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Cheap Life Insurance | 5 Simple Tricks

October 7 2019 4 min read Life Insurance

 

cheap life insurance

Nick, I need some help. How can I get cheap life insurance or discounts? Thanks John

Good question.

The easiest way to get cheap life insurance or mortgage protection is by shopping around online.

You could, of course, call into your local broker, but that would mean a lot of faffing about only to find he or she might not offer discounted life insurance premiums.

Saving money on life insurance and mortgage protection

However, most online brokers will give you a discount on the standard price to win your business – it’s a dog eat dog online market 🐶

That’s why we offer discounts on both our life insurance and mortgage protection premiums as you can see from this quote:

Quote Type: Life Insurance
First Person: Non-Smoker, born on 21/12/1974
Cover Amount: €300,000 paying monthly, over 30 years.

The lowest standard price you’ll find for this cover is €62.71 with Zurich Life.

 

We discount our premiums by an extra 20% so can offer you the exact same cover for €50.17 (saving you €4320 over the life of your policy)

cheap life cover quotes

If you choose our Zurich Life premium instead of buying through any of the banks tied to Irish Life, you’ll save €7268!

Getting cheap life insurance using discounts

Only brokers can offer a full range of discounts because they deal with all of the insurers.

Well, that’s if they deal with all 5 insurers, some online brokers only deal with some of them, so be careful.

As a reminder, here are the 5 life insurance companies to look out for:

  1. Aviva – why choose Aviva
  2. Irish Life – why choose Irish Life
  3. New Ireland – why choose New Ireland
  4. Royal London – why choose Royal London
  5. Zurich Life – why choose Zurich Life?

There’s no magic formula to getting discounts, it’s all down to timing and now is a good time.

Until the end of the year, we’ve reduced our mortgage protection, and life insurance (if you’re buying over 300k ) quotes by 20%!

You’re a lucky duck if you’re shopping around for cheap life insurance cover at the moment.

20% is our most significant life insurance and mortgage protection discount EVER.

Apart from discounts, how can I reduce the cost of life insurance?

1. The simplest way to reduce the initial cost of your life insurance is by buying shorter-term cover.

What I mean is instead of buying 40-year policy, choose a 25-year policy.

It’s essential you have cover when your kids are young when they bleed you dry depend on you to provide.

Buy cover until your youngest child is 25, by then they should be making their own dough.

Let’s say your youngest is 15, the best way to reduce the cost of your life insurance is to buy a 10-year policy. Make sure you add a conversion option to your plan.

Warning!

Over the life of a policy, it will work out cheaper if you lock in a long term fixed price.

But if money is tight while your kids are young a short-term policy makes sense as you can buy more cover for a lower cost.

An example will help clear things up. Let’s say you’re 45 and your youngest is 15:

A 10-year €500,000 policy will have a premium of €49

A 20-year policy will set you back €64 or 30% extra!

2. Another way to reduce the cost is by buying life insurance that pays you an income rather than pays out a lump sum.

Let’s say you figure that you’ll be down €2000 income per month should your other half go and do something stupid, like die.

You can insure them for a monthly income of €2000.

Instead of receiving a massive lump sum of money that you’ll blow in no time, you’ll receive a much more sensible €2000 into the hand every month.

Monthly income life insurance is cheaper than lump sum life insurance. If you’re crap with money, it’s defo worth considering.

And it’s about 20% cheaper than standard lump sum life insurance.

3. If you have life insurance, review your policy if you have quit smoking for over 12 months

Non smokers pay around half the price smokers pay.

4. If you’re paying an extra premium due to a past health issue, you should review your policy.

Time is a great healer when it comes to health issues that affect life insurance, and that’s especially true when it comes to healing your wallet.

5. Backdate your life insurance policy.

Let’s say you turned 45 last week – the insurance companies would class you as a 45-year-old. 

And 45-year-olds will pay more than 44-year-olds.

It’s a pity you didn’t apply before last week isn’t it?

However, all is not lost; you see, I have magic powers that can make you younger. I can backdate the start of your policy to before your birthday, so you get a lower price 🙂

It’ll save you quite a bit over the life of your policy.

How does backdating life insurance work?

Let’s imagine the premium for someone aged 44 was €120 per month, and the premium for a 45-year-old was €130 per month. You simply pay an extra month’s premium of €120 to lock in the premium of €120 for the rest of your policy.

It may not sound like much, but using this strategy would save you €120 a year for every year of a 30-year term plan, you would end up saving €3,480 over the life of your policy.

Insurance companies differ on how far back they will allow me to backdate your policy, so check with me if you have a birthday coming up or have had one recently.

Over to you…

While getting life insurance at a low price is great and all, make sure you’re buying the right type and amount of cover to protect your family.

While we offer competitive premiums, more importantly, we offer you advice.

If you’d like me to make a recommendation based on where you are in life, please complete this questionnaire and I’ll be right back.

Chat soon

Nick

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Life Insurance
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