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6 Tips for Lowering the Cost of Your Life Insurance

17th April 2019

If you want to provide financial support to your dependants in the event of you passing away, life insurance is definitely a price you must be willing to pay.

Due to its untouchable nature, as the policy owner doesn’t see the benefit of the payout during his or her own lifetime, life insurance can be a difficult payment to be making so regularly.

However, it is one of the most important monthly payments you can make, as you are essentially helping to plan the financial security of your loved ones once you are no longer around.

If you’re a healthy non-smoker, the monthly cost of life insurance is likely to be no more than your basic Netflix subscription, but there are methods of reducing your payments significantly if you feel you’re paying too much.

We’ve made a list of our best tips for minimising your insurance premiums, so have a read to find out how you could pay less for your policy!

Tip 1: Stop Smoking

Being a smoker and having a low cost life insurance policy simply don’t go together. People who smoke are very unlikely to be offered cheap life insurance, with a smoker paying on average 100% more than an equivalent non-smoker for life cover.

When you apply to take out a life insurance premium, you’ll always be asked whether you smoke or not. The law requires an honest answer, or your dependants may not receive the payout when you pass away and smoking is a contributing factor.

It doesn’t matter whether you smoke, vape or use any other alternative e-cigarette, life insurance companies will treat them all the same and you’ll basically double the cost of your life insurance premium. That’s one expensive habit.

If you’ve managed to go twelve months without smoking, get in touch with us at Life Quotes Compare and we’ll do our best to lower the price of your premium today.

Tip 2: Don’t Do Drugs

Similarly to smoking, recreational drugs will also have a negative effect on the price of life insurance premiums due to their potential damage to a person’s health.

Anything outside a healthy and clean lifestyle will be considered a risk to life insurance providers, which will inevitably lead to a rise in your monthly payments.

Ideally, try to avoid doing drugs altogether, but if you do, you must answer accurately when getting your life insurance policy, as it’s considered fraud if you fail to be truthful.

Be honest about your lifestyle, as your life insurance investment could end up being worthless if you pass away as a result of an undisclosed lifestyle choice. At Life Quotes Compare, we do not judge and we are sensitive to the fact that we all live different lives – all we want is to get the best cover suited to you so that your loved ones are financially protected.

Tip 3: Get Fit and Stay Healthy

It may sound unfair, but it’s totally backed by solid facts and statistics. The less fit a person is in general, the higher their insurance premium is likely to be, due to the increased risk of potential illnesses and accidents.

You will be asked about your weight and fitness level when you apply to take out a life insurance policy, with active and fit people likely to be offered a cheaper insurance premium. So, it’s worth making an effort to get fit before you take out life insurance, and if you are fit and healthy, you should ask about getting a health tracking policy.

Health tracking policies come with an online portal which tracks your health, which you can use to prove to your insurance providers that you are taking care of yourself. In doing so, you will be rewarded with a more affordable premium, you’ll save yourself some money each month, and also benefit yourself by reducing the probability of illnesses related to being overweight.

Tip 4: Keep Your Insurance Needs Up-to-date

If you took out a policy some time ago, maybe a decade or so for example, your circumstances are likely to have changed – whether you’ve had a child, stopped smoking, or moved house etc. If so, you must take a look at your existing insurance policy and ask for it to be changed accordingly.

If your situation has changed since you took out your current policy, get in touch with us today and we will work to reduce the amount you’re paying.

Tip 5: Buy Life Insurance While You are Young

Life insurance is never really at the forefront of a young adult’s mind, but if you arrange cover while you’re in your 20s or 30s (rather than your 40s or 50s), you could save a considerable amount of money.

The cost of life insurance cover increases with age, as providers consider you more of a risk as you become older due to the health problems that typically arise.

Whether you’re buying your first home, getting married, or thinking about having children, taking out life insurance at a younger age can be an efficient and cheaper way of providing your family and loved ones with financial support in the event of your death.

Tip 6: Let Us Help You at Life Quotes Compare

Here at Life Quotes Compare, our expert advisors provide a range of services to help you – whether it’s taking out a brand new life insurance policy, or reviewing the amount you’re paying for your current policy.

For more information regarding anything to do with life insurance, or if you’d like us to find you the cheapest and best life insurance policy for you in the UK, simply get in touch with us today obligation-free by completing our short contact form.