Four Forward-Thinking Ways to Lower Life Insurance

In a time of tight purse-strings, each and every one of us is looking to lower our monthly outgoings. Life insurance should be no exception: the value of being covered by a policy should be more evident now than ever, but that doesn't mean you should be sacrificing quality when cutting costs.

These four forward-thinking ways will help send you on the path to getting cheap life insurance, leaving more money in your pocket.

Tip #1: Go commission free

Commission is how insurance companies cash in on your policy, and this often hidden cost essentially inflates the price of a product. Why not burst their bubble and start getting more for less?

Buying through a broker offering commission free life insurance is an easy way to save over the long term. While you’re normally asked to pay a small, initial fee, this will be a one-off, and will work out cheaper compared to a commission-based premium. This way, you’ll have the satisfaction of knowing that your money is getting you the best quality cover available.

 

Tip #2: Be a cynical shopper

While a new cuddly toy may be just the thing you’re looking for, free fountain pens and reduced gym memberships are superficial rewards designed to catch your eye.

Although you’ll enjoy these perks initially, chances are you’ll be paying for these in the long run in some way or another, usually in the form of higher premiums. I’m certainly not telling you to say no to a free lunch, but don’t be drawn in by these offers unwittingly. Be insurance-deal detectives and do your research: some companies may be offering the same cover for a cheaper price in the long run, although minus the meerkat.

 

Tip #3: Set the right term

Mapping out your long term financial plans is part and parcel of the search for an insurance policy to suit you. Why take out cover for a 30-year period when you know that in 25 years’ time your outgoings will be greatly reduced?

Generally speaking, most people take out life insurance to last until they’ve paid off the mortgage, or until the children leave home. The financial stability following such milestones means that insurance cover may not be such a necessity. Therefore, working out just how long you need to be covered for can be an easy way to ensure unnecessary spending.

 

Tip #4: Stay on the ball

Lifestyle choices affect how insurance companies view you and your risk factor, and so changes for the better could save you a few quid.

You may finally give up smoking, lose weight, or even pack in sky-diving; either way, it’s most definitely worth letting your insurer know. They’ll expect you to provide evidence of these changes, so make sure you’re able to do so, but asking for a reconsideration could be a really easy way of curbing costs.

These tips will set you on the right path, so that next time you compare life insurance quotes, you’ll know how to get the most for your money.

Do I Need Motor Legal Protection Cover? (on my car insurance)

Buying car insurance can be a costly affair and no one likes to buy more than necessary. With so many insurance add-ons, it’s difficult to determine exactly what you need, but motor legal protection should be a staple in everyone’s insurance spending.

Motor Legal protection is designed to cover your legal expenses in the event of a motor-related accident that wasn’t your fault. While its importance may be difficult to understand initially, if you were to find yourself in an accident, you’d soon be thanking yourself for taking out this cover. Factoring in the numerous expenses of phone calls, car repair and vehicle hire, it’s easy to see how the financial burden of an accident can balloon before your very eyes. There are many more additional costs that you might need to consider, and that’s not forgetting the financial impact of any essential time you may have to take off work. Your hard-earned income can take a hit from this range of expenses, but all of these can at least be minimised with a good motor legal policy.

The benefits

Many customers don’t actually understand the benefits of having motor legal protection, seeing it more as a costly add-on pushed by their insurance providers. While this can be true, there are affordable products out there designed to cover the costs of such things as:

• Vehicle repair and recovery
• Personal injury
• Hire vehicle
• Loss of earnings
• Policy excess
• Medical bills
• Legal expenses

Any good policy should provide you with enough for these essential expenses, with £75,000 being the typical cover offered.

Essential?

Although it isn’t a legal requirement to have motor legal protection, when you consider the alternative, you can see how beneficial it is to invest in motor legal protection to fully shield oneself from all motor-related eventualities.

Consider the following scenario:

Mrs. Davies stops her car at a set of traffic lights. Another car, going too fast, drives into the back of her. The rear of Mrs. Davies’ car is badly damaged and she is injured.Mr. Barnes, the man driving the other car, is at fault. While his insurance will pay for the damage to Mrs.Davies’ car, there are many other expenses that Mrs. Davies will incur. She is forced to pay out for the car-towing fees, a hire car until her car is fixed and a considerable policy excess. Her injuries necessitate a visit to the doctor and because she is self-employed, this causes her to lose half a day’s earnings. Mrs. Davies has not got motor legal protection. Uncertain if she is permitted to claim back these expenses and daunted by the prospect of chasing up her claims, she decides not to claim and is left out-of-pocket.

In the above scenario, had Mrs. Davies taken out motor legal protection, she would have felt reassured in knowing that a legal professional would have chased her claims on her behalf, and that her expenses would have been reimbursed with ease.

Everyone is entitled to claim back any uninsured losses; however this tends to require a lot of effort. You would personally have deal with every single aspect of your claim and although achievable, it would necessitate a lot of time, patience and determination.

The benefit of having motor legal protection makes the process of getting back to the position you were in prior to the accident hassle-free. Motor Legal Protection will make life easier for you as a driver, providing you with that important peace of mind in knowing that your uninsured losses will be recovered by a professional in any accident that wasn’t your fault.

Why buy?

All too often, it is only in hindsight that we see the real value of this kind of policy. The mere £20 it can cost pales in comparison when you consider the alternative posed by the hassle of “no-win, no-fee” services. Market research suggests that the main reason people do not buy motor legal protection is because they feel it is too expensive, an unnecessary expense that can be spared. Granted, some motor legal protection policies can be unnecessarily expensive, with high-commission often pushing up the prices. However, for those prepared to shop around, there are some extremely competitive, high-quality, low-cost options available on the market.

It can be easy to see motor legal protection cover as one more unnecessary expense, but the benefits certainly outweigh the cost. Find out more about Motor Legal Protection Cover here