The credit crunch is likely to affect everyone, which is why people are looking for cheaper ways to obtain life insurance. There has been a surge of business for discount brokers, who don't use commission from other companies to sell their insurance. This means that price cuts can be passed onto the customer, potentially saving those hundreds, or even thousands on their whole policy.
Discount brokers will research the market to get you the cheapest deal on your life insurance. The difference is discount brokers will earn a commission from the company they choose for you, and will give it back to the customer by making their monthly premiums cheaper. Instead of making profit by their commission from insurance companies, the discount broker will make a profit by charging a one-off fee for this service, which is usually around £35.
People have been using discount brokers as a way to save money on their premiums, especially in the unstable economic climate. Many discount brokers have seen their business increase by up to 20% in the last year, with many companies expecting an even bigger increase in the coming year.
There are other ways to get a cheaper life insurance policy. By simply taking on a healthier lifestyle, you could notice your monthly payments decrease by as much as 50%. Quitting smoking is one of the best methods of saving, as the health risks associated with smoking are quite high. Another method is by losing a few pounds from your waistline. With the country's growing obesity epidemic, there are more and more health risks associated with being overweight. By obtaining a healthy BMI, you are likely to cut the cost of your premium.
by R Miller
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