Is cheap Life Insurance worth it?

As with many things in life, getting the cheapest life insurance doesn’t necessarily mean you’re getting the best. The chance to save money through lower premiums won’t seem so attractive if your payout doesn’t support your loved ones when they need it most. However, we understand that every household has a budget, so here’s our guide on how to get affordable life insurance that provides an adequate level of cover.

How to get cheap life insurance quotes

In order to get the cheapest life insurance that still reflects your requirements, you’ll need to make an honest assessment about how much money you would like to leave your loved ones. Remember that the cheapest life insurance premium quoted isn’t necessarily the best, you’ll want to make sure you have sufficient cover should the worst happen.

Why can’t I get cheap life insurance?

The cost of life insurance is based on the risk of a claim being made. Once you know what cover you need, your ability to get cheap life insurance depends on a number of factors including your age, smoker status, Body Mass Index, occupation and hobbies. For example, you’ll be classified as a smoker if you’ve recently used tobacco (in the last 12 months), so will face higher premiums. But regardless of your own personal circumstances, you can always review your bank statements to get an accurate picture of your living costs, and speak to our advisers if you have any questions.

Is joint life insurance cheaper?

Yes, if you have a partner, joint life insurance is usually cheaper than getting two single policies. However, joint life insurance only pays out once – upon the death of the first policy holder – so it may be worthwhile to take out two single policies despite the extra cost.

Evaluate your circumstances

Remember that life insurance is ultimately designed to protect those who rely on your income. So life insurance could be cheaper for those who have fewer financial dependents, such as children, a partner, or parents with care needs, as a lower level of cover might be needed when there are less people to protect. This is only one factor to consider when evaluating your circumstances and overall protection requirements.

And of course, low cost life insurance doesn’t necessarily offer the right cover. There are a range of life insurance products out there, and finding the one that matches your needs and circumstances can be just as important as the cost. Look out for product features that appeal to you, and the reputation of the insurance provider; for example, Legal & General Life Insurance has a 5-star Defaqto rating.

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