How Can I Save Money on Life Insurance?

How Can I Save Money on Life Insurance?

Life insurance is a type of insurance that many Kiwis choose to invest in that provides the peace of mind that their children and other dependents will be looked after financially if they were to suddenly pass away or fall terminally ill. 

Life insurance premiums vary person-to-person, and each provider has different offerings. Generally, your life insurance will be determined by your age and your current health situation. But there are a couple of things you can do to ensure you save money on your life insurance policy. 

Here are our 6 best tips to save money on your life insurance! 

1. Compare Policies

One of the most effective ways to save money on your life insurance is to compare policies and providers. By comparing, you can make the most informed decision on something as important as life insurance. Prices can differ amongst life insurance providers, even for the same coverage. So it pays to take the time to compare. You will have a better understanding about what is on the market and you will be able to compare plans side-by-side to see what each offers and therefore, find the best deal. You can save hundreds of dollars just by comparing. 

Compare Life Insurance

2. Pay your Premium Annually

Life insurance providers will typically offer different payment options for your premium. While a monthly payment may seem easier, they tend to cost more than annual premiums. If you can pay the premium in a lump sum, you’ll find that this total is less than that of monthly premiums. This is a great way to save money over the course of a year. 

3. Maintain a Healthy Lifestyle 

You can save money by maintaining a healthy lifestyle. Ensure you add regular movement to your routine. Eat nutritious meals. Step away from work stressors often and allow yourself to rest adequately. Visit your doctor annually. If you are a smoker, you may want to consider strategies to help you quit. Life insurance providers will want to know if you are a smoker and they will charge more if you are. 

4. Make Sure you are Getting the Appropriate Amount of Coverage

There is no point in paying for more coverage than you need! It is important to calculate how much your family would need to cover expenses and debts if something happened to you. By making an accurate calculation of your needs, you can keep your policy as low as possible, without sacrificing the financial needs of your family. 

How much Life Insurance do I need?

5. Regularly Update your Policy

As life goes on, our circumstances change. You may pay off debt or accumulate savings. Make sure you make a habit of reviewing and updating your policy regularly depending on how things change in your life. For example, if you have paid off your mortgage, and your children have grown up and look after themselves, you may not need such a large coverage anymore. Adjusting the policy can ensure you aren't paying more than necessary. 

6. Take Advantage of an Insurance Advisor

Here at Money Compare, we are all about helping Kiwis make the most informed choices about their bills and helping them get the most value for their money. We have partnered with leading insurance advisors at the Insurance Department, to help make the hunt for your life insurance policy that little bit easier. As experts in the industry, they are well-versed in all the providers in the market and can provide you with a personalized life insurance quote for free in minutes. They can also help with free tailored life insurance advice. This is a great way to save you money because they will help you find the best policy for your needs so that you aren’t overspending. 

Talk to an Insurance Advisor

Chat with a Money Compare Expert

Need Help? Our experts offer FREE advice

Here at Money Compare we have experts on hand to help with any type of finance query including life insurance and health insurance - simply request a free call back by clicking the button below and a fully qualified life insurance adviser will be in touch.

Request Free Advice Now   

Tuesday, 19 March 2024