OK so it’s not the most amazing news ever, but average life insurance premiums are on the rise. The key word in that sentence is “average”. This doesn’t mean that you have to pay more.
Whilst the premiums that companies charge might be increasing the are still increasing overall they are willing to get very competive to attract new business.
If you have term insurance coming up for renewal do not just assume that your current provider is going to give you the best deal. Use a price comaprison tool like confused.com or moneysupermarket.com. Also try out the tips and tricks on moneysavingexpert.com to see if changing some small details on your application can reduce your premium.
Unfourtunately insurance companies will regard “loyal” customers that just renew with them without question as fair game for the worst possible quotes. In effect your loyalty is being used to fund the offers that they give to new customers. It may seem unfair but you will get nowhere argiung about it – just play the game. Once you have your new shiny quote from another insurance provider you may find that your existing insurance company is much more keen to reward your “loyalty”!!
As I said at the start, this isn’t exactly amazing information, but if it stops a single person being ripped off by their insurance provider then it will be worthwhile.
Tags: life insurance premiums
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