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Smart ways to save on life insurance

Posted  May 9, 2017

There are ways to save on life cover – and make sure your family is protected.

Times are tight and we’re all looking for ways to save and cut monthly expenses. If you own a life insurance policy or are interested in investing in the cover your family needs, don’t miss these tips on how to make your life cover premiums more affordable.

Compare quotes Do your homework. Always shop around and get a range of quotes from at least three providers. However, you should be sure to compare policy benefits and features and not just monthly premiums!

Keep chronic medical conditions under control Life insurance premiums are based on risk, and chronic conditions often result in higher premiums. You may qualify for lower premiums if you work with your healthcare provider to carefully manage and monitor any chronic medical conditions you might have.

Get healthy! Here’s a list of lifestyle adjustments that could help you stay healthy, and possibly lower your premium:

  • Stop smoking
  • Lose weight
  • Drink in moderation
  • Eat healthily
  • Exercise regularly
  • Maintain a healthy blood pressure
  • Manage your stress (meditation, breathing exercises and so on can help)
  • Don’t do recreational drugs

If you have made any of these lifestyle changes, chat to your life cover provider . If your health has improved you might qualify for a better premium.

Get the right amount of cover Working out how much life insurance you need to buy requires some thought and planning. Discuss your requirements with a financial planner or use the 1Life life cover calculator.

Your life insurance policy will have to cover:

  • Your funeral expenses and any unpaid medical bills related to your death
  • The cost of settling your estate, including taxes and legal fees
  • Your outstanding debt, including the bond on your home

If you have a family you also need to consider:

  • Education costs for all your children, including tertiary education
  • Annual living expenses for your family: food, petrol, insurance, utilities, holidays, domestic workers etc.
  • Medical aid for your family
  • A financial buffer for any emergencies

Top tip: If you are interested in more detailed recommendations on how much insurance you need and what you should be saving every month, why not complete our online financial needs analysis.

Check your employee benefitsIf you have an employee group life insurance scheme, as well as a personal policy, you may be able to reduce your personal cover. Work with your financial planner to evaluate your life cover requirements before making any changes to your policies.

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Remember, honesty pays! There is one thing that will not help you in the long run and that is withholding information from your life cover provider. If you don’t disclose all relevant medical and personal information when you apply for insurance, that could mean a reduced or rejected claim.

Life cover is the financial protection that your family needs against your death and the loss of your monthly income. Invest in the cover they need, today!

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