The cost of life cover continues to fall - by up to 13% in 12 months!
Published ¤ 01/06/2009
There is a war going on, a price war, and there can be only one winner - the consumer!
While the cost of car and house insurance continues to rise, life companies have been cutting the cost of life insurance, in some instances by up to 13% in 12 months! Non-smokers have seen the biggest drop in premiums, but smokers have also seen significant reductions.
People are living longer these days, and many "terminal" illnesses are now being succesfully treated. On top of this, increased competition in the life insurance arena has helped to push the cost of life cover down. Some people could save about 50% compared to 7 years ago.
What many people fail to realise is that most policies are sold with "guaranteed" premiums. This ensures the cost of the policy does not go up as you get older. However, it also means that you will not be benfitting from the reduction in cost of this cover.
To benefit from the reduced premiums, most people will have to replace their existing cover with a completely new policy. This needs to be done carefully, and any existing cover must NOT be cancelled until a new policy is put in force. It is also important to ensure that the new policy provides at least the same level of cover as the old one. Many policies have add-ons that are not always obvious.
If in doubt, always seek professional advice, from an independent adviser.
If you would like to find out how much money you could be saving, click on the link below:
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