Life Insurance rates are not set in stone. You can change them

    May 8, 2013

    Millions of South Africans are always looking for ways to reduce their living costs. In tough times you can save money by reducing your life insurance rates.

    So, how do you do that? If you habitually renew your policy without reading your contract, then it’s time for you to review your rates.

    Your insurance needs change over time; therefore, get a revised quote to reflect these changes. Don’t sign until you’ve renegotiated a new plan with your insurer.

    Be proactive, stay informed about insurance policies. When you have an annual review, you’ll soon know if you’re paying too much for your life insurance.

    There’s nothing wrong with asking for a discount and you may be pleasantly surprised when they lower your premiums.

    Life insurance quotes are calculated based on your risk to insurance companies, therefore, re-look at your lifestyle.

    Reduce Life Insurance rates by healthier lifestyle choices

    Life Insurance rates

    There is nothing you can do to change your age or your medical history, however, if you improve the quality of your life you’ll also reduce your premiums.

    • Quit smoking
    • Reduce your intake of alcohol
    • Reduce your cholesterol levels
    • Join a gym and exercise regularly
    • Eat low-fat foods
    • Avoid junk foods
    • Maintain a healthy weight

    Life Insurance rates payment options

    Insurance is paid monthly, but with every payment, there is an admin fee. If you pay your premiums up front for the entire year you reduce this cost and effectively only pay once for admin fees.

    Make adjustments as the years’ go by

    Read the details of your policy to make sure that you aren’t paying for unnecessary extras. Your insurance needs change as you get older and so you should regularly re-evaluate your requirements.

    Major lifestyle shifts include getting married, having children and going into retirement, all of these events will have a different effect on your insurance policy.

    Credit rating

    Your credit record can also influence your risk profile, so ensure you keep a healthy profile. Your credit rating can also change and if it improves, inform your insurer as this too might alter your premiums. Go online and get free Life Insurance quotes now!

    Changing providers

    What if your provider is not willing to negotiate lower insurance rates? Use a comparison website to search for better insurance and quotes.

    Most companies will have quotes available online. You might find that you’re offered more competitive premiums at another insurer.

    To get a FREE life insurance quote just fill in the form on this page

    When you’re investigating other providers be sure to look out for hidden costs and extra fees.

    If you do want to swap to another company make sure that you read all the fine print before making a commitment.

    All info was correct at time of publishing