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Top tips for getting affordable life insurance

Tough economic times are forcing people to look for ways to cut back on most things. It is understandable that you might be looking to find the cheapest life insurance. However, it is important that you realise that the cheapest life insurance is not always the best. When searching for affordable life insurance, make sure your insurance cover will meet your financial needs if you were to die.

How to get the cheapest life cover

There are things you can do to ensure you find the most affordable life insurance. Let’s look at some of the top things you can do to not only get cheap life insurance, but also insurance that meets your personal circumstances.

1. Shop for life insurance online

The Internet is one of the best places to get bargain prices on almost anything you want to buy. Shop for your life cover online to enjoy the benefits of cheap life insurance premiums offered by competing insurance companies online. Shopping for insurance online is quick and efficient and you can find competitive quotes from different insurers within minutes of commencing your search.

2. Buy the right cover

This may sound obvious, but many people in the quest to get cheap life insurance premiums end up buying life insurance that does not meet their needs. Make sure you only buy life cover that meets those needs. For example, if you need life insurance to cover only your mortgage repayment, then a decreasing term assurance cover that decreases with your outstanding mortgage debt is usually the cheaper option for you than the level term life assurance.

3. Don't put off buying life insurance

Life insurance is usually based on risk factors on your personal circumstances. Among your personal risk factors are your age, sex, health and lifestyle. The higher the risk factors associated with your personal circumstances, the higher it will cost you to get life insurance. While we don’t usually plan to become ill, it is worthwhile to think about getting life insurance when you are younger, fitter and healthier rather than later when you are older and have medical issues. This helps you take advantage of the cheap insurance premiums you get when you are young.

4. Lead a healthy lifestyle

Exercise regularly to keep fit and healthy. Exercising will not only help you remain active and healthy, but it can also help you benefit from affordable life insurance. Leading a healthy lifestyle means that you actively work to reduce risks to your life and this in turn warrants cheaper life insurance premiums. Also, quit smoking at least 12 months prior to applying for life insurance to benefit from cheaper insurance premiums. Smokers usually get higher insurance premiums than non-smokers.

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