Press Release
Going naked can reduce your life insurance premiums
None of us want to pay more for something than we need to and life insurance is no exception. Four out of ten applicants are subjected to a loading on their premium, typically anything from 50-200% more than they were originally quoted. However, the good news is that there are ways that you can pay less for life insurance. David Thomson, Chief Executive of specialist insurance website www.bestdealinsurance.co.uk has come up with some handy tips on reducing your life insurance premiums:
1. Go naked!
One of the contributing factors that 4/10 applicants are subjected to a rating on their life insurance premiums these days is because of height and weight issues. Because insurers all have different ideas of what constitutes being overweight, a few ounces could literally mean the difference between being charged at standard rates or paying around 50% more on your premiums.
The solution, says David, is to go naked! Some insurers do allow you to be weighed unclothed - and saving those few ounces of clothing really could save you an additional 50% on premiums!
David gives the example of one customer who, following a medical examination, was told he was overweight and a loading was applied to his policy. BestDealInsurance placed his business with another insurer who also carried out a medical examination. They weighed the customer naked and he got accepted at standard rates!
2. Already been rated? Try an independent broker
If you already have a rating on your life assurance premiums, there is nothing to say that by going with another insurer you won't get accepted at standard rates.
Says David: "It can simply be a case of matching the right insurer to an individual's circumstances - which an independent brokerage can do. Experienced brokers know what health, occupation or hobby factors can place you as a higher risk in the eyes of some insurers as well as which insurers won't load up your premiums because of these factors."
3. Do you mountain climb? Pay £25 and save 50% on your premiums!
Mountain climbers normally attract a 50% loading on their premiums from most insurers. For around £25 they can go online and join the British Mountaineering Council (BMC). Once a member, they will normally be accepted at normal rates.
4. Do you have asthma?
Just because you have asthma, you shouldn't necessarily have to pay more for your premiums. One well-known insurer accepts that it can be seasonal and won't increase your premiums, unlike the majority who will add a rating.
5. Family history
Many insurers will up your premiums based on the health of your family. Even a 100% fit and healthy client with family health-related associations - such as a family member with breast cancer, multiple sclerosis or motor neurone disease - can face ratings on their premiums. "The answer is to find an insurer who doesn't use these tenuous health links as an excuse to up your premiums" says David.
He summarises: "It's a bit like playing Battleships - it's about knowing where to move your ship so that you don't get sunk by loadings on your premiums. For example, just buying your life insurance online without any intervention or discussion with a qualified adviser could mean your hobby or interests could be costing you more than you think!"
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