A good level of life insurance can give real peace of mind, particularly if you have family who you want provided for in the event of your death. Premiums can vary considerably for the same level of cover, so ensure you get the best rates life insurance by following these basic guidelines.
Life insurance premiums are largely calculated on the basis of risk. Using sophisticated mathematical models, insurance companies work out the statistical likelihood of premature death and adjust the amount paid into your policy accordingly. Before taking out a policy it is possible to make lifestyle changes which will improve the likelihood of increased longevity and thus reduce your payments. Stopping smoking and ensuring your weight is within the acceptable BMI range prior to applying for life insurance can have a significant effect on the amount you need to pay.
Having the best rates life insurance also involves picking a product which best meets your needs. Critical illness cover can add a significant chunk to your monthly premium, but may be unnecessary if you have some form of cover with another product, for example as part of an employee benefit package. Even if the sum required from a life insurance pay-out is initially quite high, it may be that as your financial situation changes (for example a mortgage or loan is repaid or your personal savings and investments increase) there is a need to review and potentially reduce the level of cover that is held.
In the same way as looking for insurance for a vehicle or property, getting the best rates life insurance involves shopping around to find the best product. Comparison websites and the financial press can assist with this process.
Finding the best rates life insurance can be tricky, but reducing your personal level of risk, reviewing the level of cover required and considering a range of products can all help in ensuring selection of an appropriate product.