We all want to get the most out of life, but if you’re not getting the most out of life insurance then it may be time to try a few of these simple steps.
Here are 5 tips which should get you on the right track.
1. Put in the legwork
As obvious as it seems, putting in a little extra time and research may unearth some far better quotes. After all, paying up for the first quote you find means you’ll never know if there are any cheaper alternatives out there. The saying goes that good things come to those who wait, but it couldn’t be more wrong here: good things come to those who put the effort in. Doing so means that whatever the prices you get back, you can be sure that you’ll have all the knowledge and options in your hands.
2. Don’t pay for the added perks
We all love a free lunch, but when it comes to finding insurance, these ‘free’ gifts are usually paid for somewhere down the line. So whether you have a soft spot for cuddly toys or you’re after a fancy new fountain pen, don’t lose sight of the real product you’re after. Free gifts can bring a small smile in the otherwise serious affair of buying life insurance, but don’t be blinkered by them – this may be the insurance company’s way of dolling up a less attractive deal.
3. Find a discount broker
Many people are not aware of the added cost of commission attached when buying with a typical brokerage. In fact, a recent YouGov survey found that the average commission taken is 24%, contrasting greatly to the 5-10% estimated by consumers. This is how brokers cash in on your premium payments, but it doesn’t always have to be this way.
Some brokers out there offer more affordable policies and won’t hit you with the heightened rates of commission. Here at Best Price FS, we provide online life insurance quotes with 0% commission on top. All we charge is a small initial fee to set-up your policy, and this money is reinvested to ensure that you receive only the best service. Most importantly for you, though, is that this will also work out as far more affordable – that original £20 will soon be even out by your smaller premiums in the long term.
4. Set a realistic amount of cover
Life Insurance is designed to safeguard the financial future of your loved ones, giving them the stability they’ll need in your absence. Therefore, it makes sense to get a level of cover which will comfortably achieve this. However, this shouldn’t mean punting for a £1,000,000 payout when you know there won’t be any sizeable debts to pay off when you’re gone. All this would mean is that your premium payment will be higher every month, but if you’re looking to shave off some expenses, be realistic and only take out the insurance that you need. Set the cover at a level which will be comprehensive but not excessive and your premiums should decrease dramatically.
5. Decrease your risk
Life insurance premiums are calculated by your lifestyle choices. This can be anything from your general health to your hobbies and interests, so if you’re into base-jumping then you may have a bit of bother getting decent insurance rates. Therefore, it’s important to weigh up how much these things mean to you before getting life cover. However, a more practical solution that shouldn’t be so restricting is taking simple steps to improve your health, be it packing in smoking or losing some weight. Whilst not the swiftest of solutions, changes like these can really have an impact on your insurance rates.
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