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HOW TO SAVE MONEY ON YOUR LIFE INSURANCE

Buying life insurance can appear to be a confusing issue when it is first approached. However, with some experience behind you (which is where we come in), it really is very simple.

The big question is, naturally: do I get level term or decreasing life? Level term, while initially a lot less attractive for those trying to save money, is definitely the way to go if you can afford high premiums every year. If you can shell out the big bucks for 12 to 15 years, your policy if paid off and you’re insured forever. Even better, you needn’t wait until you die – you can cash in the policy after you retire if you decide you no longer need insurance.

Level term is often met with suspicion. The significantly higher cost means bigger commissions for agents, which is why they obviously favour this type of insurance!

However, the fact remains that most people cannot afford a whole-life policy. Hence, for those looking for a lot of cover at a low annual cost, decreasing term life insurance is a better prospect. A few things worth remembering for decreasing term – firstly, they do not build up cash value, paying out only in the event of your death. Also, they often are not available to people over the age of 65. As such, the premium on decreasing term life insurance for young people is low (and will go up every year).

A great money-saving tip for those looking at taking out a whole-life policy: change insurance providers every four or five years to get the lowest rates on offer. Many insurance firms will offer the first four or five years of a policy at discount rates to entice you to insure yourself with them. They will then start to hike up the premium, essentially banking on the knowledge that life insurance is one of those things that people know is necessary, but do not really want to think about too much. Don’t allow yourself to be exploited through inaction and, dare we say it, idleness! Change insurance company every few years and take advantage of the introductory rates they usually offer.

Another thing to look out for is the – sometimes dramatic – variegation in rates charged to people of a certain age. One firm may have the best rates for 30-somethings, whilst another is better for people of retirement age (indeed, entire companies have evolved to specialize in age-specific cover).

Lastly, two things really do pay: shopping around, and researching the background of potential insurance providers before signing anything – you really want to ensure you go with a reputable, established company. Try Legal & General for starters – they will give you an online quote for cheap life insurance.