Getting cheap life insurance is possible, but it does involve doing a bit of research to find the best premiums. Of course, we’ve taken the time to gather some of the best points that will help you find affordable cover. These policies don’t have to be overly expensive – in fact, many are sometimes quite cheap.
If you have dependents, life insurance gives you peace of mind. You know that support remains even after you’re gone. Cheap life insurance in particular may seem like a dream to some people, but there are a few things you can do to get low-cost, affordable premiums.
Factors that affect the cost of life insurance
Reducing the cost of life insurance can be done by weighing your options. In addition, improving your general health and lifestyle can have an effect on your premiums. But there are more factors…
- If you have a partner or someone with whom you have shared financial interests, you can make a choice between two separate policies or a joint life insurance policy.
- Smokers will pay more for life insurance. If you smoke, you may get cheap life insurance by giving up the habit for good. Bear in mind, you have to be smoke free for a year. In addition, unhealthy lifestyle habits (weight, eating and drinking habits) will also contribute to how expensive your premiums are.
- Age is a factor: Older people pay more for their premiums. Remember, though: premiums are usually fixed for the length of a policy. So, it means that cheap life insurance can be gained by starting your policy when you’re young.
Getting Cheap Life Insurance: Some top tips
Cheap life insurance can be gained through following a couple of tips. Remember, dishonesty is not going to get you anywhere in the long run. Instead…
- Be fully honest regarding your medical history. Remember, your insurer can check your medical records if they wish to.
- A joint policy may only pay out for one death, whereas two separate life insurance policies will pay out for both deaths – so, even if you are married/in a couple, two policies could be worthwhile.
- If you’re a smoker, you could be paying up to 70% more in premiums than non-smokers.
- Comparing quotes and shopping around are a good way of finding cheap life insurance quotes: but don’t just go for the cheapest option. Look at the features each policy has and do your research.
- The younger you are, the cheaper your policy will be!
- Make sure you choose the right amount of cover: sometimes, customers tend to get roped into paying for features and products they don’t need.