How to Save on Life Cover Without Compromising Protection
- CoverLife Insurance
- Jul 7
- 2 min read
When it comes to life insurance, most people want one thing: peace of mind that their loved ones will be looked after, without paying over the odds for it.
The good news is that you can still get great protection without breaking the bank. Here are some simple, practical ways to save money on your life cover while keeping the level of protection where it needs to be.
5 easy steps to saving you money
1. Don’t automatically go for the biggest number
It’s easy to assume you need a huge lump sum to be safe, but bigger isn’t always better. Start by working out what your loved ones would actually need if the worst happened.
Think about things like:
Mortgage or rent
Any outstanding debts
Day-to-day living costs
Future needs like school or childcare
Once you've done the numbers, you may find that a well-calculated level of cover can save you money each month.
2. Consider term life insurance
Whole-of-life policies cost more because they pay out whenever you die. If your goal is to protect your family while they still depend on your income, term cover is often a more affordable and focused option. It can be set to end when the mortgage is paid off or when the kids are financially independent, which keeps costs lower.
3. Get cover earlier rather than later
The younger and healthier you are, the cheaper your premiums tend to be. Waiting a few years can mean higher costs or, in some cases, fewer options if your health changes.
Locking in a policy early could save you a lot of money over the full term.
4. Be honest, but stick to what you're asked
Always answer health and lifestyle questions truthfully. It’s essential. But don’t go beyond what’s being asked. Adding in extra details can confuse things and may even raise the cost unnecessarily. Answer clearly and simply, and let the adviser or underwriter guide the process.
5. Use a broker or adviser
Many people go straight to comparison sites, but those results don’t always show the full picture. Policies vary a lot between insurers, and the cheapest option isn’t always the best.
Working with an adviser means:
You get help comparing the full market
You can tailor cover to your needs and budget
You avoid missing key details that could cost you later
In most cases, there’s no charge for advice, and it could save you thousands over the years.
Final thoughts
Life cover doesn’t have to be expensive. With the right guidance and a bit of planning, you can find protection that gives you and your family peace of mind without putting pressure on your monthly budget. If you’d like help reviewing your options, get in touch by calling us on 02382000825 or book a free chat by emailing hello@coverlife.co.uk and we’ll walk you through it, no pressure and no jargon.
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