The Thrifty Scot, a finance website, is offering ways to cut the cost of life insurance .
There are various types of cover listed on the website and term life insurance is mentioned as the cheapest because it lasts for a specific length of time. However, it cannot be purchased by anyone who has serious health problems . Permanent life cover can be beneficial while the holder is alive, as they are able to draw off it and invest it for personal needs.
The site also explains that getting a rider on an existing policy may save money if a second one is needed. In addition, it is suggested that buying life insurance when a person is young gives the option of locking in a level premium, which will not increase with age.
Recently, the insurance provider Churchill apologised after a viewer complained that its television advert was misleading. While the advert claimed that it was possible to make a claim without having to fill in forms, around 20 per cent of claimants do have to complete a declaration form or statement.