How can I find a cheap life insurance quote in the UK?
There are many policies out there and obviously some are cheaper than others but none could really be called ‘cheap’.
Life insurance is a long term investment which is designed to secure the future for your family once you have gone. Many families rely on one salary and if that salary is yours then your family could be left in a dangerous financial position if you die, particularly unexpectedly. This can happen to anyone and you shouldn’t just assume that it won’t happen to you. If you are worried about how your family might be able to afford the mortgage payments on your home without your salary in place to help you then a life insurance policy could be just the thing for you. However, do you really want to jeopardise your family’s future by fobbing them off with a cheap life insurance policy?
This doesn’t mean that all low price life insurance policies are a waste of time though. Like most insurance products, the premiums on a life insurance policy can sometimes vary by as much as 50% for a policy offering the same level of coverage. Therefore it is critical that you look around and find the best deal possible before you commit to a specific policy. In this respect ‘cheap’ life insurance policies do exist, but perhaps it is better to think of them as being ‘cheaper’.
Another way that you can cut down the price of your life insurance is to get rid of some of your bad habits! If you are a smoker, for instance, will mean that the cost of your life insurance is much greater than if you aren’t. likewise if you a heavy drinker you can expect your insurance premiums to lower if you reduce your alcohol intake. If you quit smoking and reduce your drinking you win on three different levels – cheaper life insurance, you will save more money saved for really important things and hopefully you will live longer too. You should start to see life insurance premiums beginning to drop any time between one and five years after you give up smoking or reduce your drinking patterns.
You should also be aware that your hobbies will also affect the price of your life insurance and if you take part in any extreme sports which have an element of danger to them you can expect your life insurance premiums to rise. The reasons are clear for this and we are not saying that you should not take part in extreme sports, but that you should understand that you will have to pay a higher price for your life insurance if you continue to do so.
Under no circumstance should you provide an insurance company with any inaccurate information regarding your health or lifestyle. This could result in the policy being declared void and you certainly won’t be getting a refund from the insurance company if you deliberately tried to hide the truth about an issue that could raise the cost of your life insurance.
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.