Choose a cheaper policy
You should never pay over the odds for your life insurance policy.
1. Shop around for a new policy - Obviously, you'll want to find the most competitively-priced policy and that means shopping around.
Our life insurance service can help. It provides quotes from a wide range of the UK's biggest insurance brands, and - just as you would expect from lovemoney.com - an average of 30% of the commission earned will be re-invested to provide you with discounted premiums.
In fact, if you're able to find a cheaper policy anywhere else, your best quote will be matched to the penny.
Best of all, you can get a quote in less time than it takes to make a cup of tea. And as long as you don't suffer from any pre-existing medical conditions, and you don't have a hazardous occupation or pastime, you should be instantly accepted for cover.
2. Switch policies - You'll also have the opportunity to compare any current policies you have with other plans that are available on the market now. This should help you decide whether to switch if a better value policy can be found saving you money off your premiums.
Now could be a great time to change your policy as premiums are at their lowest level for seven years. However, if you're significantly older or your health has deteriorated, you could find a new policy is more expensive than your existing plan, so you may be better off sticking where you are.
3. Beware of joint life insurance policies - One of the most common mistakes which people make when buying life insurance is to buy a single policy to cover two or more people, known as a "joint life, first death" policy. For example, when buying life insurance to pay off your mortgage debt if one of you dies, you would normally buy a policy of this kind.
However, it makes far more sense to pay a few extra pounds each month and buy two individual policies with two separate payouts. Not only does this potentially double your cover, but it also stops the surviving partner from being uninsured. In addition, it makes things easier to unravel if you later separate, because joint policies aren't easily divided in two!
Don't forget to read Seven steps to cheaper life insurance for more help.
Next task: Think about insuring against ill health
Compare life insurance policies using the lovemoney.com life insurance service.
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