My husband and I have gotten gazelle intense with our debt repayment, and we are looking to slash where ever we can.  However, there are some areas that others may consider cutting that we refuse to touch.  One of those areas is life insurance.  Just a few months after our son was born, we bought life insurance for both of us.  It costs $78 a month, and yes, that would be a nice amount to snowflake on our debt, but we refuse.

When I was 15, my dad died.  He had a very small life insurance policy, but it would have been helpful if it had been more than 2x his salary.  People never want to think that they will die, especially that they will die young, but unfortunately it happens.  My dad had just turned 38 when he died.  I know it can happen, and I will gladly put up with our debt a bit longer as a trade off for financial security if something happens to me or my husband.

Having said that, there are some ways you can make your life insurance more affordable:

-See if you can bundle it with your other insurance through one company.  If you can get your life insurance, car insurance and homeowners’ insurance through the same company, you will receive a good discount for bundling your policies.  Call around for car insurance quotes, and then ask about your other insurance policies.  However, before you cancel your old policy, make sure you are covered by your new policy first.

-Renegotiate your rates.  If you were overweight or a smoker when you first obtained life insurance and you have since reformed your ways, call your insurance company to ask for a new life insurance quote.  They may lower your rates to reflect your lower risk now that you are healthier.

-Make payments annually.  Our life insurance payment is taken from our checking account monthly, but I know we are paying a convenience fee for this.  I have it on my to do list to call and change our payments to annual payments.  That will save us a few dollars a month in convenience charges.

No matter how desperately we want to pay off our debt, we refuse to compromise our life insurance protection.  However, we plan to lower that cost overall by eliminating convenience fees.  Those few dollars at least can be added to our debt snowball monthly.

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