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Make A New Year’s Resolution To Save On Your Life Cover
Author : Brad Swarner
This New Year, after all the presents have been opened, the food has been scoffed, and the wine quaffed, make sure you get your finances fit to cope with the cost of that very merry Christmas to ensure it also turns out to be a happy 2008.
Life insurance has seen a price war between providers this past year with a continued fall in premiums. The cost of life cover has fallen by around 40% in the last 5 years and consumers could be wasting thousands of pounds by not reviewing their policies, advises LifeSearch.
Throughout 2007 the monthly cost of Life Insurance cover has continued to fall (between March and September alone it fell by an average of 9%). This means that now is a good time to buy. Critical Illness Cover (CIC) premiums have also started to fall recently.
Income Protection (IP), the most important protection product for most people, has remained static in price, but you can still save money, especially if the original policy was not one of the cheapest on the market originally.
Also, remember that if you have given up smoking for over 12 months, you should look at rebroking the policy as you can potentially save hundreds of pounds with a cheaper premium. Although cheaper premium is not certain, as it also depends on age and health, but there is a very good chance that the premium will fall.
The most expensive life cover policy (non-smoker) is from Cananda Life at £20.90 and the cheapest LifeSearch life cover policy (non-smoker) from Norwich Union is £12.66; a saving over term of £2,472.
The most expensive critical illness cover* policy (non-smoker) is from BUPA at £70.40 and the cheapest LifeSearch critical illness cover* policy (non-smoker) from AXA is £64.15; a saving over term of £1,875.
The most expensive income protection** policy (non-smoker) is from Royal Liver at £41.84and the cheapest LifeSearch income protection** policy (non-smoker) from Pioneer is £19.87; a saving over term of £7,909.20.
*Quote for a male, aged 35 in good health, £150,000 of cover over 25 years, guaranteed monthly premiums.
**Quote for a 35 year old male Office Manager in good health, to age 65, for £1500 per month, deferred 6 months.
Matt Morris, LifeSearch Policy Adviser, says, “There are a number of actions that customers can take in the new year to freshen up their finances and save a bit of money. The main thing is to take action. Don’t wait until New Year’s Day 2009 comes round before you start thinking about this again.
“However, it is important to remember that price should not be the only consideration when choosing a protection product and customers should look at the policy that offers the best value for money. This means looking at the product which most suits individual circumstances and offers additional benefits.”
LifeSearch can source case studies where required and can provide tables of typical premiums.
The latest LifeSearch Protection Report (PR9) contains all the latest industry news and statistics, including new Critical Illness paid / declined claims figures and the latest stats on how much further Life Cover premiums have fallen this year. If you need a copy, please contact us.
Author's Resource Box
Consumers can contact LifeSearch on 0800 316 4242 about life insurance or family income benefits.
Kevin Carr, Head of Protection Strategy
Tel: 0207 065 1033 / 07887 838811
kevincarr@lifesearch.co.uk
Matt Morris, Policy Adviser
Tel: 0207 065 1020
mattmorris@lifesearch.co.uk
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Submitted : 2008-02-04 Word Count : 511 Popularity: 84 Times Viewed: 8
