The Money Vault – Easy ways to cut your insurance costs

Listen to The Money Vault - Easy ways to cut your insurance costs

Support the podcast

Remember to like, subscribe and follow us on all our socials. You can also support the Money to the Masses podcast by visiting our dedicated podcast page.

Every time you use a link on the page we may earn a small amount of money for our podcast. We only use affiliate links that give you an identical (or better) deal than going direct. Thank you for being an incredible part of our community. Your support means the world to us.

Watch the video version of the podcast below:

You can also listen to other episodes and subscribe to the show by searching 'Money to the Masses' on Spotify or by using the following links:

Listen on iTunes    Listen on Spotify     via RSS

Summary:

We explore personal protection, focusing on life insurance and critical illness cover. We discuss five straightforward ways to cut the cost of your premiums, starting with the importance of calculating the exact amount of cover you need to avoid over-insuring yourself. We explain the differences between policy types, such as level and decreasing term, and detail how improving your health or quitting smoking can significantly reduce your monthly costs. We also examine the often-overlooked strategy of purchasing two single policies instead of a joint policy to secure better long-term protection for your family

Key Insights:

• Only insure what you need - Avoid the trap of over-insuring yourself. If you have a repayment mortgage, a decreasing term policy is often much cheaper than a level term policy and achieves the core goal of paying off the debt.
• Choose the right policy structure - Alternative options, such as Family Income Benefit, can provide a cost-effective way to secure decreasing life insurance over time.
• Health improvements lower costs - Life insurance premiums are based on risk. If you have lost weight, quit smoking, or seen an improvement in a medical condition, you could secure cheaper premiums by getting a new quote.
• Consider two single policies - Instead of a joint policy that only pays out once, buying two single policies can provide double the cover for only a small increase in cost, ensuring the surviving partner remains insured.
• Do not delay your application - Life insurance premiums increase as you get older. If you know you need cover, secure it as soon as possible to lock in lower rates.
• Review workplace benefits - Check if your employer offers 'death in service' benefits, but remember that this cover is lost if you change jobs and will need to be replaced

• Sign up to our weekly newsletter
• ⁠⁠⁠⁠Request a callback⁠ (and receive up to £100 cashback when you take out a policy)
• ⁠Support the podcast ⁠- You can support the MTTM podcast by using this page when making any financial decision
• ⁠Listen to the full episode - Ep 215