We all know about life insurance and its significance in one’s life. However, not many Britons choose to buy a life cover for themselves and the reasons are best known to them. According to the latest report by the Association of British Insurers, it was discovered that one in every four breadwinners doesn’t have a life insurance policy. One of the main reasons could be the concern of high life insurance premiums but what if you could get life cover for free? Below, we examine some of the situations in which you can get life insurance for free.
Situations in which you get life insurance for free:
Pregnancy: Tesco offers free life insurance cover worth £15,000 if you are expecting a child in your life. In fact, the insurer offers this policy to both parents who can apply to get a cover worth £30,000. To qualify for the life cover, you must join the Tesco Baby Club which is free of cost. Tesco also offers huge discount to would-be parents on various childcare products from the supermarket. The cover lasts for 12 months and is valid for parents-to-be as well as those who have been officially matched for adopting a child. You can buy the cover anytime from the period you are expecting till the fourth birthday of your kid.
Free insurance for parents: Many insurers in the UK provide free life cover to new parents for a span of 12 months. Post Office Money, Aviva, Legal & General and Tesco are some of the insurance providers that offer life cover worth £15,000 and if both parents apply then it would be doubled to £30,000. Most of them offer this kind of free life cover to parents that fall into the age group of 18 to 45.
Credit Unions for free cover: Some of the credit unions offer life savings insurance for free. The amount of money invested before you reach the age of 65 gets doubled when you die. The maximum worth of the cover you can get equals to £5,000.
Death in service: Many of the employers in the UK offer a death in service scheme to their employees. This works just like life insurance and if the employee dies whilst in employment then a lump sum is provided to the employee’s family. For this, you need to be a part of their pension scheme but, this condition may vary as per the employer. Also, it is not necessary that the reason for the death should be work related.
Apart from these forms of life cover, one can easily minimise the value of a cover so that it does not become burden. Cultivating healthy lifestyle habits and quitting dangerous addictions like smoking can get you a cover with premiums as less as £4 a month. Also, you need to shop around and find insurance providers that offer an affordable life cover.
To get some help on finding the best life insurance provider in the UK, you can check our website https://freepricecompare.com/life-insurance/. We offer free comparison between all UK life insurance providers to get you the cheapest life insurance deals ever. To grab some huge discounts on life cover, feel free to call our friendly team of insurance experts on 02034757476.
Brijesh B. is a personal finance mentor lives in the city of London. He is working at UK’s price comparison website FreePriceCompare.com. He suggests all British breadwinners to compare life insurance plans and keep the premium down for lifetime. When he isn’t writing, he is spending time to find advance technique of farming and its way of applying. He also plays his guitar gifted by his father.