5 Ways You Can Save Money On Your Life Insurance
Life insurance is an odd concept. Unlike other insurances, you don’t really get anything for it. The only time you get something from your policy is after you pass away, and that ends up going to your spouse / partner anyway. I guess there’s some solace in knowing that your family will receive a financial gain once you’re gone. That’s a good enough reason to start looking for it today.
Life insurance doesn’t need to be expensive either, like its counterparts. Here are some easy ways to save money on your insurance.
Buy Insurance Early
Typically, the younger you are, the cheaper your prospective insurance policy will be. However, the majority of young people don’t want to think about this until they’re older or have started a family. Starting earlier could save you a fortune though.
Life insurance companies asses your level of risk when determining your life insurance premiums. So, the older you are, the higher your premiums are likely to be. If you think you can save money by sitting and waiting… Well, good luck is all I’ll say.
Quit Smoking
This is quintessential, but there’s a reason why it’s on everyone’s list and why it’s one of the main questions you’ll be asked while applying for insurance. It saves you money.
All insurers will say that quitting smoking will help improve your rates. Not just that, if you do smoke, you’ll find very quickly that quitting will improve your finances. It’s also much better for your general health. I could go on and on about the benefits of quitting smoking.
Kicking the smoke is a serious win-win situation for you and your insurance.
Get a Comprehensive Medical Check
You may find that by getting a medical check and adding it into your application, you’ll find cheaper coverage. Some life insurance plans can be applied for without a medical. However, these will not be the cheapest.
Seriously consider getting a comprehensive medical check and have your doctor write a testament proving that you’re healthy and in order. Any insurer you approach will appreciate this kind of evidence and if your report says you’re healthy, you can expect cheaper deals.
Shop Around
Your normal insurance provider may not offer you the most competitive deal when shopping for life insurance. This could be down to a number of reasons - one of them being that they’re not life insurance experts.
Just like making any other purchase, it’s important that you try and establish whether or not you are going to get the best deal possible. The price of life insurance premiums will vary tremendously between providers. So make sure you get a variety of quotes which you can do by using price comparison sites (hint hint).
Don’t Buy Life Insurance At All
Right, hear me out.
If you’ve got a partner or a child, it makes sense to take out life cover. However, if you’re single with no family to support or you’re without a mortgage, you don’t really need life insurance. No-one is going to receive the pay-out. Don’t be drawn in to taking out life insurance when it’s unnecessary. In this case, consider taking out income protection (IP). IP covers you if you’re unable to work through sickness or injury, which is a lot more suitable for people without anyone depending on them.
Need help with finding life insurance? Here at Kompare, we work with insurance experts from all over the UK to give you competitive prices instantly. By filling out our quick and easy application form, you will receive your quote in seconds. Furthermore, if you would like to talk to one of our agents about getting a quote offline, you can call us on 0800 812 1000.
