The best way to get the cheapest life insurance is by reducing your cover to the most minimum. You will have to let go a lot of benefits that your term life plan is providing. Obviously, you will not get sufficient cover or be under insured. Normally, this way is strongly not recommended.
Then, is there any other way I can get the cheapest life cover? Yes, there is but you need to sit down with your broker to talk about it. Normally, broker earns some commission from the premium you paid, hence you can look for discounted broker who pay some of their commission back to you. If this does not work, perhaps you can get an execution only insurance policy. This means that you can get a life insurance without a formal advise from the broker. Since their contribution reduces, you can get a cheaper life cover rates.
You may need to consider the consequences to opt for execution only policy because it might have implications on your rights. This is because life insurance companies are obligated to provide you the necessary advice before buying any life products. Sometimes, the cheapest term life insurance policy is not the best for you.
Make sure that you are clear of all terms and conditions in order to protect yourself. Once you purchase the wrong policy, there is nothing much you can do as it is very hard to take up a case with the authority. So, you may shop for cheapest term life policy, but please be clear of what you are up to.
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