Save thousands of pounds by buying life insurance online

The internet has made quite a difference to the way we think about buying financial products. Whilst comparing the costs of products ten years ago would have involved a lengthily phone call to every single different product provider, we can now log onto a website, enter our details once and run a search, getting back the prices from all the biggest providers in one easy search.

For customers buying annual insurance policies, like car insurance, house insurance and travel insurance the savings that can be made are often very useful, but not life changing. Whilst your car insurance renewal quote may be £650, and you find a policy for £450 by searching online, you’ll save £200, it’s a useful saving, but not enough to buy you a new car.

With long term policies like life insurance the saving becomes far greater, because of the length of time you have the product. With most term life insurance policies now running as long as the customers mortgage, and the typical mortgage length now being 30 years we can assume that when you buy term life insurance online you intend to keep it going for the full 30 years.

Therefore the importance of not just taking the first policy presented to you grows quite significantly, because you need to make 30 years of annual savings in one decision.

If over those 30 years you assume you’ll make 360 monthly payments, then saving £10 a month can equate to a saving of £3600 over the whole length of the insurance policy, and that really is enough money to buy a new car.

By shopping online and comparing the biggest providers against each other you can not only select the best policy for you, but do so knowing that you’ve got the cheapest policy that suits you, and that you’ll save thousands of pounds in the long run because of your decision to shop online.

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