There are various types of life insurance, each offering a different type of coverage. It is important to explore the avenues available to you to ensure you get a cheap life insurance deal and avoid paying any unnecessary extra costs.
Here are our tips for ensuring you get the best life insurance policy for your individual circumstances.
1. What does life insurance cover?
Let’s begin with the simplest hack – ask the question, what does each policy cover? Since there are different types of life insurance, some will be better suited to your situation than others. So, first and foremost, make sure you don’t take out a policy that will make you pay for things you don’t need.
2. Give up smoking
Did you know that non-smokers pay less for life insurance? If you are a smoker looking for a cheap life insurance policy, this might be the perfect time kick the habit once and for all.
3. Consider joint life insurance
If you are married or in a long-term relationship, joint life insurance usually works out considerably cheaper than two separate ones. As we explained in an earlier article, you can take out two types of joint policies: ‘first death’, which will only pay out for the first death, or ‘second death’, which will pay out after both people have died.
4. Be truthful about your medical history
Many people make the mistake of lying to their insurer about their current medical state or history in the belief that this will land them a cheap life insurance deal. What they don’t realise is that your insurer can actually check with your doctor in these matters, so it is futile to lie.
5. Start early
Life insurance premiums tend to be cheaper when you are younger, usually because you are healthier and less likely to need to make a claim. Therefore, it’s best to get a policy while you are young and fit.
To compare prices for the different types of life insurance policies, head over to Cuuver’s page, today.
This should not be constructed as advice and is guidance only.