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Many people are looking to trim expenses at the beginning of a new year. Perhaps life insurance is one area where you’re looking to economize.

If so, the good news is that there are quite a few ways to get affordable life insurance. (Or to save on the cover you already have.)

Before sharing our best affordable life insurance tips, know that it’s never a good idea to skip buying life insurance altogether. Doing so could put your loved ones in a major bind if you and your earnings were no longer in the picture.

9 Ways to Get More Affordable Life Insurance

  1.  Opt for affordable term life insurance. Term life is a good option for people looking to get the most cover for the least amount of money. You need the most amount of Life Cover when your children are young and financially dependent on you. If you are on a budget opt for a 15-20 year fixed policy and buy as much life cover as your budget allows. In 15-20 years time your children won’t be as financially dependent on you so at that stage you can lower the life cover if you need to.

2. Buy cover when you’re young and healthy. The most affordable life insurance is typically available when you’re young and healthy. By buying early, you may be able to lock in an affordable life insurance rate. Plus, you won’t have to worry about being unable to get cover if you develop a health condition later on.

3. Get quotes from several insurers. Like anything else in life, it pays to shop around when it comes to getting affordable life insurance. We as independent brokers can gather quotes from several insurers. We can also help you compare cover so you get a great policy at a great price.

4. Ask about premium discounts. As an independent brokers we get paid commission on our sales. This is how we offer our service to you free. We reduce the amount we earn per policy and pass that saving onto you. That’s what makes us the cheapest in the market.

5. Lock in a renewal guarantee/Conversion Option. Conversion option lets you automatically renew your term life policy without the need to undergo a medical questions/exam. You only pay more based on your age and cover amount, not because of worsening health. This lets you keep your affordable term life insurance even if your health takes a turn for the worse.

6. Maintain (or work toward) being in good health. The best affordable life insurance typically goes to people who are in good health. And while there are certainly conditions over which you have no control, there are others that you can control. These include eating right and exercising to maintain a healthy weight, limiting alcohol use, managing stress and not smoking or using drugs. Definitely ask your insurer if you can retake a medical exam if you improve your health — you’ll often benefit from a lower rate for the rest of policy’s term.

7. Work with a specialized insurance broker. if you have health issues and/or have been denied cover there are options if you’re in less than stellar health or have been denied life insurance. One is to work with an insurance broker that specializes in higher-risk applicants. While it will be expensive to get cover there are insurance companies that deal with high risk policies. There are also policies that have accidental death only. While not ideal something is better than nothing.

8. Start small and increase cover over time. When it comes to life insurance, something is always better than nothing. If you can’t afford all the cover you need right now, start small. For just €11.54 a month, a healthy 30-year-old can get a €250,000 20-year level term policy. With even this affordable life insurance policy, your loved ones would receive €250,000 if you were to pass away between the ages of 30 and 50. (And they’d receive the full €250,000, since life insurance proceeds almost always pass on tax free.) As you grow your savings and increase your income over time, you can buy more cover until you’re at the level you want.

9. The best way to explore all the affordable life insurance options out there is to work with a professional insurance broker. There’s no time like the present, so give us a call 0168583818 or get a quote below.

Low Cost Life Cover is an independent broker with agencies with all the major insurers Zurich, Royal London Ireland, Irish Life, Aviva and New Ireland. It is our job to provide you with the best independent advice that is the most suitable for your needs. I’m Anthony and I have over 25 years experience working in Financial Services. I would be happy to discuss your individual needs if you have any questions give me a call 01 6853818, I’m from Donegal I love to talk!