My Life Insurance Now

As with anything that you buy, you need to make sure you get exactly what you need. Investing in a life insurance is different to buying something like a new TV, because it is not something that we are used to doing. We often don’t know the questions to ask or exactly what we are looking for, so it can be complicated to know what to do.

Firstly you should make sure you don’t feel any pressure. Think about what your needs are. What is a realistically want to give your family on the event on your death. Do you want to provide them for a number of years, or just a small amount to take off the pressure? These questions are all worth considering as they will affect how much your monthly payments are.

Secondly take your time. Don’t feel rushed. If you speak to a company on the phone as them to send a quote in writing. This way you can sit down and compare quotes before you make your final decision

Don’t be afraid to ask questions. Ask about the terms of the policy, are you committed for a minimum amount of time, do you need to take a medical? These are all things to take into consideration.

Lastly make sure you get the best deal. Sit down and compare policies and costs. You will find similar policies at very different prices. You don’t want to spend more than you need to so shop around and you will save money.

Did you know that your BMI (Body Mass Index) plays a vital role when it comes to your life insurance costs?

If your BMI is too high, insurance increases, you may have a loaded premium, or worse – you may be completely refused cover. Further problems such as high blood pressure make this situation more likely.

While the cheapest deal may be the most attractive, when your premium is hiked due to health issues, a customer can become very confused.

However, talking to an independent adviser can help you save money and stress. They will assist the consumer in comparing insurers, and seek out the best premiums for specific conditions and circumstances.

A BMI as low as 27 can result in a loaded premium. BMIs in the region of 30-37 could mean a 50% load and those over 37 could be flat out declined cover. However, this is just a guide and actual loading will depend on individual circumstances and insurers.

The BMI level at which premiums are loaded has dropped significantly over the last few years. Additionally, while premiums used to jump by approx 20%, now they increase by around 50% and more.

Speak to an independent adviser to help you with your life insurance enquiries at Life Search. Remember – do not be attracted by simply the cheapest insurer, as it will most certainly cost you in the long run.