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Four top tips to lower your life insurance premiums

LifeSearch author Sophie Cussons
4 min read

by Sophie Cussons, Marketing Executive

See author bio

Sophie began as a Protection Adviser at LifeSearch in 2017, and now brings her experience to Protection Content.See author bio

Published 1 Mar 2022

Many people overestimate the price of life insurance, when in fact it’s possible to buy a policy for as little as £5 per month! Life insurance offers financial peace of mind for you and your loved ones, something which we think is pretty priceless, but if you had to put a price on it, a few pounds a month seems very reasonable doesn’t it? As with all insurance though, life insurance won’t be this price for everyone, but there are things you can do to make sure that your life insurance policy is as affordable as possible. Here are our four top tips to finding the best deal on your new insurance policy.

  1. Buy life insurance when you're young

  2. Life insurance premiums become more expensive the older you get. This is because an insurer will calculate your premiums based on your risk of passing away, and of course, this risk increases as you get older. When you buy one of these insurance policies, it'll be in place for a set period of time - that you choose, and usually the premium that you pay during that time will remain the same. So, if you buy a policy when you’re younger, you’re locking in a lower monthly premium than you would if you waited to buy your policy at a later date. And it’s the same for critical illness insurance and income protection insurance too! Buying sooner rather than later can really help in finding a more affordable insurance policy.

  3. Stay healthy

  4. You’ll be asked a number of questions when you apply for a policy and will likely need to fill in a health questionnaire for life insurance. The insurer is simply trying to understand your current and past health, as well as your lifestyle, so that they can work out how likely you are to claim on an insurance policy and therefore what premium to charge you. 

    The healthier you are, the better! Things like smoking can really impact life insurance premiums, in fact smokers can often pay around double the price that non-smokers pay for insurance cover. This all comes down to the risk of death or serious illness, which is understood to be higher for smokers. But if you can give up smoking or the use of e-cigarettes, and remove nicotine replacement products, you should be able to cut your life insurance premiums down pretty significantly. It’s worth knowing that you will usually need to kick the habit for at least 12 months before you apply for a policy to be classed as a non-smoker.

    It’s also a great idea to keep your weight in check and eat a healthy diet because the life insurer will ask you about your BMI, cholesterol and blood pressure. If you can demonstrate that you’re healthy, the insurer will charge you lower premiums to reflect your lower risk of serious illness or death. It’s kind of a win-win - cheap life insurance premiums and a long, happy and healthy life. What’s not to love about that?!

  5. Buy the right insurance policy

  6. There are lots of things that impact the price of protection, and choosing the best type of insurance policy and the right amount of life insurance cover are two of those things. 

    Firstly, different types of insurance policy are more expensive than others. For example, critical illness insurance and income protection insurance tend to be more expensive than life insurance, simply because you’re more likely to have to make a claim on these two types of policy, than you are life insurance cover. Also, whole of life insurance will usually be more expensive than term life insurance, because you’re essentially guaranteed a claim payout on whole of life insurance cover. 

    If you’re unsure what type of insurance policy is best for you and your loved ones, or want to understand how the prices for different products compare, our expert team of advisers are on hand to help. We're here Monday – Friday 8am – 8pm, Saturdays from 9am – 2pm and Sundays 10am - 3:30pm, and would love to help.

    Want to get cheaper life insurance? Another thing you can do is choose a lower cover amount, or buy an insurance policy that covers you for a shorter period of time. Of course, the most important thing is that you buy the amount of life insurance cover that you actually need, for the period of time that you need it, but if you’re on a tight budget it’s always good to know that you have options when it comes to reducing your premiums and making cover more affordable. If you’d like help working out just how much life insurance you need, we’ve created this handy online calculator to help!

  7. Speak to an adviser

  8. When it comes to buying something, it’s always a good idea to do your research and shop around. And the same goes for life insurance! There are so many insurers out there and they all offer different products and charge different prices. Many people just don’t have time to do all this research themselves, but that’s where a financial adviser can help. These qualified professionals know the insurance market inside and out and will work with you to find the best deal - the right life insurance cover at the cheapest price. 

    At LifeSearch, we work with all the UK’s top insurers and we’re the biggest life insurance broker. We have over 400 financial advisers on hand to get you the best insurance quotes and support you on the journey to protecting your loved ones. Oh, and did we mention, our services are all completely fee-free?! 

I want to know more…

We’re here to help. Call us on 0800 316 7253 or request a callback from one of our expert advisers who will happily answer any questions you have. We look forward to chatting with you soon.

LifeSearch author Sophie Cussons
Sophie Cussons Marketing Executive
Sophie began as a Protection Adviser at LifeSearch in 2017, helping customers to Protect the lives they love. She now brings her experience to Protection Content within the Marketing team. Sophie’s a passionate Street Dance teacher in her spare time, and teaches children and adults all the right moves.
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