What can I do to get the cheapest life insurance?
Life insurance can be a very expensive investment and a commitment which will remain with you (hopefully) for the rest of your life. You should think very carefully before deciding if you can afford to buy a life insurance policy and make sure that you have made all the right calculations in advance before you commit to a specific policy.
Although policies can be expensive it is also possible to find affordable life insurance deals. The price of a life insurance policy can vary by over 50% - for some unknown reason insurance prices in the United Kingdom can vary by unbelievable levels as most car owner will know. It remains a mystery as to why some companies can continue to offer policies at over twice the price of their competitors and still have a strong customer base! Make sure you look around before you commit to a policy. Obtain as many quotes as you can, either online or by phone.
There are of course other things that you can do in order to get a cheaper life insurance deal. Are you a smoker – if so, why? You know by now that smoking kills and smokers can expect to have far higher insurance premiums than non smokers. Try quitting – after a year or two your insurance premiums will probably be lower and hopefully you will have more chance of seeing your children or even your grandchildren grow up. Alcohol works on a similar basis, although we are not saying that you must never drink again it is a fact that cutting down your alcohol levels to a moderate or low amount will reduce the cost of your insurance.
There are many other factors that affect the price of life insurance. If you take part in dangerous hobbies for instance parachuting or any other extreme sports then you can probably expect your life insurance premiums to be higher than if you are an avid painter or gardener. Whilst we are not encouraging you to give up an activity that you may love we hope to point out that your chosen hobby could affect the price that you pay for your life insurance policy.
Although the price of insurance can be raised by your lifestyle it is absolutely imperative that you don’t provide the insurance company with any false information. This could result in your policy being declared void if the insurance company discovers that you are lying and it is highly unlikely that they will give you any of your money back. Trying to save a few too many pounds could result in losing thousands for your beneficiaries and therefore jeopardising your family’s future.
Disclaimer: The information contained on this page is not intended, nor should it be construed as providing any form of financial advice or guidance as to which insurance product/policy is right for you. If you are unsure as to which product meets your requirements/needs you should always seek advice from an Insurance Professional.