Ways To Save Money When It Comes To Life Insurance

Life insurance doesn’t actually have to be that expensive; when you think about it £20 a month to protect your family when you’re gone is nothing when you consider that you pay that for a couple of bottles of wine at the weekend. However, when you consider the amount that you put in when you’re paying £20 a month for 30 or 40 years you can see how it mounts up and there are a lot of ways that you could save yourself an extra bit of money.

Firstly, life insurance policies are intended for people with big debts, like a mortgage and a family to support when they’re gone. Therefore, if you’re single then there’s not a lot of point in paying into a life insurance policy because there’ll be no one to receive the payment at the end. Some mortgage advisers try to make you think that you have to have an insurance policy when you take out your mortgage but this isn’t the case; they will encourage you to take out a policy because they receive commission each time someone buys from the company that they recommend to. If you do have children and a partner who doesn’t earn a lot then life insurance is far more important and you should seriously consider taking out a policy. You should also look into your company’s policy on death in service as most companies will give a generous pay out to you family should you die suddenly while still employed and this pay out is usually three or four times your annual salary.

If you do feel that you need life insurance then you should always shop online. The internet will give you the best deals and the easiest ways to compare policies. Buying insurance through comparison websites has been proven to save you loads; if you take out term insurance to pay off your mortgage payments if you die then you could save almost two pounds per month just by going through a comparison website. Although this saving doesn’t sound like much, saving two pounds a month over 20 years will actually save you almost £500.

You should also consider switching your insurer; so many people stick with the same insurer year after year when they could be getting a much better deal elsewhere. You don’t get charged for switching your insurer and you’ll be saving yourself a lot of money by doing so.

Lifestyle choices have a big impact on the price of the insurance that you pay; smoking significantly increases your premium rates but you can change this. If you quit smoking and don’t use any tobacco or nicotine replacement products for one year then you could easily find a much cheaper deal to the one you’re paying now. In fact a non-smoker usually pays around half the monthly fee of a smoker for exactly the same amount of cover.

Jasmine Hall shares her interest on the best life insurance online quote available.

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