How To Cut Your Life Insurance Premiums
There are few sectors of the economy where prices are substantially lower than five years ago.
Even the retail prices index (RPI) has risen by an average 3% per year in the five years to January 2006. However, one sector of the financial services industry is far cheaper today than it was five years ago, that is Term Life Insurance products.
Term Life Insurance provides the cheapest and most straight forward life cover with no investment element. Depending upon your age and medical history, premium rates can be as much as 40% lower than five years ago as insurance companies have battled each other to the top of the price comparison charts.
Clearly, if you have a life insurance policy that was taken out more than five years ago you could well benefit from shopping around and replacing your cover. Even though you are older than when you first bought your policy you may find that:
- You can maintain your current level of cover at a lower premium
- Extend the term of your policy at no extra cost
- Increase the level of life cover for the same premium
How to get up to 40% tax relief on your life insurance premiums
Recent changes to the UK life insurance market means that you can now buy life insurance with premiums net of basic rate tax currently at 22%. If you are a higher rate tax payer you can claim an additional 18% back on your annual tax return.
This type of policy is called Pension Term Assurance and can now be arranged on a joint life basis with some UK insurers.
However, even with tax relief, Pension Term Assurance is not always cheaper than standard term and if you have a large pension pot there are some restrictions you should be aware of but, for many people, its definitely worth considering.
How to get discounted life cover
As well as lower standard premium rates, you can now benefit from a competitive marketplace of online life insurance brokers which didnt exist five years ago.
Due to the low costs and large audiences available via the internet, many life insurance brokers have launched websites offering life insurance with major insurance companies at discounted premium rates.
Savings vary but can mean reductions of between 10% and as much as 40% over the insurance companies standard premiums. Of course these discounts are in addition to overall lower industry prices over the last five years.
So if you have a life insurance policy more than five years old, you could make substantial savings whilst improving the scope of your cover.
Copyright Life Saver. Life Saver provides discounted life insurance quotes and policies online from leading UK insurance companies.
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