Life Insurance Blog

Some people prefer to be padded with as much life insurance as possible, taking comfort in the provisions and advantages that their high premiums are able to secure. Many others, who are on the market for a life insurance policy, however, are seeking to save as much money as they can without sacrificing essential coverage. There are steps that consumers can take to help them pay less for their insurance. Below is a list of suggestions for how to save more money on a life insurance policy.

Bundle.
Often, the brokerage through which a consumer purchases life insurance also offers other forms of insurance too. Whether a consumer is seeking car insurance, home owner’s insurance or boat insurance, insurance brokerage firms need not be specialised to one form of coverage. Furthermore, consumers are not prohibited from taking their business to these multi-faceted brokerage firms in order to take advantage of the savings they could receive by bundling their policies. If a customer already has coverage for their home, car or boat, or other miscellaneous protection through another firm, and they are happy with the service they have been receiving, then they might be better off continuing to shop around for the best deal on life insurance. If, however, they have been thinking of switching providers, or if their policies are about to expire, or indeed, if they need to initiate brand-new coverage, then they would be well-advised to consider employing one brokerage for all of their insurance needs. Their savings could range anywhere from 10% to 20% or more for doing so.

Buy young.
Buying life insurance policies at a young age can reap extra discounts for the policy holder later on in life. Younger policy holders are considered less of a risk because their chances of developing terminal diseases and life-threatening injuries are lower compared to older policy holders. Consequently, the chance of outliving their policies is greater than those who take out life insurance much later on in life. Also, many younger individuals may feel that they cannot afford, or do not need life insurance, because they have no dependants who would need to receive a death benefit. But by starting early and setting up a sound life insurance policy now, young people will be saving money in the future, as well as assisting their families with funeral and burial costs should they pass prior to having dependants.

Hire a broker.
Insurance brokers know the industry inside and out, and they can help anyone who is looking to save on life insurance by putting to use their vast knowledge of providers and policies. By sitting down with a reputable insurance broker, consumers can rest assured that they are being shown the most up-to-date information and the most relevant policies for their lifestyles and circumstances. One thing for which all consumers might want to look out is that their broker is not committed exclusively to one provider. Doing business with an independent broker can increase the likelihood that the consumer will be able to look at several policies across several life insurance companies. What is more, an independent broker might be able to exert extra influence in order to get additional discounts for their clients on top of their already low-cost policies.