Are You Paying Too Much For Your Life Insurance? - June 27, 2008 -

Life insurance is no different to other insurances, such as home or motor it always pays to shop around for the right product. And even if you do have an existing policy, it doesnt mean you cannot get the same level of cover cheaper elsewhere.

And with life insurance premiums being up to 40% cheaper than they were a few years ago due to advances in medicine helping us all live longer, now may be a good time to either check your existing arrangements or take out a policy.

It is always a good idea to get several life insurance quotes before applying for a policy. This is because premiums can vary from provider to provider, so by getting a life insurance quote first, you can shop around for the most competitively priced life insurance policy.

You can get a life insurance quote from a number of places, such as your bank or other financial organisation, but probably, the quickest and easiest, no-hassle way to get a quote is to do it online. There are websites that will give you an immediate online quote so that you can get a feel for how much your premiums will be.

Remember, however, that quotes are a guide only and they could change once you have completed a full application. However, if this does happen and you are not happy with the premium, you are not under any obligation to proceed with the policy.

You should always tell the truth on your application form no matter how negative you feel it might be. For example, if you are a heavy drinker or smoker or you dont disclose your full medical history, you will get cover that may not be valid. This means that should you die and it turns out you lied on your application form, the insurers legally dont have to pay out your claim.

Finally, dont forget to check out the terms and conditions offered by the different insurers so that you can compare quotes on a like-for-like basis and get the cover that best suits your circumstances.

Jason Hulott is Director of Protection Insurance, an internet based insurance business dedicated to getting consumers the best rates and the best products. Visit our life insurance Directory to find low cost, comprehensive protection.

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