From December, the rules on certain insurances will change, as an EU ruling has decreed that insurers can no longer use gender when calculating premiums. This means that insurance policies such as life and car will now go up for ladies and even for some men. It is at times of recession and austerity that people tend to stop paying for life premiums but in reality, this is the very time when you should be upto date with your policies. Without a life policy, it falls to your family to shoulder the burden of paying any financial commitments but having a life policy in place means that this burden is removed and your loved ones will have support in the event of your death. Premiums that you pay for life policies will vary on different factors such as your age, health and the amount of cover you require. You can find a relatively cheap policy if you are young and healthy, but the older you get and if you have preexisting health problems, the premiums are likely to be much higher.
There are ways to ensure you get a saving on your life insurance however, follow our tips below and see if you can get an inexpensive policy before the new EU rules come into play:
Get the right cover
Before you even start looking for policies, you should research exactly how much you would need in the event of your death. If you are the bread winner in your family and have a number of dependants then you will need considerably more than a single person who just wants to leave enough for funeral costs. So consider how much you need as obviously a policy that pays out £25,000 will cost a lot less than one for a £1 million policy.
Improve Your Overall Health
For any life policy your health will play a major part in deciding the amount you pay in premiums. In all such policies you have to disclose all health problems and any pre-existing conditions. You also have to fess up about lifestyle choices such as smoking, drinking and even illegal drug use. You may also have to complete a medical as part of the underwriting process. If you are a heavy smoker or overweight these factors will seriously affect the premiums you have to pay. So get your health in order before you make any enquiries into policies as it could save you money in the long term.
Get several quotes
It might be tempting to go with a previous insurer but using the internet to shop around is very simple. Use a couple of comparison sites and you will only have to fill in one single form for each, but this will provide a selection of different quotes from several insurance providers. This will save you time and possibly money.