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Top Life Insurance Tips

Our top tip for life insurance is to choose the right policy first.

Remember that policies, like all other types of insurance, will have a term. This means that you will not be eligible for a claim once the term has ended, regardless of how long it’s been in force. Whole of life insurance is an exception to this rule. You will receive a payout whenever you die, regardless of how long you have been paying into it. You can also choose from:

Level term – where the payout will always be the exact same regardless of when it is claimed within a set of a policy term.

A policy where the pay-out decreases gradually over the policy term.

Family Income Benefit – A policy that pays beneficiaries monthly, rather than a lump-sum. These payments are made from the time the claim is filed until the end the policy term. They are therefore cheaper.

Policies for couples – joint life insurance. These are usually cheaper but only pay once after the first death. There is no coverage for the survivor after that.

Buy When You’re Young

Time is not your friend when it comes to life insurance policies. You are more likely to find a low-cost life insurance policy that still provides the coverage you require. You are more likely to have health problems as you age and you will pay less for your premiums.

Calculate your Cover

Do not over-insure yourself. Determine how much you and your beneficiaries would need to be able to cope in the event of an emergency. Online calculators for life insurance can help you to avoid overpaying.

But similarly, don’t under-insure yourself either. You risk leaving your family without enough coverage. Also, think about the future costs such as university fees.

While we all want the best life insurance deals, it is important to not minimize your medical history or other circumstances. You risk losing your policy if you aren’t honest about your situation.

Avoid policies offered by mortgage lenders

You might find that lenders won’t lend you money if you don’t have life insurance. They may offer one to you, but it is unlikely that they will. Instead, use our search tool to compare life insurance quotes. Because mortgage lenders often offer life insurance policies at very high rates, you will get a better deal elsewhere.

Although life insurance is not a legal requirement it should be considered. If your family cannot pay their mortgages in the event you die, their home may be taken away.

You should review your policy frequently

Circumstances change over time. A life insurance policy might be appropriate for you if you have a large mortgage due to be paid off, are just starting your career, or have young children to support. These are the times when money is most tight. Over time, the amount you owe on your home will decrease, your children become independent, and you might be at the top in your career. This means that your savings may have increased.

You may be able to lower your policy. If so, consider a decreasing term plan.

Life Insurance Tips: Get Lower Premiums

The life insurance deals you can get will depend on many factors, including your health, age, whereabouts, smoking habits, and the term of the policy.

Although your age and some aspects of your health cannot be changed, you can make adjustments to obtain a higher life insurance premium.

Your quote will be significantly reduced if you quit smoking, cut down on alcohol and improve your fitness. Your insurer will often ask you to show proof that these changes have been made for at least one year.

The price of your policy will also be affected by how much you want to insure.

Life Insurance Advice 101: Compare Prices for the Best Deal

When you are looking to purchase life insurance, it is important that you compare the prices. This will ensure you get the best possible premium. What if you decide to change from an existing policy, or if your circumstances have changed?

You can also change policies in this instance. If you do decide to change policies, your options may decrease over time. You will see your premiums rise and the number of competitive deals decrease. This is why we recommend comparing life insurance to find out what options are available. If your life circumstances have changed, you may be able to get better life insurance deals.

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