Are you searching for a new life insurance policy? If so, you likely know just how much of a minefield finding a good policy can be. However, there are quite a few things you can do to keep your costs down; some of which you should probably consider even if you’re not applying for life insurance, depending on your circumstances.
1. Stop Smoking
If you’re a smoker, then cutting the ciggies out can save you a bundle on your life insurance quotes. Policies get cheaper the longer you go without smoking, and by stopping smoking you’re far less likely to get ill over the duration of your policy – no bad thing, I’m sure you’ll agree. A smoker’s life insurance quote can be astronomical compared to the exact same quote for a non-smoker; do yourself a favour!
2. Get Fit
Here in the UK, we’re getting bigger and bigger – in fact 60% of the population is now considered overweight. Of course, that’s no reason to allow yourself to fall into this trap; if you’re looking for cheaper life cover then making sure your BMI stays closer to healthy is vital: If your BMI is above 30 then insurers will likely load your policy by around 50%, whilst a BMI of 37 or more is likely to mean you struggle to get any life cover at all.
3. Be Realistic
Obviously we would all like any life insurance payment to stand our loved ones in good stead for the foreseeable future – putting the kids through university, paying off the mortgage, leaving a lump sum for other expenses, and so on – but sometimes that just isn’t feasible. However, you shouldn’t scrimp on cover just to save money: covering too little could leave your family in a financial hole should they ever need to claim on your policy.
4. Compare Prices
This might seem like an obvious piece of advice, but you’d be amazed how many people just wander into their high-street bank and take the first deal given to them. If you have pre-existing medical conditions then looking around at different providers can save you a huge amount of money; some insurers are less strict on some conditions than others.
5. The Right Policy
A joint policy is often a great idea: It allows you to protect two people in a single payment and saves dealing with the stress of two separate policies. Unfortunately however, it is sometimes cheaper to take out two individual single life cover policies. Even if a joint policy looks like it would suit your needs, consider looking at individual policies for you and your partner – not only could it be cheaper, you will also end up with two separate pots of cover as opposed to one shared one.