If you have dependants, than life insurance is something you should already have to secure the financial well-being of your loved ones. However, this doesn’t mean paying a high premium for the level of cover you require; below we look at some of the ways in which you can obtain cheap life insurance.
Ways to buy the cheapest life insurance cover
There are many factors that affect life insurance premiums, but by taking into account of your age, being healthy and looking at your options, you could find yourself a great deal.
Choose death in service benefits: This type of life insurance cover is provided by the employment firms to their employees. They will give a lump sum amount in case the employee dies during the tenure of his service. The premiums of this cover are cheaper than the regular insurance cover. If you have this then you may not need an extra insurance for life. However, the drawback with this is that the death in service benefit is lapsed if you leave the company. So, think and select wisely.
Go for a joint policy: If you are a couple with limited income, then choosing a joint life insurance policy is a good idea. This way, both of you will be insured at the cost of one. That is, the premium you pay for this kind of insurance would be lower than the sum of what you pay for two separate policies. Again, the loophole in this case is that if one of the partners die then there is no cover for the second one. He/she needs to buy a new insurance policy which may be considerably more expensive depending on factors such as age.
Quit smoking: If you are a regular smoker insurance companies will charge high premiums to you. They have this provision as the ratio of death of UK people due to smoking related diseases is quite high. If you quit smoking and come up clean for a year, then the insurers may provide extra discounts to you. This is to encourage healthy living too.
Get it at a young age: You should get a life insurance policy when you are still young. Remember insurance is not just for the elderly. Insurance providers charge lower premiums from younger guys as there are low chances of death due to age related issues. And it’s always safe to have an insurance, even if you are at the peak of youth.
Show complete medical history: It is always advisable that you be honest about your medical history. Death due to any hidden health condition would not get pay-outs from the insurers. If you are healthy in your medical reports then you would need to pay much lower premiums.
Shop around: There are numerous life insurance providers in the UK. You need to check them, compare them and select the most appropriate of the lot. In any case, choose the one that is most suitable for your circumstances and not just a cheaper option. After all it is a security for your life so go for the best value.
Choose online: Online insurance providers give bigger discounts than those in the brick and mortar stores. Some of the online providers’ rebates you commission throughout the term. This results in much lower premiums.
Choose the right policy: Compare all the insurance providers and buy the best policy for you. Take your physician’s advice, compare insurance providers giving basic details about your health and financial situation and then zero down on the best policy for yourself.
Put your life insurance policy in trust: By doing this, your family would not need to pay inheritance tax on the pay-outs of the family. For keeping the policy in trust you just need to fill in a few forms and that’s it. In most cases, this is offered for free by your life insurance provider.
These are some of the most common methods of cutting down your life insurance cost. Research more for buying the cheapest life insurance provider. FreePriceCompare.com will help you find the best life insurance cover by giving an absolute comparison between the various providers in the UK. Get free quotes from us! Call us on 0203-4757-476 or hit the ‘Get Quotes Now’ button below.