Life Insurance Companies ask you your Height, Weight, and if you Smoke. This is done to calculate your insurance premiums. Losing weight or giving up smoking can help drive premiums down.
We're looking to 12 months of non-smoking. So if you do change your lifestyle to quick smoking or lose weight. Get a new quote to compare with potentially cheaper life insurance.
No - our advice is not to quit your job. Though we should make you aware that if you have a dangerous job its seen as a higher risk. If you do in the course of your life, change your job, then contact us for a cheaper life quote.
High-Risk Hobbies too can increase your life insurance premium. Seen as insurers as an increased chance of having to pay out on your insurance.
A life insurance term of 5 years will be cheaper than that of 25. If you feel you only need Life Insurance until your children are of age. Then adjust the quote to reflect this.
If you have Life Insurance to cover your repayment mortgage. Then the outstanding loan to be repaid on the mortgage is decreasing with every year. You can consider Decreasing Life Insurance. Every year the amount of life insurance cover decreases, making it cheaper than Level Term Life insurance.
Life Insurance Policies can have a variety of other benefits as a bolt-on. This can include Critical Illness Insurance, Family Income or Income Protection.
Each benefit is an added risk for the insurer. While we always recommend to insure yourself against all risks. These do add to an increased premium cost.
You do not have to take the first policy you find. Going to one random insurer's website and signing up is not a great idea. With us, you get to compare the market to find the cheapest life insurance.
Your Life Insurance Policy does not have to be for life; you can ask us for a Life Insurance Review. We can compare your current policy with what is available in the market today.
It may say "free" but any special Free Gift needs to be paid for and can lead to higher premiums on average.
Life Insurance gets more expensive with age. The older a person, the higher risk an insurer has to pay out on the policy. Young people enjoy cheaper life insurance.
Life Insurance with a Limited Term, an end date, is always cheaper than the whole of life assurance. A life insurance company makes a bet that you won't die and they wont have to pay out during the term. The whole of Life Assurance continues until you die, whenever that may be. Insurers know on Whole of Life that they will have to pay out and is more expensive.
With Level Life Insurance if you take out a policy worth £100,000 at any time during that policy. You will receive £100,000. Whereas with Decreasing Life Insurance, the amount of cover decreases every year. This is often taken out to cover a mortgage, which is also decreasing every year.
Decreasing Life Insurance is cheaper but by definition has a decreasing amount of cover.
Life Insurance with Guaranteed Premiums is a fixed cost; your premium today will be the same as it is at the end. Reviewable Premiums are not fixed. The insurer can review the monthly premium you pay.
With this "cheapest" is up to you to determine. From the outset, Life Insurance Policies with "Reviewable Premiums" can be cheaper. Though the price can increase. Which mean adding what you pay throughout the life of the policy, it could be less expensive with Guaranteed Premiums.
A Joint Life Insurance Policy will pay out if either of the named person dies within the term. Though they only pay out on the first death, after this the policy is compleated.
You can get Two Life Insurance Policies so that on each death the policy will pay out. Though this is a more expensive route.
Policy Decisions and Lifestyle Changes can get you cheaper life insurance. Though there are some things we can not change, which can increase the price. Including your Medical History and Family Medical History.
We'd recommend if your family has a history of Heart Disease to get life insurance that covers you if you die of that. Though you can ask us to obtain "Policy Exclusions". If you are more likely to die of Heart Disease but its excluded from the policy, so the insurer has to pay out. This can mean cheaper life insurance premiums.
As with many insurance policies, you can choose to pay your Premiums in one go or monthly. You can get some discount for paying your insurance premiums Annually (up front) instead of monthly.
The more cover you need, the more expensive the policy will be. You need to work out how much you loved would need when you die.
You may want to cover all of the mortgages, which could leave your family in excellent standing. Though that could be expensive, you could instead get cover for part of the outstanding balance. If you think they can still afford payments at a lower amount.
You want to cover as much as you can, but you also want affordable life insurance. Covering some is better than covering nothing.
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