Even though, going through a life insurance quote online can be relatively simple in terms of website use, sometimes the amount of information can be overpowering. However, as stated beforehand, the internet provides all the information necessary, and even then, your quote will be recorded, looked at by a trained telephone employee who will gladly answer all questions, queries or problems you may have.
Regardless of all this help at hand, there are little things insurance companies may offer or not offer to simply decrease your premium ever so slightly to encourage you to purchase. Below are some tips i've provide to aid you in anyway possible.
Having a Joint life policy. Having a joint policy may seem more beneficial and cheaper, however, this is not the case. The policy will pay out on the death of the 1st policy holder, his will leave the second policy holder uninsured. Having separate policy's may work out slightly more expensive, but on the other hand, it will give you twice the cover.
A Guaranteed policy will work out better that a reviewable one. The great thing about a guaranteed policy is that is indeed guaranteed to never increase the premiums. A reviewable policy on the other hand will be reviewed i.e. increase the premium. If you ever hear of an insurance company that decreases there premiums, be kind to let me know. Reviewable policies will no doubt start of low, but after 5-10 years, will overtake a guarantee policy, so guaranteed policy's are the best bet to take.
The first tip would be to always have your life insurance policy "Written in trust". To do this, you simply have to tell your brokerage company the names of the beneficiaries whom the life insurance company will pay and have them written in trust. The good point about this, is that it is free and they will do it for you. What else can you ask for? It basically means that, everything will go directly to the beneficiaries immediately and also prevents inheritance tax having to be paid which potentially saves up to 40%.
Life insurance policy already taken out? Include critical illness now. The thing about life insurance, is that it wont automatically cover you in the event of a critical illness and instead of having 2 policy's, it would be cheaper to combine them both into the 1 policy. An important fact for everybody - don't confuse terminal illness and critical illness. Terminal illness cover is usually included in the policy for free and pays out if you are diagnosed and expected to die within 12 months. Critical illness pays out if you have a chronic illness and life expectancy isn't really a factor as simply not known.
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