Like most types of insurance, the common method of saving money on a life insurance quote is to shop around or, where possible, reduce the risk you pose to the insurer. Unfortunately, the options for lowering your risk with life insurance can be a little more inconvenient than with other types of cover such as car or home insurance. This often requires more extreme changes to your lifestyle such as stopping smoking or giving up risky hobbies or pastimes.

Whilst shopping around should always be included in your research, a relatively new development in the online insurance market can potentially halve the premiums in your quotes for the same type, amount and duration of cover when compared to quotes from high street providers such as supermarkets and banks.

So how is this possible?

Known as 'discount life insurance brokers' these online comparison services offer reduced premiums from leading insurance companies by sacrificing some of the commission they are paid by the insurers they quote for arranging a policy sale. In most instances, the premiums quoted if the broker took all their commission would equal that offered direct from the insurance companies included in the brokers comparisons. But as they sacrifice a large proportion of this commission, the quoted premium is discounted for the same policy.

Many of these discount services offer instant comparative quotes too. So not only can you get discounts from more providers, you can also compare them all in a single quotation. Another, less well known benefit, is that some of the biggest insurers which have pulled their quotes from the major price comparison sites can still be compared and discounted on these smaller broker websites.

The only word of caution is that many of these discount services may not be suitable if you don't already know exactly what type, amount and duration of cover meets your needs best. As the cost of giving advice could have an impact on the discounts offered, many online brokers don't include this in their standard quote and apply service. If you need help and advice choosing the right type of cover, you can either find a service that includes this or consult a professional adviser first.

Where can you find them?

A simple search in Google for 'discount life insurance' or similar can often pull up a list of the main discount broker services. Get quotes from at least two or three services and make sure all are regulated by the FSA before going any further.


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