There is no doubt that purchasing a Life Insurance policy can be an extremely smart move. In fact, in many cases the pay out from a Life Insurance policy can keep a loved one or even an entire family financially afloat at the most difficult time in their lives.

However, at a time when making ends meet isn’t always easy, keeping your monthly outgoings down is a must. So there is no doubt that obtaining the right cover for the lowest possible monthly premium has to be your ultimate goal when it comes to your Insurance policies.

With this in mind, if you want to save money on your Life Insurance premium then you need to understand exactly what affects it….

The Basics

The amount of cover you take out will have a dramatic effect on your monthly premium. The more cover you ask for, the more it will cost you. Also, the term or length of the policy will have an impact on your premium. The longer your cover runs for, the more likely it is that the Insurance provider will need to pay out. Therefore, the longer the term of your policy, the more expensive the premium you will pay.

Also, remember that level life cover will cost more than reducing life cover.

A Lottery

It is true to say that to some extent Life is a lottery and nobody can know exactly what the future holds. However, when it comes to Insurance, your Insurance provider will use probabilities to work out the risk of insuring you. In short, the higher the risk that the policy will need to pay out, the more it will cost you. The way in which you look after yourself physically, the medical conditions you have suffered from in the past, the activities you take part in and your occupation allow your Insurance provider to work out the risk of insuring you.

Different Insurance providers will have different underwriting criteria and will therefore respond differently to you personal circumstances. Where one provider may increase your premium after having considered your application, another may not. If you are concerned about any of the above, talk to Your Broker, IFA or Insurance Providers before committing yourself.

Other factors

Like any kind of financial product, the cost of your Life Insurance will be different depending on which Insurance Broker, IFA or Insurance provider you purchase it through. The trick here is to shop around and make sure you compare policies on a like for like basis to get a true comparison

Find an Independent financial adviser with IFACompare. Use our unique search facility for free to compare IFA’s at a glance and find an IFA to give you the independent financial advice. You can also use our tools and guide to help with your finances


Life is very unpredictable and it is next to impossible to determine what the future has in store for us. If this were possible, then we would all be prepared for the different events life presents us and not be caught off guard by life’s twists and turns. It is however impossible to predict the future. Therefore, the next best thing we could do is to guarantee our dependents an easy time in case of a misfortune.

Elderly citizens are looked upon as being closer to the mortality status and this is never properly addressed especially when it comes to Insurance. Taking out an over 50 life Insurance policy in the UK guarantees that the policy holder’s dependents will be well taken care of in the event of the holder’s demise.

There are Insurance companies, which offer the over 50 life Insurance policy. These policies differ depending on the different Insurance companies offering them. The policies differ in terms of the period in which they cover the holder, the instance in which a pay out can be made and the entitlements and limitations the holder receives from the policy. Elderly men typically get higher rates do to age expectancy. Lifestyle trends such as smoking could also increase the Insurance rates an elderly citizen gets. Other aspects, including the particular age of the individual, health status and the type of Insurance policy taken out, determine the rates that the policy holder gets.

Cost effective life Insurance policies can be obtained through the Term Insurance policies. They can cover the holder for any period from one year up to decades. The Level term, over 50 life Insurance policy covers the holder until death whereby pay out is constant throughout the policy’s term. The Increasing term policy extends a five percent rise in the value of the Insured amount to keep up with current rates of inflation. It is highly beneficial to long term life Insurance holders since the amount they insure does not depreciate with rates of inflation. Decreasing term policy is the inverse of the increasing term Insurance policy where the Insured amount depreciates on an yearly basis.

It is usually taken out for the purpose of loan repayment. The convertible term policy allows the holder to change their current policy into an endowment or whole life policy irrespective of their health status. The rates offered on this policy are usually ten percent more than the other policy rates. Renewable term policy as the Convertible, allows the holder to renew their coverage upon the expiration period regardless of the holder’s health status.

The whole life over 50 life Insurance policy covers the holder throughout life as opposed to a specified period of time which most term policies abide by.

For more information about Over 50 life insurance plans visit the authors site where you’ll find everything you need to know.

These days, you have to secure yourself not only on the present events but also the future ones. You cannot assure yourself that you will be safe every day at work, school, home, etc. Any unfortunate events can happen anytime and you better be prepared for it. That is by getting life insurance. This is very important because it will provide you benefits and coverage when you need it. It can cover medical expenses if you get sick or meet and accident, it will provide assistance in burial expenses if you had an untimely demise and it will provide assistance to the people especially your loved ones that you left behind.

Now, where can you get life premiums? The answer is practically everywhere and you just have to look for the providers. There are many sources of information on where to get it and you better start using these sources when you want to purchase one. Below are the sources of information if you want to buy insurance.

If you want to acquire premiums, look into lifestyle, health, fitness and business magazines. Do not look into fashion magazines because you have a less to zero chance of finding an ad on companies selling premiums and life coverage. You can ask the magazine seller if you can find some ads inside the magazines pertaining to insurance.

Newspapers are also one of the best sources for premium information because there is a classified ads section where you can see a lot of advertisements from various companies. You can list down the company you want to check out. Then just look for additional information on what premiums they sell and coverage they have that might be suitable for you.

Every insurance company has agents that will help them sell the premiums they have. Agents are also the best source of information pertaining to premiums and coverage because they can explain well what their company offers. They can provide clients and potential clients on what they have to know. They can explain the terms and conditions well so that customers will get the grasp of what they are paying or will be paying for. If you are looking for agents, ask around from your friends, family or someone you know who is insured already.

From all other sources, the fastest way to get the information that you need about life coverage is through browsing the internet. You just need internet connection and learn how to use the search engine and voila, you get what you are looking for. Companies already have online websites where you can gather information from regarding their premium and coverage offers. You just answer some questions honestly and you will get an insurance quote.

Now that you know the different sources of life insurance, start selecting which one you want to use now. With that, you won’t need to trouble yourself in determining how to find the premiums you need. If you don’t have time and you have difficulty in researching information, ask help from your friends or someone you know.

All you need to know about life insurance in South Africa now in our complete guide to marriage and life insurance rates.

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