Ten tips for getting the best life insurance deal

Ray Black of offers ten tips for getting the best life insurance deal:  

  • Shop around
  • Do not buy life insurance from your mortgage provider as you may pay more for life insurance from your lender than by arranging it yourself
  • Consider paying a one-off admin fee to get your insurance set up. The monthly premiums will be cheaper and you may save money in the long run
  • Watch out for reviewable premiums where insurers can increase reviewable premiums throughout the life of the policy so what may start off as cheap insurance can become expensive. Choose guaranteed premiums fixed for the life of the policy
  • Get the right amount of cover
  • Watch out for lead farmers - some websites claiming to compare life insurance are only after your personal details so that they can sell them on to insurance brokers. Be careful what personal information you give out
  • Give up smoking as smokers pay much more for their life insurance than non-smokers because of the harm it can do to their health
  • If replacing an expensive older life insurance policy with a cheaper new one, make sure your new policy is on risk before you cancel the old one. You want to avoid any periods where you are not covered
  • Answer all questions on your application honestly. Previous medical conditions may affect the cost of your cover but if you do not disclose all relevant information your family may have problems making a claim should you die
  • Consider the advantages of writing your life insurance policy in trust. This may help avoid some inheritance tax and better controls who benefits from the policy.


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Ten tips for getting the best life insurance deal
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