The price of life insurance is determined by measuring risk. Unfortunately, around 28% of businesses avoid getting life insurance due to the price of the premiums. With the average business debt growing each year, it’s important that businesses protect themselves should the worst happen.
Whilst life insurance isn’t always a necessary expense, it can really help business owners and employees to have peace of mind. Whether it’s to protect the business itself or your family against a loss, personal or business life insurance can be part of a good financial plan.
Like most insurance, the prices can go up quite easily over time if you’re not savvy. Yet, even after you’ve already taken out life insurance to protect your business or family, you may still be able to save money. There are some things you can do to help cut the cost of insuring yourself against death.
1) Find a reputable broker
Getting the right advice surrounding your life insurance policy can be really important, especially when it involves your business. Business protection policies can come in all different shapes and sizes based on your particular requirements so having a qualified advisor can help you to find the right policy for you. Reputable insurance brokers don’t charge a fee for their advice or quotes and can help you to find a balance between your needs and budget.
2) Stay healthy
The cost of life insurance is based on each individual and their health. You will be asked your height, weight and family medical history during the underwriting process of your life insurance application. If you’re generally fit and healthy, then your quotes will come out lower. That being said, it’s not always impossible to get life insurance cheaper if you have a health condition. Getting regular checkups, blood pressure reading and controlling a condition can help speed up the process and get the price down.
3) Compare prices
Getting a good overview on different policies or similar policies from different providers can really help to find the best price. Not only should you compare prices using an insurance broker, you can compare policies too. Some levels of cover can be more comprehensive, particularly if you’re adding critical illness to your policy. Therefore…