Wednesday, 22 May 2019

Life insurance: How to find the best cheap policy quotes – follow these tricks – Express

Life insurance pays out in the event of your death and there are a number of reasons to have it.

In some scenarios you are obliged to take out life insurance, while some take out the plan to benefit their loved ones after their death.

The prospect of spending a huge chunk of money on a plan you will never see the benefits of is unappealing to some.

How can you get the cheapest plan possible?

What is life insurance? MoneySuperMarket states: “Life insurance is a type of insurance contract which pays out a lump sum to your dependants should you pass away during the term of the contract.

“The cost of a policy is determined by a number of factors including your age, health and lifestyle.”

It is not aways advisable to simply buy the cheapest cover possible. In fact, this could cause you to lose money if the plan doesn’t pay out when you need it to.

This means it is essential to be honest about your medical history when buying a policy.

Those caught out lying about their health could face not having their plan payout, meaning those payments towards the policy were wasted.

Britons are advised to do as much research as possible to make sure they get the right deal for good price. How can you get the cheapest life insurance?

Quit smoking

Smokers pay 50 per cent more for their life insurance, MoneySuperMarket found.

Smokers pay around more a £152.76 per year. Quitting as soon as possible will save a lot of cash.

Get your insurance when you are young

The older you are, the more expensive your life insurance will be.

Buy a policy now and avoid paying more later.

Check if you already have cover

Many people already have life insurance that they don’t know about.

Often this comes alongside a mortgage or a with your job, so its worth checking before taking about another policy.

Two separate policies for couples

Joint policies for couples often only pay out when the first death occurs.

It may well be better value to take out two separate policies.

State pensions are another area many should turn their attention to when it comes to their finaces.

However, the state pension could be cut for a number of Britons. 

Those who ‘contracted out’ their state pension are at risk of having their payments cut now.

But why is this? It is due to an error by HMRC.


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