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Looking For Low Cost Life Insurance?

May 31, 2008
When it comes to low cost life insurance, finding the right policy to suit you can be a nightmare. Using a specialist broker is an easier option as they will be able to search the market for you and bring back some of the lowest quotes based upon your circumstances. However, first you need to have a good idea of what it is that you are looking for.

Understanding Low Cost Life Insurance

There are a number of factors that will contribute to your life insurance quote. How much life insurance you need, what you want it for and your own personal details will all determine whether you receive low cost life insurance or not.

Your current health will play a big part in the quote that you receive. Your weight and whether or not you smoke will be key factors that the insurance company will consider. Obviously smokers are at a higher risk of dying earlier than non smokers and this will be reflected in your quote. Similarly, people who are overweight will also have a higher risk of a heart attack and other serious health conditions that could result in death.

Insurance companies ideally want to pay out as little as possible. So if there is any sign that you might die early, they will higher the insurance rate to get as much money as possible before you do die. As harsh as that sounds, it is unfortunately true. So the healthier you are, the lower your insurance quote will be.

Getting the Best Low Cost Life Insurance to Suit you

Now you have a good idea of the factors that will lower your life insurance quote, you then have to work out which policy would be better for you. Term Life Insurance is the main type of policy which people take out. With it you pay in a monthly premium and there is an expiration date for the policy. If the policy expires before you do, your family will get nothing and the money you paid in will simply go to waste. It can be a gamble but it will pay out a lump sum if you do die within the term of the policy.

Another option available to you is a Whole Life Insurance policy. This is preferred by many people over Term Life Insurance as it will pay out no matter when you die. There is no expiration date and your family will benefit financially no matter when you pass away. The main downside to this plan is that the premiums will be higher. So if you are looking for a low cost quote then Whole Life Insurance may not be the right option for you.

Overall finding the right type of life insurance to suit your needs can be a hassle. However it is made simpler if you have a good understanding of what is available and what may lower the quote that you receive. By doing a little research before you rush into anything, you are more likely to get the best low cost life insurance quote to suit you.
About the Author
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.
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