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Having life insurance will ensure:
- Your family are taken care of financially when you’re not around
- You have added peace of mind about the future
Benefits of getting cover online includes:
- Very easy to obtain quotes
- No hard sell from providers
- Instant documentation
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The cost of life insurance depends on a number of factors, with one of the biggest being your age.
Life Insurance FAQ
What is life insurance?
Life insurance is a type of insurance that provides financial support to your named beneficiaries when you’re no longer around. The payment can either be in a lump sum or in the form of an allowance depending on your preference. You can choose the amount you wish to be covered for as well as the duration of the policy.
Do I need it?
Although you’re under no obligation to get life insurance, holding a policy does mean that you don’t have to worry about your loved ones being taken care of financially when you’re no longer around.
How much cover should I get?
The more you pay into your life insurance policy, the more it will pay out. That being said you want to make sure that your policy payments are affordable and you’re not putting yourself under financial strain to make them. You should take your current living costs into account and think about how much money would enable your loved ones to live with comfortably for a good amount of time if you weren’t there.
How much will it cost?
The cost of life insurance will depend on a few key factors. Age is obviously a big one but there are several other things that will be taken into account by insurance providers when coming up with the cost of a policy. Read below for more details on this.
Reasons to get life insurance
- To pay off debts
- To cover children’s expenses
- To cover mortgage payments
- To replace your income
Types of life insurance
- Level term life insurance – A level term life insurance policy will provide a set amount of cover that doesn’t change over time. This is a set term for the policy that you choose at the outset and the premiums will not change during this term. Very often people who take out a level term life insurance policy will do so to ensure that their mortgage payments would be met if they were to die before the mortgage was paid. This is why the duration of a level term life insurance policy is often 25 years.
- Decreasing term life insurance – A decreasing term life insurance policy, as the name suggests, will decrease over time. It’s often taken out to cover specific debt payment, such as a mortgage or other long term loan agreement.
Factors that affect the cost of life insurance
- Your age – Your age will certainly play a big factor in how much life insurance costs. Often people who are in their 20s don’t consider life insurance to be a big priority but getting cover at a younger age means you pay significantly less in a lot of cases. From the age of 20-60, the price of an average policy can rise quite a lot and then drastically increases from 60 onwards.
- Your current health status – Your current health status is another factor that will impact how much you pay for life insurance. If you’re in good health then you shouldn’t have trouble finding a policy at a good price. Those who are suffering from severe conditions that are life-threatening might struggle to get cover however.
- Whether you smoke or not – This is another big thing that’s taken into account by insurance providers. it’s common knowledge that smoking in the long-term significantly increases the chances of getting serious conditions such as lung cancer and heart disease. Therefore smokers will typically pay more for a policy than non-smokers.
- Where you live – Where you live will also be taken into account by insurance providers. If you live in a high crime area, particularly one with a lot of violent crime, then you might find you’ll pay more.
- The amount of cover you get – The level of cover you get will affect the price of your policy too. The more you would like the policy to pay out, the more your monthly payments will be.
- The duration of your policy – The duration of your policy will impact cost too. Some policies are set for the duration of your life whilst others are only set to cover a specific period.
Getting quotes from many providers can help you save money on life insurance.
Ways to cut down the cost of life insurance
Below are some of the best ways to cut down the cost of a life insurance policy.
- Adopt a health lifestyle – Adopting a healthy lifestyle that cuts out smoking and excessive consumption of alcohol is certainly something that will help to reduce the cost of your life insurance. Somebody who is severely overweight and who smokes regularly is certainly going to cost more to insure compared to a non-smoker of a healthy weight.
- Take out a policy while you’re young – Another way to reduce the cost of life insurance is by taking out a policy while you’re young. Those who are in their 20s and 30s will pay less, all things being equal, than people in their 40s, 50s, 60s etc.
- Get a decreasing term life policy – Because a decreasing term life policy decreases its pay out over time, you can cut down on costs by taking one out. Just be sure that this is the right type of policy for you and it will provide enough cover for what you want.
- Get quotes from a lot of providers – Getting quotes from a lot of insurance providers is a very good way to save money on life insurance. This is because you can easily compare the quotes you get and choose the one that offers the best deal.
Getting a life insurance policy when you’re younger means you’ll pay significantly less in most cases.
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