Make a New Year’s resolution to save money on life insurance

This New Year, after all the presents have been opened, the food has been scoffed, and the wine quaffed, make sure your finances are fit to cope with the cost of that very merry Christmas to ensure it also turns out to be a happy 2011.

Life insurance continues to see a price war between providers with a continued fall in premiums and consumers could be wasting thousands of pounds by not reviewing their policies, advises LifeSearch.

Remember - the difference between the cheapest and most expensive products can be significant, especially when multiplied over the term of a policy, so check with an independent adviser to see if you can get your policy at a cheaper rate.

Remember - if you have given up smoking for over 12 months, it is worth considering whether to rebroke the policy as you can potentially save hundreds of pounds with a cheaper premium. Although a cheaper premium is not certain, because it is dependent on age and health, nonetheless there is a very good chance that the premium will fall.

Matt Morris, LifeSearch Senior Policy Adviser, says: "It is important to remember that price should not be the only consideration when choosing a Financial Protection product and customers should look for the policy that offers the best value for money. This means looking at the product which most suits individual circumstances and offers additional benefits.

"Importantly, if you are going to switch policies, do not cancel your existing policy until the new one is in place."