Saving money on life insurance

Thu, 23 Aug 2007

Life insurance is well-regarded as a very important type of protection, particularly for those who have dependant family or a large debt such as a mortgage. Life insurance policies are designed to pay out a lump sum in the event that the policyholder dies within the term of the policy. The difference between the cheapest and the most expensive life insurance policies is vast, and there are numerous paths people can take to cut down the cost of their policy.

These can include quitting smoking (life insurance companies make smokers pay increased premiums due to their greater risk of death. Life insurance companies generally consider ‘giving up’ to mean a year off smoking.) and getting healthy. Eating well and exercising can bring down the cost of a policy, and one life insurance company even offers discounts for vegetarians.

Shopping around and choosing the most affordable policy, like with all financial services products, is the key to securing the best deal. Premiums will vary in cost depending on level of cover, the type of cover, and the individual situation of the consumer.
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