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Life insurance can be expensive, to find the right insurance policy for you at the right price, simply follow our top money saving tips.

The cost of life insurance is dependent on many factors including:

  • Type of cover required
  • The amount of cover
  • Length of cover
  • Number of people insured
  • Age
  • Gender
  • Whether an individual smokes
  • Medical history and current state of health
  • Occupation

Life insurance premiums vary between suppliers, but there are a number of ways you can lower the cost of your life insurance premiums. Take a look at our top 10 tips to save money.  

  1. Decide whether you actually need life insurance

    Life insurance is to protect your family and dependents in the event of death.  There may be many other reasons too for taking out a life insurance policy, such as to cover funeral expenses.  But, firstly you need to decide if life insurance is the right choice for you.

  2. Get the right amount of coverage

    Try not to overprotect, because even if you get a bigger payout when you die, then you’ll have to pay higher premiums while you’re alive.  Before buying insurance, consider how your family depends on you financially to figure out how much coverage you need without overprotecting yourself.

  3. Make sure you take out the right type of insurance policy

    Based on your requirements, it is important to understand the different types of life insurance policy and take out the policy that suits your needs. 

  4. Consider joint life insurance

    Think about whether a joint or single policy will be the most cost-effective for you in the long term.  A joint policy is often cheaper than two single policies. 

  5. Stop smoking

    Life insurance for smokers is always significantly more expensive. Generally, you will be eligible for cheaper life insurance if you quit smoking over 12 months ago. 

  6. Stay healthy

    Lifestyle factors such as drinking habits and weight can affect the cost of cover.  Practising healthy living can reduce the risk of some medical conditions such as heart disease and diabetes.  If you are in good health, the more you can save on your life insurance premiums.  

  7. Buy life insurance when you are young

    The older you start your life insurance cover, the more expensive your premiums are likely to be. 

  8. Shop around

    Make sure you compare life insurance quotes to ensure you find the best possible deal to suit your needs.

  9. Pay your life insurance annually 

    Once you have found the life insurance policy best suited for your needs, ask the provider if there are any discounts available if you pay annually.

  10. Regularly review your insurer

    You have no obligation to stick with an insurance company.  You might find a better deal by shopping around. It is important that you review your policy and what you are paying on a regular basis.       

Although, you are wanting to purchase competitively priced life insurance, buying the cheapest life insurance policy might not be the right thing for your family.  Therefore, it is important that your decision is not purely based on price. You need to understand what you are buying fits your needs. 

When making the final decision make sure that you have adequate cover and you have checked all the terms and conditions.

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