It is generally accepted that one of the simplest ways of obtaining discount life insurance is by approaching an insurer with whom you already have another type of policy, like house insurance. Many providers will offer loyalty discounts if you by another type of policy with them. However, remaining with the insurance company your family has always used for all its insurance needs may prevent you from enjoying better-priced policies elsewhere. The same policy can often have a different price with each insurance provider. Therefore, it could be in your best interest when seeking discount life insurance to explore the marketplace. Using a specialist life insurance broker could prove helpful with this search. They have access to a wide range of insurers within the marketplace and are often able to negotiate the better deal on discount life insurance.
Another way of achieving discount life insurance is to reduce the cost of the premiums by purchasing only the most basic amount of cover. Additional cover, which can give you extra protection, comes at a price. The basic level of life insurance would only make a payment in the event of death to the policyholder and would not pay in the event of long-term illness. Increasing its level of cover by including, for example, critical illness cover or a benefit called Waiver of Premium could provide you with extra protection but it would increase the cost of the premium. These benefits of the additional cover must be carefully considered against the increase in price.
Besides the size of the sum to be insured and the length of policy's life, there are a number of other factors, which influence the price of the premiums when looking for discount life insurance. Some of these we can help to reduce the associated risk. Smokers are generally deemed to be of a higher insurance risk, so maybe a change in lifestyle and becoming a non-smoker would greatly reduce the cost of the premiums (normally someone who has not smoked for at least twelve months is classed as a non-smoker). Being generally healthy is not only good for you but greatly helps to reduce your premiums. A person's height and weight, plus their general medical history are assessed when applying for discount life insurance.
In addition, certain occupations are considered more of a risk to insure. You can expect to pay higher premiums if you are a person who works as a police officer rather than someone who is a general administrative clerk.
Unfortunately, the one thing you cannot change is your age. The older you are the more expensive your premiums will be. However, a number of insurance providers who target certain sections of the population; some cater for the more mature client. Again, a specialist broker could be of help when seeking out the best discount life insurance policy for you.
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.
1 comment:
Life insurance plans are fairly simple – they are designed to pay a lump sum if the insured person dies or is terminally ill (which for most insurers means that the person is likely to die within 12 months). However, in many cases, a person can suffer a major health issue, but not actually pass away – for example it’s common for a person to live for a very long time after suffering an issue like cancer or stroke.
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