Life insurance costs less

Yes it’s true. Life insurance is one of the only things that has actually gone down in price over the last few years! This is because of the increase in life expectancy.

There is a huge difference in premiums between all the different insurance providers. For example, the cost of £150,000 life insurance for a 35 year-old non-smoking male ranges from £11.39 per month to £25.00 per month. That’s a difference of 55%!

Lifestyle

If you were a smoker when you took out your life insurance but have since given up, you could save a significant amount by reapplying as a non-smoker. Smokers pay nearly twice as much for their cover!

The same applies to other high-risk areas – if you are no longer overweight, you could cut down on the cost. Some of the plans can even be reduced if you decide to lead a more active life and join a gym.

If you have a review of your insurance needs, you could find that you do not have the right kind of cover for your circumstances – and again there is an opportunity for saving some money.

Most Independent Financial Advisers will do a quick check of your insurance policies to see if there is a need to review them.