We all want to get the most out of life, but if you’re not getting the most out of life insurance then it may be time to try a few of these simple steps.
Here are 5 tips which should get you on the right track.
1. Put in the legwork
As obvious as it seems, putting in a little extra time and research may unearth some far better quotes. After all, paying up for the first quote you find means you’ll never know if there are any cheaper alternatives out there. The saying goes that good things come to those who wait, but it couldn’t be more wrong here: good things come to those who put the effort in. Doing so means that whatever the prices you get back, you can be sure that you’ll have all the knowledge and options in your hands.
2. Don’t pay for the added perks
We all love a free lunch, but when it comes to finding insurance, these ‘free’ gifts are usually paid for somewhere down the line. So whether you have a soft spot for cuddly toys or you’re after a fancy new fountain pen, don’t lose sight of the real product you’re after. Free gifts can bring a small smile in the otherwise serious affair of buying life insurance, but don’t be blinkered by them – this may be the insurance company’s way of dolling up a less attractive deal.
3. Find a discount broker
Many people are not aware of the added cost of commission attached when buying with a typical brokerage or comparison website. In fact,
a recent YouGov survey found that the average commission taken is 24%, contrasting greatly to the 5-10% estimated by consumers. Worryingly, this suggests that consumers think that more of their money is being used to going straight towards buying their policy when, in reality, it's going straight into the intermediary. If you don't like the sound of this, fear not - there is an alternative.
Buying through a discount brokers can provide the same variety of choice and selection as traditional brokers without the heightened rates of commission.
At Best Price FS, we provide online life insurance quotes with 0% commission. The commission we would receive is instead reinvested to ensure that you get lowest premiums possible. All discount brokers charge a small initial fee of approximately £20-£35 to set-up your policy but this will soon be even out by your smaller premiums in the long term.
4. Set a realistic amount of cover
Life Insurance is designed to safeguard the financial future of your loved ones, giving them the stability they’ll need in your absence. Therefore, it makes sense to get a level of cover which will comfortably achieve this. However, this shouldn't mean punting for a £1,000,000 payout when you know there won’t be any sizeable debts to pay off when you’re gone. A larger payout will equate to higher monthly premium so be realistic and save yourself some money. Set the cover at a level which will be comprehensive but not excessive and your premiums should decrease dramatically.
5. Reduce your risk
Life insurance premiums are calculated by your lifestyle choices. This can be anything from your general health to your hobbies and interests, so if you’ve got a penchant for paragliding then you may have a bit of bother getting decent insurance rates. Therefore, it’s important to weigh up how much these things mean to you before getting life cover. A more practical solution could be to take simple steps to improve your health, whether this is means giving up smoking or losing shedding a few lbs. Whilst not the swiftest of solutions, changes like these can really have an impact on your insurance rates.
Discount Broker Best Price FS provide commission-free life insurance from the UK's leading providers. Click the following link to
compare life insurance quotes today.