Life insurance premiums fall

According to independent financial advisor LifeSearch, between March and September, life insurance premiums fell by 10% and at their lowest levels for several years.

LifeSearch’s research discovered that the life protection market has become increasingly competitive so those looking for a good deal on life insurance should shop around and avoid banks or supermarkets as they do not necessarily offer the most competitive premiums.

LifeSearch also warn that giving up smoking can result in significant savings. Furthermore, younger people can usually get lower premiums as can switching to a new life insurance provider.

Furthermore, those who exercise and eat healthily, discounts can be earned on their annual premiums with some insurers offering cheaper gym membership, free fitness assessments, stop smoking course discounts and health screenings.

Family Income Benefit is another alternative as it provides a regular income from the point of the claim instead of a lump sum and can mean a return of up to 80% more than a standard policy.

Matt Morris of LifeSearch said these are simple steps to save money on life insurance premiums. However, this is just a guide and people must remember that cheaper is not always better. However, if you can save money and still get the right type of cover for your circumstances, it makes sense to take advantage.

A recent study by Legal and General (L&G) has established that Britons are more prone to pay for mobile phone insurance than life insurance or critical illness cover.

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