Term life insurance
Save money on term life insurance with a quote from Bobatoo today
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How to save money on life insurance
Our aim is simple; to help people live better lives whatever they’re doing, wherever they are.
We aim to build relationships with our customers through understanding their needs and delivering personal finance solutions and affordable insurance quotes that they truly value, making sure we explain all the technical jargon in a language that everyone can understand.
Start saving money with Bobatoo.co.uk now using the options below…
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Learn how to save money on life insurance with our special guide...
What is level term life insurance?
Bob says that this is the cheapest type of life insurance. If you are looking for a simple policy, then term life cover might be right for you. In basic terms, you choose how much money you want your family to receive and how long you would like the cover in place.
If you pass away during the period of cover, your term life assurance will pay out a cash lump sum to those left behind. Because this type of cover is limited by time, there will be a set date that your insurance expires.
For example, in the event of your death, you might want your £100,000 mortgage paid off. If this mortgage has 20 years to run, you could apply for £100,000 of term life insurance cover to last 20 years.
Bob says – don’t forget to think about all of your financial commitments when deciding how much life insurance cover you need!
How much does it cost?
This type of cover is one of the cheaper life insurance options. To calculate your monthly premium, your insurer will take into account things like your age, health, and whether you drink or smoke for example. They will also look at how much cover you’d like to have and for how many years you want it.
Do remember though that level term life insurance policies don’t pay out if you live on after the cover period ends and there is no cash value if you cancel your policy. Bob says that if you want cover to last as long as you do then you need to think about whole of life insurance.
Bob’s friends offer whole life insurance policies from a wide range of insurance companies. If you are looking for a longer policy that covers you until you pass away, then this might be more suitable for you.
Already know how much cover you want? If you know how much term life insurance cover you want, just fill in Bob’s term life cover quote form and one of his friends will sort out your quote.
Do I need term life insurance?
Any form of life insurance product isn’t a legal necessity like, say, car insurance is. But given the unpredictability of life it is worth considering life insurance in some form.
Realistically-speaking not everyone will find themselves eligible for term life insurance, so it’s important to make sure you have a definite need to take out a policy e.g. if you have family members who depend on your income, or a mortgage that needs paying off.
What can I do to reduce the cost of term life insurance?
Don’t smoke or drink, enjoy nutritious shakes and ensure that you embark on a health kick.
All these simple changes to your life will make you a far better proposition in the eyes of a term life insurance company who won’t then see you as more of a risk than they’re willing to take.