How To Save On Your Life Insurance

Are you in the market for a new life insurance policy, or just want to save on your existing one? Around 8.5 million people have life insurance in the UK, but that still leaves plenty of breadwinners without.

Picking the right policy can be an affordable way to give you and your family extra peace of mind. So let’s have a look at how to save on life insurance.

Get a comprehensive medical check

While some life insurance plans can be taken out without a medical, these often aren’t the cheapest ones. If you really want to make great savings and find the cheapest plan possible, consider getting a comprehensive medical and get a report written attesting to your health. Insurers like to see this sort of evidence and if you’re healthy, it should lead to a much cheaper deal.

Shop around for the best deal

There are a few other ways to try and get the best deal on your insurance policy. While a medical is important, so is shopping around. After all, it’s a competitive market. That means you can try one of many comparison sites for recommendations, or check reviews online.

With any life insurance policy, it is  crucial to pay attention to the terms

Some insurers aren’t available on comparison sites, so you might want to do some additional research. While there’s tons of help online, there’s nothing stopping you popping into a local insurer and seeing if they can compete. Some people prefer to work with a local firm that they can trust and have known for years.

Negotiate the best terms

Don’t just try and sign-up with the advertised rate. Phone up a potential insurer and tell them you’re considering a few alternatives. They might be able to make you an offer. Oftentimes, if you don’t ask – you won’t know. And many of these insurers are desperate for new customers. Try and see if you can get a discount and do your best to negotiate the best terms.

Life insurance questions:

What is the average life insurance cost per month?

In Britain, the average amount paid for life insurance on a monthly basis is £30.40. However, this average includes all types of life insurance policies and various factors.

At what age should you buy life insurance?

The ideal age to purchase life insurance is widely accepted to be under 35 years old. Millennials are the least likely group to opt for a life insurance policy, despite being at the ideal age group. Individuals between 18 and 35 overestimated the cost of life insurance policies by 213%. If you are older, and you haven’t bought life insurance yet, there are many affordable over 50 life insurance policies on the market.

Does life insurance last for life?

Life insurance is an insurance policy that aims to alleviate the financial damage that your death could cause to your family and loved ones. There are various types of insurance policies, but in general, if you die or are diagnosed with a terminal illness in the duration of your life insurance policy, it could pay out a cash lump sum.

Check the smallprint

As with any insurance policy, you need to pay close attention to the terms and smallprint. These can be long and complicated, but they shouldn’t be overlooked. If it takes a few days to work through them, so be it.

An elderly man is shown getting a medical check to help lower the cost of his life insurance premiums

You need to make sure you’re covered for everything you need and that payouts are enough. Make sure they’ve got a good history of making payouts and that everything else is in order before you sign on the dotted line.

Pick the right coverage

Consider joint coverage

If you’ve got a spouse or partner, you might be able to save more than you think by opting for joint coverage. It can be a great way to save money and provide extra peace of mind to your whole family.

Quit smoking

One big factor many insurers will look for is if you smoke. Smokers will be much more expensive to insure. Not only will quitting smoking help improve your rates, it will also improve your finances overall as it’s extremely expensive. On top of that, it’ll be much better for your general health. Quitting smoking really is a win-win-win situation.

Buy insurance early

The younger you are, the cheaper your potential insurance policy should be. Most people don’t want to think about this sort of coverage when they’re young, but doing so could save you a fortune over the years. How much trouble have you had finding the right insurance policy for you and your family? Has this article helped?

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