As adults we all look for that amazing bargain, if it is looking through the sales or using websites like quidco. However, cheaper is not always better as our parents would say. This can also be the case with financial products ranging from credit cards, mortgages and other products. At Life Insurance Cover we look at the best ways to get the cheapest life insurance and how to save money through lower premiums.
With many different life insurance policies from all of the UK life insurance providers, matching your needs and budget can be quite a challenge. However, we understand that every household has a budget, so here is our step by step guide on how to get affordable life insurance that provides the best level of cover within your budget.
Get A Cheaper Life Insurance Quote
To help you find the cheapest life insurance that will offer the protection that you need, you will need to make an honest assessment about how much you would like to leave to your family, loved ones or beneficiaries. Everybody would like to leave as much as possible to ensure financial stability to their loved ones. However by working out a total amount within your budget for a life insurance policy is important. The easiest part of the calculation is based on multiplying your salary by the number of years you wish to cover your dependants.
As a whole of market life insurance broker we are able to help you, by making cheap life insurance better for you. With many policies starting from £5 a month, life insurance protection is affordable. Remember that the cheapest life insurance premium quoted isn’t necessarily the best, you’ll want to make sure you have sufficient cover should the worst happen. Our specialist advisors will help you find the best cover for you and your loved ones.
Why Can’t I Get Cheap Life Insurance?
As each life insurance policy is assessed differently, the cost of life insurance is based on the risk you pose to an insurer. Once you have worked out approximately how much cover you need to provide protection for the future, simply use our quick life insurance quote form. Your ability to get cheap life insurance will depends on a few rating factors that all life insurance companies use. These include your age, smoker status, Body Mass Index, occupation and hobbies.
The reasons for using these factors is to calculate the likelihood of a potential claim in the future. A primary example is smoking, you’ll be classified as a smoker if you’ve recently used tobacco (in the last 12 months), and so will potentially face higher premiums. But regardless of your own personal circumstances, at Life Insurance Cover we search all of the life insurance companies to find the best deals. Other factors include diagnosed medical conditions or a family history of chronic medical illness.
Get Cheaper Premiums By Paying Annually
When you apply for life insurance protection cover with us, you have many choices available to you. One option could be the choice of paying your premiums monthly or annually. This will obviously depend on your premium and affordability pay annually. This could create an annual saving similar to car insurance and household insurance. Detailed below is an example of annual payment saving:
Based on a non-smoker, born in 1983 with £150,000 of Life Insurance over 20 years
Monthly premium £9.19
Annual Premium £105.87
Discount from Insurer: 4%
1st Year Saving: £4.41
Saving over 20 years: £88.20
These figures correct as of June 2020. Any Life Insurance Quote will depend on your individual circumstances.
Is joint life insurance cheaper?
In a nutshell yes, if you have a partner a joint life insurance is usually cheaper than getting two individual life insurance policies. However, it is very important to consider the limitations of joint life insurance. The largest limitation of joint life insurance cover is that it only pays out once. This is usually the death of the first policy holder. Some of the life insurance companies that we work with offer deferment to protect the second policyholder.
At Life Insurance Cover we explain the benefits of each policy type to best match your individual circumstances. Usually if two people require life insurance protection, it may be worthwhile to take out two single policies despite the extra cost. This will protect each person, just in case personal circumstances change.
Evaluate Your Circumstances
It is extremely important to remember that life insurance is designed to protect those who rely on you and your income. Life insurance protection could be cheaper for those who have fewer financial dependents. These include children, a partner, or parents with care needs. As a lower level of cover might be needed when there are less people to protect. This is only one factor to consider when evaluating your circumstances and overall protection needs.
Whilst the appeal of low cost life insurance can be quite high, it doesn’t necessarily offer the right cover. Throughout out the UK there is huge range of life insurance products to choose from. Finding the one that matches your needs and circumstances can be just as important as the cost. At Life Insurance Cover we help to explain all of the product features that appeal to you.
Getting Life Insurance Cover With Us
With life insurance premiums at the lowest prices for many years, protection can start from just £5 a month. This will depend on your needs and circumstances. Helping you to provide a safety net for your family and loved ones. To find out how much life insurance could cost, simply complete the free no obligation quote form and get your cheap life insurance protection today. At Life Insurance Cover we search all of the life insurance providers to obtain life insurance for everyone. This includes smokers, people with medical conditions and also specialist insurers for higher risk customers.