Cheap life insurance and how to obtain it
29th October, 2014
It is possible to save thousands of pounds by buying life insurance in the right way and there are some relatively simple measure that can be taken to get the best value for money.
When both parties need the same level of life cover, joint life policies offer the same payout should either party die; however, joint policies can work out only slightly cheaper than taking out two separate policies with the same sum assured for each party and the latter could mean that any dependants would get twice the pay-out should the worst happen and both parties die.
While few people would change their lifestyle drastically to get cheaper life insurance, such as changing their career, many would be willing to make smaller changes to improve their chances, such as giving up smoking, losing weight or cutting down on their alcohol consumption.
Price comparison websites and insurance brokers usually offer the cheapest life cover available. These have traditionally been a better option than going direct to an insurance company, as they allow you to compare life insurance quotes and help you to find the cheapest option. Monthly premiums can be bought down substantially using this method and many of the companies that are paid commission by the insurer choose to give this up and distribute it among the policy holders, often in exchange for a one-off fee when taking out the policy.