January 31, 2009
The fix: A healthy woman in her late 30s could save 20 percent annually by purchasing a $500,000 life-insurance policy independently, estimates P.J. Patierno, a financial planner based in Greenwood Village, Colorado.
Why? The rates charged at work are designed to cover the liabilities of everyone in your office. "The overweight guy down the hall or the smoker upstairs is getting the same coverage as you," he explains.
Buy your life insurance independently, from a broker, an estate planner, or a financial planner. An independent broker will know details about different policies in recommending one suited to your lifestyle.
Before setting up an appointment, get a general sense of ultrapreferred rates (what the healthiest consumers pay) by visiting a website such as insurance.com or bankrate.com. To find a certified financial planner, who often functions as a broker, consult the Certified Financial Planner Board of Standards at cfp.net.