Save Money on Life Insurance – 5 Easy Steps

If you’re looking for life insurance, you’re probably aware of just how expensive it can be. However, there are a number of things you can do to save money on your premiums – and in fact, some of them you should probably do even if you’re not looking for life insurance right now!
1 – Quit smoking
Here’s our first life insurance tip – quit the fags. Not only does doing so mean that you’re more likely to not need to use your policy during its term, but it’ll also make the policy far cheaper for the duration. Some companies nowadays make very little differentiation between a “Cigars at special occasions” smoker and a forty a day chain smoker; and you can be looking at a phenomenal increase in premium between a smoker’s policy and a non smoker’s.
2- Lose some weight
As a nation we are getting fatter and fatter – that’s just a fact. However, that’s no reason to allow yourself to get swept up in the tide and allow yourself to slip into bad habits. All insurers will make some decision on the cost of your life insurance policy based on your BMI – and the higher it is the more trouble you will have. A BMI of 30 or more (Which is considered obese) is likely to add around 50% to the cost of your policy, whilst a BMI of 37 plus will likely stop you from getting cover at all.
3-Be realistic in your needs
We would all like to leave our loved ones a huge lump sum when we pass; enough to pay for the house, put the kids through Uni, add that conservatory on the back of the house; whatever it may be, however, you need to be realistic when it comes to setting the sum you want to assure. Cover too much and you might struggle to make repayments, but taking out too low an amount of cover could leave you under-protected should anything happen.
4- Shop around
This seems obvious, but is especially true if you have pre-existing medical conditions that are likely to load your policy. Some insurers are more forgiving of certain things than others, and so you might find that your diabetes (for example) is less of an issue to insurer A than insurer B. Brokers and other middlemen such as moneysupermarket.com will often know which companies are likely to give you a better deal depending on your situation
5-Single or Joint?
Whilst a joint policy is a great idea and allows you to cover both lives with a single payment, in some cases having two single life policies can actually be cheaper. Even if a joint policy looks like it will be suitable for what you need, always try and get quotes for comparable single life assurance policies – not only might it be cheaper, but you also end up with two pots of cover.

Low rates on term life insurance !

Many people buy whole life insurance policy only to regret the decision after comparing the investment returns from the policy to how things would have gone for them had they chosen another path. It’s a common occurrence because many life insurance agents push individuals to buy the policy that pays the best commission for the agent, rather than the policy that is best for the consumer. The good news is that it’s not too late to switch.

Whole Life Insurance Disillusions Its Customers

People who buy whole life for its investment value quickly discover that they receive returns much lower than the average on investments they can make themselves. Others don’t realize the problem until they go shopping for additional insurance. This can happen if they realize they need more insurance than originally purchased. When they go shopping for that new policy, they find shockingly low rates on term life insurance and wonder why their agent did not mention that policy option before. It’s upsetting to find out you had other options that were never explained to you.

Insurance Agents Reel People In With the Cash Value

Agents want to sell whole life. They use arguments such as, “You can borrow against it.” They tout the cash value aspects and the fact that it is permanent insurance. They neglect to tell people that whole life insurance policies are much more expensive and that people could instead use that extra money to invest for themselves or buy additional coverage through term life insurance.  Why? Because whole life pays the agent more.

Other Financial Advisors Say Something Different

Financial advisors who don’t have a stake in people buying whole life insurance say something different. They suggest that people purchase term life insurance. It’s always cheaper than whole life. People can then invest the difference between what they would have paid for whole life insurance and what they are paying for term life insurance.

When Whole Makes More Sense

Whole life insurance isn’t all bad. Some people may have paid into the whole policy so long that it has developed a large cash value. Policyholders can borrow against that value and take a nice vacation. However, if you just bought your whole life policy recently, it likely makes more sense to switch to a term life policy. With the ability to navigate to a life insurance site and quickly find the cheapest life insurance option, individuals can switch in just a matter of minutes.

Switching to term life insurance is a quick way to solve the problem of a whole life insurance policy that doesn’t really fit your needs. The term life insurance offers more coverage at a cheaper price than whole life insurance and lets you invest the difference to save money and earn better returns.

This information was provided by TermLifelnsurance.com, a site offering common sense life insurance tips and advice. Visit the site to compare life insurance quotes for the best rate on term life insurance.

A beginners’ guide to saving money

Whether you’re stinking rich or pennilessly poor, money saving is likely to be right at the top of your agenda at the moment. However, cutting back is a lot easier said than done, meaning it’s important to have a plan of action you can use to actually carry it out. From obvious options such as switching your utilities to more niche approaches like getting boiler insurance, there’s a whole range of ways you can put a few extra quid in your pocket each month. Here’s your five point plan for becoming an expert money saver.

