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Life insurance is so important when planning for the future of your family but it can get quite pricey, we have provided some quick tips to lower your life insurance premium.
1. Start paying early This is based off the assumption that the younger you are, the longer you should live. You therefore pay less per month for your life insurance but get the benefit of cover.
2. Stay healthy It is imperative for you to maintain a good diet, exercise and stop smoking to lower your life insurance premium. The amount you pay is linked to your personal health, if you are a healthy individual, you will not only live longer but also pay less for your life insurance.
3. Keep adventurous hobbies to a minimum As fun and amazing as abseiling down a sheer cliff face may be, it will drive up your life insurance premium. By partaking in adventurous hobbies that can put your life at risk, you will obviously pay more for your premium because you pose a higher risk to the insurance company.
4. Calculate exactly how much you need There is no point in paying more than you need to, you should calculate your current expenses and you must account for how much your family will need in the future with inflation in mind. You should plan enough so that your family can survive without your income for a few years, until they can get on their feet without you.
©Diane Moalem for Compare Guru
