Author:Jonathan Harvey

Read:12 mins

How to keep the cost of life insurance down

Looking for affordable life insurance? Want to get the best life insurance rates? You’ve come to the right place! Find an insurance policy here and get a cheap life insurance quote from a quality life insurance company.

Getting life insurance is one of those tasks that’s easy to put off until it becomes a genuine necessity. However, wouldn’t it be better to take control of the situation and look to get the right cover at the best price right now rather than letting the years pass?

Age is one of the most important factors in determining how much your life cover premiums will be, so taking out an insurance policy sooner rather than later will not only give you peace of mind, but your monthly payment will be cheaper in the long run.

The factors that determine the cost of life insurance

Before you get started finding life insurance cover, it’s important to know the different things that will have an impact on the cost of your insurance premiums. Insurance companies generally take the following into account:

  • Health. Being in good health when you take out a policy reduces the risk for the insurer, and therefore also the price. If you have a pre-existing condition this doesn’t mean you can’t get cheap life insurance, but it can limit your options. Have a look at our life insurance with pre-existing conditions guide for more information.
  • Age. Put simply, the older you are when taking out a life cover policy, the more expensive that policy is likely to be. Most term life policies will also have a limit to the age you can be when taking out a policy.
  • Smoking. Given the health risks associated with smoking, being a smoker can increase your insurance premium payments significantly.
  • Location. Where you live can affect your premium payments, but this often depends on the insurance company you are using.
  • Level of cover. The higher the amount of cover a policy provides, the higher the premiums will be. Whether you want to have a very large payout or include extras such as critical illness protection, you need to balance the cover you need against what it will cost in terms of premiums.
  • Duration of policy. If you’re taking out a term life cover policy, the length of the term will have an effect on your premiums. If you want to be covered for a longer period of time, then you are likely to have to pay slightly more every month.

Cheap Term Life Insurance

Ever thought about how to secure your loved ones’ future without the worry of financial strain? Enter the world of Term Life Insurance. This unique policy provides financial safeguarding for a distinct period, offering a fixed payout upon death. In essence, it’s like a safety net, ensuring that your family is financially secure, no matter what life throws at them.

With Level Term Life Insurance, you’re not just buying a policy, you’re purchasing peace of mind. It’s the assurance that your family won’t have to bear any financial burdens in your absence. So, you can rest easy, knowing that they’re taken care of, come what may.

Cheap Life Assurance

Securing your family’s future with a safety net of financial protection. This is what life assurance can provide, giving you peace of mind knowing your loved ones are financially safeguarded should an unexpected event occur.

But life assurance does more than just offer a safety blanket; it provides tangible benefits like ongoing financial support or loans for those left behind. It’s an essential financial tool for families and individuals, designed to cover outstanding debts and maintain financial stability in the face of life’s unpredictable turns such as death, critical illness, or disability.

Cheap Universal Life Insurance

An insurance policy that’s as dynamic and adaptable as life itself. That’s what Universal life insurance brings to the table. This form of permanent life insurance offers the flexibility of adjustable premiums, customizable death benefits, and the possibility to build up a cash value. It’s a type of coverage that sticks with you throughout your life’s journey, providing a safety net for your loved ones and business associates.

But that’s not all! The Universal life policy also empowers you with the ability to modify the death benefit amount and withdraw cash advances whenever needed. You have the freedom to tweak your premiums based on the economic climate, making it a perfect fit for those who crave control over their policy and financial stability. Plus, the accumulated cash value can be invested or serve as collateral for a loan, offering an extra layer of security and flexibility.

Cheap Permanent Life Insurance

Permanent life insurance, or whole-life insurance, is brought to the table. Not only does it guarantee financial security for your family in the unfortunate event of your passing, but it also builds a cash reserve over time that you can tap into while you’re very much alive and kicking!

Yes, the premiums might be higher than those for term life insurance, but they remain steady throughout the policy’s lifetime. Plus, there are some pretty sweet perks like dividends, tax benefits, and access to a death benefit which can offer a tax-free bonus income. So, if you’re scouting for a sturdy, long-term financial plan, permanent life insurance could be your perfect match.

Cheap Life Insurance Cover

Imagine the peace of mind that comes with knowing your loved ones are financially secure, no matter what life throws at you – that’s the power of life insurance. It’s more than just a policy; it’s a safety net that helps your family to navigate through life’s toughest moments. It ensures they’re not burdened with expenses like mortgage payments, debts, or funeral costs during a time of grief.

Plus, it can also offer an essential lifeline, providing extra income for surviving family members. This can be particularly crucial for those who were financially dependent on the deceased. So, life insurance isn’t just about protection, it’s about ensuring continuity and stability for your loved ones when they need it most.

Cheap Critical Illness Cover

It’s an insurance policy designed to provide a financial buffer, offering a lump sum payment if you’re diagnosed with a major illness that falls within the policy’s coverage.

Think of critical illness cover as a financial bodyguard, protecting your income against expenses that might not be covered by standard health insurance policies. Loss of earnings due to illness, home-care, or specialist treatments – this cover has got you. It’s your ticket to peace of mind, reassuring you that in the face of adversity, you’ll have the resources to manage.

Cheap Income Protection Insurance

Ever imagined what might happen if a sudden illness or accident left you unable to earn a living? That’s where income protection insurance comes into play. It’s like your financial knight in shining armour, ready to pay up to 75% of your monthly income if you’re sidelined for a long spell.

