When buying life insurance, it’s important that you invest in the right policy for you and your dependents – here are a few quick and dirty tips on how you can do that…

Shop around

It’s not only insurance companies, banks and building societies that you can buy life insurance from – these days, we can buy life insurance from your local supermarket and high street retailers, as well as online via price comparison sites and insurance brokers and financial advisers.

The price you’ll pay for a policy will vary depending where you buy it, even when the policy itself may be from the same insurer and identical in every way.

Price comparison sites

One of the quickest, easiest and most fruitful ways to compare different life insurance policies is to use a price comparison website. Comparison sites like lifeinsurance.org.uk are fantastic for searching for the cheapest deal without having to bother with a broker.

Cashback websites

With these sites, you’re not buying the insurance policy from the cashback site itself, but instead accessing the insurer’s own website through the cashback site. The way it works (i.e. why you get cashback) is because the cashback site you’re on will award you a portion of the commission it receives from the sale of the policy.

But beware – using a voucher or cashback site instead of a price comparison site can be misleading, because the deals on these sites only really work in if the initial quote itself is at or near the top of the table.

For example, a policy charging a premium of £40/month over 10 years and offering £150 cashback will still see you paying a lot more over the term of the policy than a similar policy costing £30/month over 10 years without a cashback deal.

So all in all, comparison sites are the highest-recommended means of finding the cheapest life insurance deal, but there are a number of avenues you can explore.