Life Insurance Rate

Your personal circumstances allied with the occasionally benevolent nature of brokers can positively affect the price you pay.

The life insurance rate you pay with any provider is influenced by more than just your age and sex. Expect to find bargains from different companies targeting different groups of people, and don’t forget the often considerable discounts a broker might be able to offer.

Finding the cheapest life insurance rate ought to be as easy as looking in the newspapers, right? Well, to a degree. The newspapers print tables of typical life quotes; for example a male 30 year old non-smoker. (Look out for reliable names like MoneyFacts who produce these tables).

However there are two reasons why the life insurance rate that appears in the paper can only ever be seen as a guide. Of course, it’s true that most people don’t happen to conform to the typical quoted example, but far more importantly, different companies want to target different segments of the market at different times. That means that you can find bargain deals in fairly unexpected places.

The biggest reason to get a bespoke life insurance quote, though, is brokerage discounts. The figures in the newspaper don’t take account of a practice called “discounting”, whereby a broker will offer you part of his commission in the form of a discount on the policy. This can make a huge difference- such that the best deal on paper might still be more expensive than a slightly dearer deal with a hefty discount attached. The lesson: compare real quotes, and see a broker!