You wouldn’t be alone if you are seeing increased premiums on your life insurance each year. In fact, it’s more common than you might imagine.
Therefore, in today’s blog, Cheapest Life Insurance looks at the reasons life insurance premiums go up in some instances and how you can resolve the issue once and for all.
So why the increase?
Some brokers will take a lot of care when you are buying a policy to sell it to you based on price. However, what may not be so clear is that the premiums will rise after 12 months or more. This is not necessarily something they want you to realise either, so all the focus is on cheap premiums to get you to buy. The offer the cheapest life cover now, but it may not be quite so cheap later on.
However, in the long-run this is not the best thing for you as a consumer. In fact, as we always maintain, far better to pay a bit more but get a guaranteed rate from a good company than save a pound now and regret it later.
There are lots of different types of life insurance of course, so it’s important to make sure that you understand what they are, how they operate and therefore whether they will be best for your needs or circumstances. If in any doubt, don’t buy! That’s our perspective. In fact, if you are ever unsure of a quote, it’s always best to seek out independent financial advice.
What to do if you are paying too much for your life insurance
The great news here is that you can always cancel a policy. Although you should again seek advice if you feel this may be detrimental to your current situation.
Usually cancelling a policy requires that you send a letter to your insurer informing of your intention to cancel.
Should the call back and suggest you don’t cancel it that’s fine, but make sure they’re not simply offering you a reduced price in the short-term. What you’re looking for is a guaranteed premium for the same level of cover. If you can’t get this, then look elsewhere.
Once you’re searching again, it’s now time to get some new quotes, A comparison site like this one will base any quotes on your needs and circumstances and you should always be in control of how much you want to pay and what level of cover you want.
We never force or push people to take a particular level of cover – it’s always up to them and that’s exactly how it should be.
The Cheapest Life Insurance offers guaranteed rates from a range of leading insurers and all our quotes are free and carry no obligation to buy – it’s all down to you.
Why not get a quote today and see how much money you can save, while saying goodbye to increased monthly premiums for good?