1. Review your finances
It’ll be hard to work out where you can cut your spending without knowing exactly where your money is going each month. So set some time aside and tot everything up. Start with your regular fixed bills and then look into more variable outgoings, such as shopping, clothes and leisure. Get an average of these as a benchmark.

2. Switch and save
Most people could save at least something by switching one or more of their utilities – prices change all the time, so what was a good deal yesterday may not be so today. Fixing your payments could be the way to go – at least this will help you plan. And prices rarely go down.

3. Slash your spending
This doesn’t necessarily mean buying less stuff, but thinking about how and where you can get better value for money. Keep your eyes peeled for voucher codes when shopping online. Consider whether taking out a cinema pass is cheaper than regularly paying for single tickets. Subscribe to a magazine for a discount rather than buying it from the newsagent every week.

4. Protect your finances with insurance
We all need essential policies such as buildings, contents and car insurance. But consider how more niche policies could leave you better off. For example, boiler cover could come in very useful when it comes to getting your heating fixed, something that you’re likely to need to deal with at some stage. In some cases, it could mean a repair of your boiler ends up costing you nothing, where there is no excess to pay.

5. Make do and mend
This old wartime saying is still relevant today – and could end up saving you a packet. Consider getting clothes sewn back together rather than replacing them when they develop a small hole. Get your furniture re-upholstered rather than sending it to the tip and hitting the homewares stores at the weekend. The more creative you can be, the more likely you are to be a little better off each month.

Secure Your Family from Financial Threats with Income Protection Insurance

Failing to recognise the threats that this unstable economy poses to the well-being of your family can be extremely destructive down the road. If you were to see a dog acting aggressively you would be careful to avoid it and would do everything you could to protect your family from it. Similarly, if you noticed a tap was dripping water down the drain, you would see that it was fixed to avoid unnecessarily losing your family’s financial resources on the water bill. Why then do so many people fail to recognise the threat posed by not having income protection insurance?

People Become Incapacitated

There is a very real possibility that you will find yourself unable to work at some point inyour life.  This in itself should come as no surprise to anyone – people get hurt or sick and wind up recuperating in bed for days, weeks, or even months at a time.  Yet without income protection that entire period of rest can cost a family far more than the family can afford, putting spouses and children at risk.  Without income protection insurance families can miss mortgage payments, fail to pay utility bills, or even run out of money with which to buy food. It is vitally important to ensure that you are able to manage these basics of life, even when you are incapacitated.

Threats are Hiding Everywhere

The world is full of threats that are sometimes difficult to recognise. Deciding not to purchase income protection insurance is a very dangerous decision. Everyone needs income protection to see that those they love are cared for if they wind up incapacitated for an extended period of time. Gambling on the well-being of a family is simply not a smart way to go through life – playing it safe with income protection is.

The positives and negatives of payment protection insurance

There are a lot of different names associated with Payment Protection Insurance, PPI and Loan Protection Insurance are just a few. Basically, Payment Protection Insurance covers the policy holder if they become unable to work if they have been made redundant, have had an accident, or they have developed an illness. When looking at PPI policies, it is important to remember that they are all going to offer different positives and negatives as they are all different. It is not uncommon for Payment Protection Insurance to be sold alongside a credit card or a loan. If a person wishes to buy PPI on it’s own then this is still an option.

Mis-sold Payment Protection Insurance is a major problem with this type of policy. There are many reasons as to why this happens, most commonly because the customer does not understand what they are buying, or they did not know that they purchased the policy. There are also many other disputes surrounding Payment Protection Insurance, so much so that the selling of such policies has come under investigation by the Office of Fair Trading.

Fortunately, there are many other points that make a good argument for the positive side of Payment Protection Insurance. PPI is good for those in debt who are at risk of losing their job, for example. It can help greatly if you are in debt and at risk of having no source of income, and provide some much needed reassurance that as a policyholder, you will be protected. The most obvious advantage to having PPI is that you only have to make small payments in order to be protected.

There are, however, a few different things that need to be kept in mind when it comes to Payment Protection Insurance policies. For example, as with all insurance providers, the competition is fierce, so it would be wise to consider all options. This means that one provider may be able to offer you a much better deal than another, and one may have some benefits that another cannot offer you. This is why it is a good idea to make sure that you fully weigh out all of the different options that are available to you. By doing some thorough research you can make sure that you are not only getting a good deal, but also that you are not being mis-sold a policy that you do not want, and do not need.