August 20, 2018 No Comments

Cheapest life insurance

Who has the cheapest life insurance

Finding the cheapest life insurance is easy, but understanding the differences is not.   There is nothing wrong with paying as less as possible for what you want, but what is important is making an informed decision on the differences between your options then, decide which cover is for you.

How much does life insurance cost?

The cost of the life insurance premium depends on a number of factors such as;

  • Age of the person insured
  • Gender of the person insured
  • Whether you are a smoker or non-smoker
  • When you have any medical conditions that may require the insurer to add an additional premium for the additional health risk they are going to accept
  • Whether you are on a level premium plan or a stepped premium plan

What are the differences between life insurance policies?

There can be some subtle differences, for example, if you have an older policy, you may have a Joint first to die policy.  In an exam0le where a husband and wife are on the same policy and one of them dies, the policy then finishes and the surviving partner has no more life cover (which they may still need). Another difference could be that you have a policy with a fixed term and at the end of that term your policy ends and you cannot continue with it.  In the past, this has been quite common, especially for older mortgage repayment insurance policies. These are just examples to make the point that there are differences between life insurance policies and the cheapest life insurance is not always the best life insurance. A good adviser knows the differences between each policy and that’s why you should always purchase your life insurance from a financial adviser. If you think you may have an old policy with these types of restriction or maybe your policy is older than 10 years, you may want to get your life insurance reviewed just to make sure you have the best cover available at the right price. Remember, the cheapest life insurance is not always the best life insurance, if you pay peanuts, you get… cheapest life insurance