Think of this insurance as your safety net when you want to leap into a new career venture. It’s like having a financial guardian angel, giving you the confidence to take risks, knowing your financial stability is well-protected. So, if you’re living off a salary or juggling a variable income, this insurance policy is definitely worth a look.

Cheap Mortgage Protection Insurance

Mortgage protection insurance is an insurance policy designed to cover a person’s mortgage repayments if they are unable to work due to illness, accident or redundancy.

The policy term helps to ensure that the individual is able to keep up with their payments and not risk losing their home. Mortgage protection insurance is a very important type of insurance and it is wise to take it out alongside any new mortgage monthly premium.

Get a cheap life insurance today

It is no secret that life cover gets more and more expensive as you get older. This means that the longer you put it off the more difficult it is to get a great quote. Every passing year counts if you hope to pick up cheap life insurance.

Then there is also the risk that you suffer some sort of illness before you arrange a policy. This could lead to cover being refused or that specific condition being excluded. It could also see your premiums greatly inflated.

Therefore, it is a good idea to start looking at quotes for life insurance policies as soon as you can. As well as a better price you will also get the peace of mind of being covered earlier.

Get several quotes

With so many life insurers in the UK it is no surprise that the prices you are quoted can vary widely. If you accept the very first quote then you might end up regretting it when you later discover that you could have got a better deal.

On the other hand, if you compare a number of life quotes then you will have a far better chance of getting cheap life insurance that suits you in terms of the price on offer.

We make this process easy for you by comparing your cheap life insurance options and reviewing each company. Once you have seen a few quotes you will start to get a good feel for how much you can expect to pay for the level and type of cover you are looking for.

Cheap Term Insurance

Term Insurance is – a type of life insurance that offers coverage for a specified timeframe. If, unfortunately, you pass away during this period, your beneficiaries receive a substantial lump sum payment from the policy, ensuring their financial security.

The price tag on your policy? It’s influenced by personal factors like your age, job type, and health status. Think of Term Insurance as a guardian angel with no financial value attached to it, but provides an invaluable shield for those with dependents or debts, especially in the face of unexpected life events.

Consider different types of policy

The amount you pay for life cover will largely depend upon the type of policy that you choose. For example, it will add to include critical illness protection in a term life insurance policy (however, most policies will insure you against terminal illness as standard).

The types of policy on offer usually fall into three categories:

  • Level term. These policies cover you for a fixed amount of time (e.g. 30 years). Over the course of this term, both your premiums and level of payout are fixed.
  • Decreasing term. With decreasing term policies, your premiums remain fixed for the term of the insurance, but the size of the payout decreases over time. These policies are useful for covering a debt that reduces over time, such as a mortgage.
  • Over 50s life cover. Designed specifically for over 50s, these are whole-of-life policies (otherwise known as life assurance) with fixed premiums designed to pay out a cash sum when you die to help cover funeral costs or other expenses. Ofen premiums will stop being paid around your 90th birthday, but you remain covered for life.

You will usually find lower premiums if you take out a decreasing rather than a fixed term policy , and if you are over the age of 50 then a special over-50s life plan could be your most affordable option, as age is a big factor in the price of a level or decreasing term policy. Take some time to understand the different kinds of life cover before you decide which one is right for you.

The decision shouldn’t come down solely to price, though. You need to find a cheap life insurance policy that is going to be genuinely useful and provides you with the cover you want. Otherwise, it isn’t giving true value for money and you will probably end up cancelling it early anyway.

Purchasing a Life Insurance Cover Securely

The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are two important bodies that must be considered when getting life insurance.

Financial Conduct Authority

Ever wondered who’s got your back when dealing with banks and insurers? Enter the FCA. They are the financial watchdogs, ensuring that the financial services firms, including those offering your level term life insurance, are playing fair and square. They strive to keep the market honest and safeguard your interests.

It’s not just about rules and regulations, the FCA sets the bar high for how insurers should behave. They believe in responsible conduct and expect nothing less from financial firms. So, when you’re on the hunt for your level term life insurance, don’t forget to check if your chosen insurer is regulated by the FCA. They are your silent protectors in the financial world.

Prudential Regulation Authority

Meet the PRA, or Prudential Regulation Authority. They’re like the safety net under the tightrope of the financial world, a crucial part of the Bank of England that sets the rules and manages risks. Their main goal? To keep the financial system steady and ensure firms have enough backup funds to stay afloat during unexpected market turbulence or claims.

So, when hunting for the perfect life insurance, you’d want to choose an insurer regulated by the PRA. It’s like having an extra layer of protection for your financial future.

Take out the right level of cover

Securing the right amount of life cover is paramount. Opting for too much could mean paying more than necessary, while too little could leave your loved ones financially vulnerable.

Why not use an online tool to estimate your insurance needs? This will pave the way for finding an affordable life insurance plan that suits you perfectly.

With these steps in mind, feel confident as you reach out to an insurance provider on this page for the best life insurance rates. You’re on your way to securing the best value for your money.

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Jonathan Harvey is a distinguished expert with over twenty years' experience in the UK's life, health, and funeral insurance sectors. A Cambridge graduate and Fellow of the Chartered Insurance Institute, Jonathan has a proven track record in designing innovative insurance policies, and a strong reputation for making complex insurance matters comprehensible for the public. Known for his empathetic approach, he has helped thousands make informed decisions on their future security. Regularly contributing to leading publications and hosting educational workshops, Jonathan's commitment to client service and public education truly sets him apart in the insurance industry.

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