Level term life insurance pays out the same amount throughout the length of the policy. With decreasing term life insurance the amount the policy will pay out on death reduces in line with a mortgage. This means that decreasing term policies offer cheaper life insurance than level term policies, but the amount they pay out reduces over time.
A couple can choose to buy a joint life insurance policy or two separate policies. Although a joint policy will be cheaper than two single policies, in the event of one partner dying, a joint policy will pay out and the policy will end. With two separate policies the remaining partner will still be covered.
Smokers will pay more for life insurance than non-smokers. If you smoke you could save money on life insurance by giving up. Normally, you will be eligible for a cheaper life insurance policy once you have stopped smoking for a year.
The older you are the more you will have to pay for life insurance. As premiums are normally fixed for the length of the policy, you should take it out sooner rather than later to get the cheapest price.
Like all insurance you can find cheap life insurance quotes by shopping around. You must disclose your medical history fully, if you don’t you risk having limited or no cover. Make sure you buy from a regulated company and read the terms and conditions and keyfacts documents.
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