Cheap Life Insurance | 5 Simple Tips
Which Life Insurance is the Cheapest?
If you’re on a budget and looking for a cheap life insurance option, this blog is a must-read.
How To Save Money on Life Insurance and Mortgage Protection?
The 3 Golden Rules
Do not buy from the bank.
Do not buy direct from an insurer.
Use a broker that deals with all five insurers.
Most online brokers will heavily discount their premiums to make them more attractive than going to the bank or directly to the insurer.
That’s why we offer discounts on both our life insurance and mortgage protection premiums.
You can see our 20% discount in this quote.
Quote Type: Life Insurance
First Person: Non-Smoker, born on 01/03/1983
Cover Amount: €300,000 paying monthly, over 30 years.
The lowest standard (non-discounted) price for this 40-year-old is €43.53 with New Ireland.
That’s the price some people will pay.
But not you, you seem far too clever.
We can discount the insurer’s premium by an extra 20% so can offer you the exact same cover for €34.82 (saving you €3,135 over the life of your policy).
Look at Irish Life there trying to fleece you with a premium of €51.57!
Imagine how foolish it would be to pay €51.57.
If you choose our lowest premium instead of buying through any of the banks tied to Irish Life, you’ll save €6030!
But if you now realise you may actually be a bit of an Idiot Sandwich you can leave Irish Life at any time, without penalty if you find a tastier quote!
Don’t feel bad, the banks have a way of making you sign up for their rip-off policies.
Where to Find Discounted Mortgage Protection Quotes?
Only brokers can offer a full range of discounts because we deal with all of the insurers.
Well, that’s if they deal with all 5 insurers, some brokers are tied to one insurer, so be careful out there ekids.
As a reminder, here are the 5 life insurance companies to look out for:
Aviva – why choose Aviva
Irish Life – why choose Irish Life
New Ireland – why choose New Ireland
Royal London – why choose Royal London
Zurich Life – why choose Zurich
There’s no magic formula to getting discounts, it’s all down to timing and now is a good time becuase there is a rake of discounts on offer:
We have a 15% discount on income protection,
a 17.5% discount on mortgage protection
and a whopping 20% discount on life insurance!
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.
So even if you have a policy in place, it’s worth requoting here to see if you can get better value.
Apart from Discounts, How Can You Get a Lower Premium?
1. Buy Shorter-Term Cover
Buy a 25-year policy instead of a 40-year policy.
It’s essential you have cover when your kids are young and constantly have the lámh out looking for you to pay for stuff.
But look, once they get to 25 and are financially independent – you’ve done your job.
So if your youngest is 10, you’d be crazy to buy a policy that is over 15 years long.
Get a 15-year plan with a conversion option.
Bosh!
One 30-year policy will cost less in the long run than a 15-year policy extended for another 15 years.
But if money is tight while your kids are bleeding you dry, 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!
Keep your term short and your cover high rather than buying less cover over a longer term.
2. Consider Monthly Income Life Insurance
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.
Your Guide to Monthly Income Life Insurance
3. Quit smoking
Non smokers pay around half the price smokers pay.
A non-smoker is someone who hasn’t used any sort of smoking paraphernalia in the last twelve months.
Ah I only smoke when I’m out – SMOKER
I’m down to vapes now – SMOKER (even 0% nicotine vapers are smokers)
Nicotine gum? – Yes, you guessed it – SMOKER
4. Review Loaded Policies
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.
If the insurer loaded your original policy, check to see if that loading still applies.
5. Backdate your Life Insurance Policy.
Let’s say you turned 45 yesterday – the insurance companies would price your cover as a 45-year-old.
And, logically, 45-year-olds will pay more than 44-year-olds.
It’s a pity you didn’t apply before your birthday, isn’t it?
However, all is not lost.
You see, I have magical powers that can make you younger.
No not Botox but from earwigging in the office, I hear it’s all the rage.
No, not that either.
Yes, I can turn back time.
Sort of.
By backdating 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?
Your birthday is Feb 28.
It’s now March 1.
The premium for a 44-year-old you is €120 per month, and the premium for a 45-year-old you is €130 per month.
We backdate your policy to Feb 1.
You pay February’s premium of €120 to lock in a premium of €120 for the rest of your policy.
Doing so would save you €10 every month.
Over a 30-year term plan, you would save €3,480.
Not too shabby.
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.
You may also be interested in learning about how age affects your life insurance policy and the rates you’ll page at various stages of your life.
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 coverage to protect your family.
While we offer competitive premiums, more importantly, we offer you advice.
Although we’re never knowingly beaten on price, it’s common for brokers to run promotions that we don’t know about.
So if you can find comparable cover at a better price, we’ll BEAT it!
Using lion.ie guarantees you the best service in Ireland and the best price too.
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
lion.ie | Protection Broker of The Year 🏆
