How to lower your insurance costs without sacrificing the coverage

Life insurance is essential without a doubt but it can sometimes be expensive and can lead to taking out less than is required. However should the worse happen then you could leave your loved ones in a whole lot of trouble financially.

Using a little common sense and initiative you can however save your self some money and so make life insurance more affordable. Here are top 5 tips to help you get the cheapest and best deal available.

1. The number one tip when shopping for life insurance is to work with an insurance broker who has access to wide range of companies and products. Factors to take into consideration when comparing policies include understanding the amount of premium you will be paying, the benefits you get from the policy and how much the surrender value of the policy (if any) is should you cash it in early. These charges will usually vary from company to company and can vary greatly with some in what you get for your payout. At Protect Your Wealth our online quotes makes it easy to compare the rates and products of some of Canada’s largest insurance companies.

2. Many companies will allow you additional savings if you choose to pay for your policy on an annual basis or by direct debit straight from your bank account. It is worth checking on this because you could be able to make a saving rather than paying on a weekly or monthly basis.

3. Where possible, instead of taking out several different smaller policies for life insurance take out just one larger one. A large policy is always the best value for money and will sell for less per amount of coverage.

4. If you have held a policy for a number of years then it might be outdated and you could be paying more than you should be for the amount you are covered for. In fact you could be paying around 2 to 3 times more than could you be if you shopped around online and compared newer policies for a better deal. Term rates in particular have fallen quite significantly in recent years and it is possible that the same coverage is much more cost effective today.

5. If you quit smoking and drinking, start exercising and lose weight if you need to, you could find that your premiums are a lot lower than those who smoke and drink etc.