Tips for Getting Cheaper Life Insurance Premiums

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Tips for Getting Cheaper Life Insurance Premiums

June 2019

Life insurance can be a difficult monthly payment to make, simply because you personally never see the benefits of it – in fact, you hope to never claim on your life insurance policy at all!

But the truth is that life insurance is one of the most important insurance policies you can purchase, and with comprehensive life cover, you can ensure the financial security for your family in the years following your death.paper family with life insurance umbrella

Contrary to popular belief, life insurance doesn’t cost an arm and a leg – in the right circumstances, a life insurance policy can cost less than the average Netflix or Spotify subscription.

Here are some of the best ways to save money on life cover.

#1 – Shop around

As is the case with any insurance policy, you should never accept the first premium that you’re offered. Spend some time shopping around different insurance providers or get in touch with one of Quick Quote’s expert advisers, who can offer you advice on how to keep the cost of insurance premiums down.

#2 – Don’t smoke

As you’d probably expect, life insurance is much more expensive for those who smoke. Smokers never get offered low monthly premiums and, on average, pay double for their life cover than a non-smoker would.

You will be asked to declare whether or not you smoke when you apply for life insurance and are legally required to tell the truth – if you don’t, your insurer will find out and your loved ones will not receive a penny should you pass away during your period of cover.

So what counts as smoking on life insurance? Anything from a casual cigarette once in a while to chain smoking would see you classed as a smoker in the eyes of an insurance company – even vaping could void your policy in the event of a claim.

Luckily, once you’ve been smoke-free for 12 months, you’ll be able to class yourself as a non-smoker which could lead to a reduction in your insurance premiums.

#3 – Stay fit and healthy

It might sound like an unfair stereotype, but it’s true – the less fit and healthy a person is, the higher their risk of contracting potential diseases and illness.

As well as being asked whether or not you smoke, you will also be asked for your weight and your level of fitness – if you can spend even a few months hitting the gym regularly and maintaining a healthier diet, you could keep the cost of life insurance down as well as reduce your chances of becoming ill in the future – win, win!

#4 – Get the right policy

There are two core forms of life insurance – term life insurance and whole of life insurance.

Term life insurance is typically the cheaper of the two, given that it is only set to last for a predetermined period of time (until your children turn 18, for example).

Whole of life insurance is more expensive as it offers a payout to your loved ones if you die at any time of your life, as long as you continue to meet your monthly payments.

If you only want cover in case you pass away before your children come of age, get a policy which lasts until then – that way, you’ll be paying less money over a shorter period of time.

If you’re wondering: ‘ what is the best cover for me? ’, get in touch with one of Quick Quote’s expert advisers today.

#5 – Don’t be greedy

Life insurance is designed to protect anybody who is dependent on your income from financial insecurity – for that reason, you should only take out an amount of cover which will cover your income while your family adjust to life without you.

If you think that £250,000 would be enough to cover any existing mortgage payments, debts and any other regular outgoings then don’t take out £500,000 worth of cover – it’ll cost you more for cover you don’t necessarily need.

#6 – Get life insurance early

Many people believe that they’re too young to take out a life insurance policy, but that usually isn’t the case. In fact, experts suggest that you should take out life insurance while in your 20’s or 30’s, rather than waiting until later on in life at which point you’ll be forced to pay higher monthly premiums.

You have to be at least 18 to purchase life insurance, so if you’re older than this and have people who rely on you financially, you should certainly consider taking out life insurance.

#7 – Beware of optional extras

Most insurers will offer a range of optional extras alongside a standard life insurance policy. These can be extremely useful but will also increase the cost of your premiums.

Extras such as critical illness cover and a ‘waiver of premium’ are optional on most policies, so if you’re really trying to reduce your life insurance premium, leaving these out would be an efficient way to do so.

#8 – Get a cheap life insurance quote with Quick Quote

At Quick Quote, we work closely with the best insurance providers in the UK to find you the best insurance policy at the best price.

To get a free, non-obligatory life insurance quote today, simply complete the quick quote form and in less than 2 minutes you will have your indicative quote and have taken the first step towards protecting what matters most – to you.

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