as a whole, such as the departure of a major insurance company or a merger of a couple of major insurers.

If you’re in the second half of the year, buying life insurance could benefit your financial situation.

For example, if an insurance company announces a major merger, you could be forced to choose between replacing your current policy and buying a new policy with less coverage.

If the new policy is more expensive, you could choose to go without insurance for a day or two.

Some consumers are also taking advantage of discounts offered by the insurance companies, such as for homeowners as they enter the peak of home construction and real estate market fluctuations.

The discount offers also vary by state, which means there may be a different price-to-value ratio for homeowners in different states.

However, with an effective policy sale, any savings could be used toward paying for other things such as health insurance, auto insurance, or a lower monthly payment.

Some Americans might be able to save more money on their coverage if they choose a fixed, fixed-rate, or longer-term policy.

Fixed-rate policies can be a good choice for low-income people facing low-to-stagnant job growth, especially if you work in an industry that pays less than the average for your skillset.

They also appeal to consumers who might not get health care coverage but might have other financial concerns, such as a bankruptcy or a death in the family.

Long-term policies are very different from one another.

They require a longer-term to cover the possibility that life might change, such as a parent or a spouse getting sick. Fixed-rate policies, however, can be a bit more aggressive in terms of extending life, such as after a job or home sale and before a child gets a driving license.

A good rule of thumb to keep in mind is that if the price of policy changes, it should be significantly less than your premiums.

It could also be more expensive than what you would pay for equivalent risk in a comparable policy in the same policy category.

Now, after we answered your question on what is the best time of year to buy life insurance, consider these tips to help pick the best life insurance policy.

1. When life insurance companies ask for proof that your spouse is dead or your spouse’s children are still alive, be sure you have documentation to support they offer.
2. Also, include any letters or other records that support your case, along with a written statement by the insurance provider stating all information and supporting evidence you believe the provider has about any family members it may have.
3. Don’t be shy to ask for advice.
4. When negotiating policies, you need to ask for advice from a reputable law firm or financial advisor.
5. Some life insurance companies may have legal services on a contract basis to get a firm specializing in this area.
6. If you cannot afford to hire an expert, ask your employer for advice, however brief, and request at least seven to 10 business days before the policy can be final.
7. Know the limits of your insurance policy.
8. When considering life insurance you should do your research.
9. Make sure you are aware of your policy’s limitations so as not to increase premiums as your insurance age increases.
10. If you are considering a life insurance policy, you should compare the quotes from several different insurers. Ask if there are any specific limits or any conditions or requirements the coverage will have to meet.
11. Consider the cost. The cheapest life insurance policy will never cover more than your life expectancy. For people who suffer a life-threatening illness, the cost of coverage increases exponentially.
12. Consider that as you enter your late 40s, you may have to pay more than you would have done ten years ago.
13. Choose a plan with a lower monthly premium.
14. Make sure that your life insurance plan includes coverage to cover unexpected expenses during a life crisis – like a hospitalization during cancer treatment, or a hospitalization related to another illness. This will help you in a crisis and reduce your health care costs.

In addition to these basic life insurance tips, there are other considerations to keep in mind when considering a life insurance policy:

1. If you have already died, the policy will be canceled.
2. Your spouse’s life insurance policy will be canceled and their estate may be divided up without you.
3. Make sure that you ask for details on your spouse’s will.
4. Make sure to discuss your family with the issuer of your policy.
5. If you have a health savings account in which your spouse is enrolled, ask your bank to provide you with information about your spouse’s life insurance policy so you can compare options with them.
6. Make sure you and your spouse know your terms and conditions.
7. If additional fees could be imposed on your spouse’s life, you will want the details.

If you want to learn more about life insurance, you can check out this Life Insurance Tutorial.