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Eight top tips to save money on your life insurance
6:39 م |
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Eight top tips to save money on your life insurance
Eight top tips to save money on your life insurance
The must-read guide for existing policyholders or first-time buyers.
Since the EU Gender Directive came in to force at the end of last year, insurers have been forced to change the way they price their policies as they are no longer able to take account whether you are a man or a woman when deciding on the price to charge.
According to the financial advisers at Money-minder.com, if you are about to arrange a mortgage your lender will love it if you also arrange your life insurance through them.
But doing so could be a costly mistake. The firm found that a mortgage lender could charge 50% more for mortgage protection life assurance than the best premium found by running a comparison.
Here are a few tips to help save you money on your life cover:
1 - Premiums can vary between insurers by as much as 20% for the same cover - so compare!
For example, a 30 year old non-smoker looking for level term life cover of £200,000 for 25 years without needing advice could find premiums from as little as £8.00 per month with a one-off £25.00 application fee ranging up to £9.84 per month for the same cover from a different insurer. A £1.84 per month difference may not sound like much but over 25 years that amounts to £552.00 which no doubt you'd rather have in your pocket than give to an insurer!
The saving for smokers can be even greater - How does £1000 sound?
For example, if the same 30 year old was a smoker they would be quoted premiums from £13.27pm with a one-off £25.00 application fee ranging up to £16.66pm. The £3.39pm difference over £25 years would amount to a saving of £1017!
2 - On the subject of smoking, giving up the dreaded weed might not only save you a packet (or more!) on cigarettes you can also benefit from substantial savings on your life insurance too.
Using the examples above you'll notice that the lowest premium for the non-smoker was £8.00pm with a £25 application fee and the lowest premium for the smoker was £13.27pm with a £25 application fee. All the other factors were exactly the same it was just that one smoked and one didn't. The £5.27pm difference amounts to a saving of £1581 over 25 years which is another very good reason for giving up.
According to the financial advisers at Money-minder.com, if you are about to arrange a mortgage your lender will love it if you also arrange your life insurance through them.
But doing so could be a costly mistake. The firm found that a mortgage lender could charge 50% more for mortgage protection life assurance than the best premium found by running a comparison.
Here are a few tips to help save you money on your life cover:
1 - Premiums can vary between insurers by as much as 20% for the same cover - so compare!
For example, a 30 year old non-smoker looking for level term life cover of £200,000 for 25 years without needing advice could find premiums from as little as £8.00 per month with a one-off £25.00 application fee ranging up to £9.84 per month for the same cover from a different insurer. A £1.84 per month difference may not sound like much but over 25 years that amounts to £552.00 which no doubt you'd rather have in your pocket than give to an insurer!
The saving for smokers can be even greater - How does £1000 sound?
For example, if the same 30 year old was a smoker they would be quoted premiums from £13.27pm with a one-off £25.00 application fee ranging up to £16.66pm. The £3.39pm difference over £25 years would amount to a saving of £1017!
2 - On the subject of smoking, giving up the dreaded weed might not only save you a packet (or more!) on cigarettes you can also benefit from substantial savings on your life insurance too.
Using the examples above you'll notice that the lowest premium for the non-smoker was £8.00pm with a £25 application fee and the lowest premium for the smoker was £13.27pm with a £25 application fee. All the other factors were exactly the same it was just that one smoked and one didn't. The £5.27pm difference amounts to a saving of £1581 over 25 years which is another very good reason for giving up.
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