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Life Insurance Studio

Guide to Cheap Life Insurance

So you want cheap life insurance that still offers great protection? we can certainly help with that. Try our Free Quote for a Cheap Life Insurance Online Application.

How cheap is life insurance?

You can get Life Insurance as cheap as you need. The higher the amount of cover the more life insurance will cost. The best life insurance will cover all of your liabilities and provide a sum for your loved ones, the worst life insurance is not having any. You can find the middle ground and provide for your loved ones from as little as £5 a month.

How to get Cheap Life Insurance?

Get Healthy

Life Insurance Companies ask you your Height, Weight, and if you Smoke. This is done to calculate your insurance premiums. Losing weight or giving up smoking can help drive premiums down.

We're looking to 12 months of non-smoking. So if you do change your lifestyle to quick smoking or lose weight. Get a new quote to compare with potentially cheaper life insurance.

Get a Lower Risk Job and Less Risky Hobbies

No - our advice is not to quit your job. Though we should make you aware that if you have a dangerous job its seen as a higher risk. If you do in the course of your life, change your job, then contact us for a cheaper life quote.

High-Risk Hobbies too can increase your life insurance premium. Seen as insurers as an increased chance of having to pay out on your insurance.

Get cover for as long as you need it

A life insurance term of 5 years will be cheaper than that of 25. If you feel you only need Life Insurance until your children are of age. Then adjust the quote to reflect this.

If you have Life Insurance to cover your repayment mortgage. Then the outstanding loan to be repaid on the mortgage is decreasing with every year. You can consider Decreasing Life Insurance. Every year the amount of life insurance cover decreases, making it cheaper than Level Term Life insurance.

Remove Benefits

Life Insurance Policies can have a variety of other benefits as a bolt-on. This can include Critical Illness Insurance, Family Income or Income Protection.

Each benefit is an added risk for the insurer. While we always recommend to insure yourself against all risks. These do add to an increased premium cost.

Shop Around

You do not have to take the first policy you find. Going to one random insurer's website and signing up is not a great idea. With us, you get to compare the market to find the cheapest life insurance.

Your Life Insurance Policy does not have to be for life; you can ask us for a Life Insurance Review. We can compare your current policy with what is available in the market today.

Avoid Free Gifts

It may say "free" but any special Free Gift needs to be paid for and can lead to higher premiums on average.

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Life Insurance gets more expensive with age. The older a person, the higher risk an insurer has to pay out on the policy. Young people enjoy cheaper life insurance.

Term Insurance v Whole of Life Assurance

Life Insurance with a Limited Term, an end date, is always cheaper than the whole of life assurance. A life insurance company makes a bet that you won't die and they wont have to pay out during the term. The whole of Life Assurance continues until you die, whenever that may be. Insurers know on Whole of Life that they will have to pay out and is more expensive.

Level Life Insurance v Decreasing Life Insurance

With Level Life Insurance if you take out a policy worth £100,000 at any time during that policy. You will receive £100,000. Whereas with Decreasing Life Insurance, the amount of cover decreases every year. This is often taken out to cover a mortgage, which is also decreasing every year.

Decreasing Life Insurance is cheaper but by definition has a decreasing amount of cover.

Reviewable Premiums v Guaranteed Premiums

Life Insurance with Guaranteed Premiums is a fixed cost; your premium today will be the same as it is at the end.  Reviewable Premiums are not fixed. The insurer can review the monthly premium you pay.

With this "cheapest" is up to you to determine. From the outset, Life Insurance Policies with "Reviewable Premiums" can be cheaper. Though the price can increase. Which mean adding what you pay throughout the life of the policy, it could be less expensive with Guaranteed Premiums.

Get Joint Life Policies

A Joint Life Insurance Policy will pay out if either of the named person dies within the term. Though they only pay out on the first death, after this the policy is compleated.

You can get Two Life Insurance Policies so that on each death the policy will pay out. Though this is a more expensive route.

Get Policy Exclusions

Policy Decisions and Lifestyle Changes can get you cheaper life insurance. Though there are some things we can not change, which can increase the price. Including your Medical History and Family Medical History. 

We'd recommend if your family has a history of Heart Disease to get life insurance that covers you if you die of that. Though you can ask us to obtain "Policy Exclusions". If you are more likely to die of Heart Disease but its excluded from the policy, so the insurer has to pay out. This can mean cheaper life insurance premiums.

Pay Annually instead of Monthly

As with many insurance policies, you can choose to pay your Premiums in one go or monthly. You can get some discount for paying your insurance premiums Annually (up front) instead of monthly.

Work out how much cover you really need

The more cover you need, the more expensive the policy will be. You need to work out how much you loved would need when you die.

You may want to cover all of the mortgages, which could leave your family in excellent standing. Though that could be expensive, you could instead get cover for part of the outstanding balance. If you think they can still afford payments at a lower amount.

You want to cover as much as you can, but you also want affordable life insurance. Covering some is better than covering nothing.

Who are the cheapest life insurance companies?

Life Insurance is bespoke to you and your circumstances. You know your Health History, Age and other personal attributes determine the price. Each Insurer is also stronger or weaker in each of these areas. In addition to some preferring smaller cover and others larger.

The cheapest life insurance company for you can be found online with our quote system.

What is the cheapest life insurance?

The most healthy young applicants with a small amount of cover over a short term can find the cheapest life insurance. A lot of personal attributes go in to find the cheapest life insurance for your family.

We recommend that some life insurance cover is better than none. The best life insurance policy is an affordable life insurance policy. To find the best deal for life insurance try our comparison quote system.

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