Life insurance premiums fell by as much as 10 per cent between March and September, and have reached their lowest levels for many years, providing people with an excellent opportunity to cover their lives for less, according to independent financial advisor LifeSearch.
While other commodities are getting more expensive, LifeSearch’s survey has found that the life protection market has become increasingly competitive, and there are a number of things individuals can do in order to lower their premiums further.
LifeSearch recommends that people looking for a good deal on life insurance should shop around and avoid going with their bank or supermarket by default, because these may not necessarily offer the most competitive premiums.
It also warns that smoking can severely affect the premiums and that quitting can mean considerable savings, as can acting early – younger people generally get lower premiums – and switching to a new life insurance provider.
Family Income Benefit is another option to consider as it provides a regular income from the point of the claim, instead of a lump sum, and can mean a return of up to 80 per cent more than a standard policy.
Matt Morris, Policy Adviser at LifeSearch, said: “These are five very simple ways to save money on life insurance premiums. However, this is just a guide and people must remember that cheaper is not always better. Even so, if you can save money and still get the right type of cover for your circumstances, it makes sense to take advantage of the opportunity.”
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