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For life insurance, the first question you need to ask yourself is, do you really need to have life insurance? For a single person with no mortgage or dependants, there isn't much point of having life insurance so why pay for it!
2) Get healthy and quit smoking. Quitting smoking can reduce your life insurance by as much as 50%. If you have quit smoking, you should get a re-quote.
3) to get life insurance, approaching financial advisers is not a great idea anymore. The availability of several price comparison sites such as gocompare.com and moneysupermarket.com means that you no longer have to accept what is given to you but you have been empowered to search for the best available deal. Such web sites compare life insurance quotes and let you choose the one that best suits your needs.
4) The common life insurance policy is the “term insurance”, which pegs with your mortgage and pays out a lump sum to cover the mortgage plus a bit more (depending on you life insurance policy). The monthly life insurance premium you pay depends on the size and remaining term of your mortgage and cost extra if you are older than 50 or a smoker. If you have a repayment mortgage, always opt for a “decreasing” term insurance as the premiums you pay decrease in line with your remaining capital balance. This should save you some money in the long run.
3) to get life insurance, approaching financial advisers is not a great idea anymore. The availability of several price comparison sites such as gocompare.com and moneysupermarket.com means that you no longer have to accept what is given to you but you have been empowered to search for the best available deal. Such web sites compare life insurance quotes and let you choose the one that best suits your needs.
4) The common life insurance policy is the “term insurance”, which pegs with your mortgage and pays out a lump sum to cover the mortgage plus a bit more (depending on you life insurance policy). The monthly life insurance premium you pay depends on the size and remaining term of your mortgage and cost extra if you are older than 50 or a smoker. If you have a repayment mortgage, always opt for a “decreasing” term insurance as the premiums you pay decrease in line with your remaining capital balance. This should save you some money in the long run.
If you have children and/or a non-working spouse then life insurance does become fairly important as well as choosing the right cover which you will need to have (fact: nearly one child in 20 loses a parent before finishing full-time studies). Level term life insurance is the cheapest way to protect your family’s income. Here are a few money saving tips to consider when looking for life insurance:
1) If you already have cover, try switching to another insurer. Often people tend to keep on paying their existing premiums year on year while their health and circumstances change. The onus is on you to make it known and look for better quotes on life insurance. Usually you should keep switching after a short while (a coupe of years or so) to get better deals.
1) If you already have cover, try switching to another insurer. Often people tend to keep on paying their existing premiums year on year while their health and circumstances change. The onus is on you to make it known and look for better quotes on life insurance. Usually you should keep switching after a short while (a coupe of years or so) to get better deals.
Life insurance