Saturday, November 10, 2012

Guest Post : How To Save Money on Life Insurance

How To Save Money On Life Insurance

If you are trying to pay off debts, then life insurance is probably the last thing on your mind.
Adding an extra payment each month doesn't sound like the best way to cut back, does it? But,
while life insurance may seem like a pointless expense, it is worth thinking about what it would
be like if something were to happen to you.

If you have a partner or family, would they be able to cope paying off all the debts you have left
behind? Apart from unpaid debts, there may also be only the one income in the household to pay
day-to-day expenses. And what about funeral costs?

We all know it's unpleasant to think about all the bad things that could happen, but in the end, it
can be a good idea to plan for them. Here are some common questions on life insurance – and
some ways to save money as well.

What is life insurance?

When you buy life insurance, you agree to pay a certain amount in monthly or annual premiums,
in return for a payout should something happen to you. There are many different types of life
insurance – from the standard life insurance that pays out a lump sum upon death, to income
protection insurance, which can provide regular payments if become sick or injured and can no
longer work. Find out more about what types of insurance are available so you can choose the
right one for you. Individual insurance provider websites are a great place to start. Click here for an example of one provider’s policy document section.

Why would I need life insurance?

If you have debts or dependents then getting life insurance can be a great choice. Life insurance
can pay off debts, it can offer financial assistance to loved ones left behind, and it can make an
emotional time less of a burden by taking money worries out of the equation.

How much cover do I need?

The level of cover you need will depend on a number of factors. Think about how much debt you
have – your mortgage, credit cards, personal loans, student loans, car loans, and so on. Also think
about your dependents and what they will need – day-to-day living costs, school fees, medical
costs, college tuition. If you are unsure how much cover you need, you can use an online life
insurance calculator, or you could speak to an insurance expert.

How do I choose the right insurer?

Check out review sites online to find out what other people recommend. Try to choose an insurer
that has an “A” rating or above.

How do I compare policies?

Using an online comparison site is a great way of narrowing down your options. You can
compare each policy side-by-side, and then make a shortlist of the best options. Always read the
terms and conditions in full – this is very important! - to make sure you get the most suitable policy for you.

How can I save money on life insurance?

You could get healthy to lower your premiums – stop smoking, get more exercise, lower your
cholesterol or blood pressure. You can shop around to make sure you get the best deal. You can
do some extra research to make sure you get the right policy. You can speak to an adviser to
make sure you are not over-insured or under-insured. You can buy online to get discounts and

There are many ways to save money on life insurance. It doesn't have to be expensive, and it
may be a lot cheaper than you think. Take some time to find out your options, and think about
whether it is the right choice for you.

This sponsored post was written by Jules Shiells