How do I lower insurance costs?
Insurance premiums depend on your age, health and lifestyle. Here are some ways to reduce the costs and get better deals, even if you happen to fall in the heavy-risk category.

1. Shop around - a forward-thinking, client-friendly company will try to customize a policy to suit your individual circumstances.

2. Working on your health may help to lower your premiums. Obvious targets are giving up smoking and reducing weight, if either of these apply to you.

3. Read between the lines, check the small print and make sure there are no hidden fees before you choose a payment plan.

4. Take the time to compare policies, features and prices before you decide.

Life insurance explained
There are two main types of life insurance available: investment type and term insurance.

Investment type insurance insures against your death but will also pay out if you survive the term of the insurance. That's why it is a form of investment as well as providing life cover.

Term insurance only pays out if you die and so it's cheaper than investment type insurance. You can set the term to suit yourself; for instance, you might want to insure your life until your children are no longer dependent on you, or while you are paying a mortgage.

Some advisers would recommend that you don't use your life insurance policy as an investment. Investment type insurance can be costly and it might be better to keep your insurance and investments separate.

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