Tips To Secure Cheaper Life Insurance From The Start
With Life Insurance, as with many things, the long term affordability of the policy is very important.
We need to ensure that we will be able to pay the premiums each month.
At the outset it is essential to have in mind a figure that you will be able to comfortably pay each month prior to obtaining a quote.
This is because the Life Insurance policy can be set up to match this figure rather than for a set sum assured or term.
So to start with have a think about the amount of money you are happy to pay each month for the policy.
Once you have arrived at a figure the next step is to obtain a Life Insurance Quote which you can do here for free: https://www.insurancehero.org.uk/get-a-life-insurance-quote
If you complete the short form to include your preferred sum assured and preferred term you will then be provided with the monthly premium. This however does not have to be the premium you need to pay; it is simply a quote on the details provided thus far.
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If the monthly premium is within your budget then you are good to go however when it is higher there are certain things you can do to lower it.
1. Have a lower sum assured
The company that has been returned as the cheapest provider on the quote will be happy to provide you with a quote to match the amount that you have established as affordable, simply by lowering the sum assured.
By all means go back to the quote screen yourself and lower the sum assured to one which matches however the easiest way is to contact us or the provider at your convenience and we/they will be able to do this straight away. To do it yourself can take a fair amount of tinkering back and forth with the sum assured.
2. Increase the term of the policy
As a general rule of thumb the longer the term, the cheaper the policy is likely to be on a monthly basis. As with the above, the easiest way to know how much the term needs to be increased by is by contacting us or the provider of the cheapest quote.
3. Take out a decreasing term policy instead of a level term policy
For those of you who are reading this that are not aware of the important differences between a decreasing term life insurance policy and a level term policy, we welcome you to take a read of this page of our website which provides you with an overview: https://www.insurancehero.org.uk/types/decreasing-term-life-insurance-policy.html
The monthly premiums on a decreasing term policy are a lot lower than they are for the level term policies. Therefore please feel free to contact us or the provider to discuss the options and to see just how much lower they are.
Alternatively you can return to the quote page and choose “Mortgage Life Insurance” from the drop down menu where it asks you for the “Type of Insurance”. Mortgage Life Insurance is simply another name for Decreasing Term Insurance.
It is also essential to point out that it would be prudent to take professional financial advice prior to making your final decision to ensure that the policy is suitable for your needs as well as being affordable.