The cheapest form of Life Assurance to protect a family is a product called ‘Term Assurance.

How to pay less for your life cover.

1.      Check the type of policy you already have. Some are more expensive than others. Term Assurance is the cheapest form of life cover. Better to have adequate cover than not enough.

2.      Give up smoking. You’ll save hundreds over the life time of the policy and according to actuarial mortality tables you’ll live on average 5 years longer.

3.      Don’t buy a policy for a term of years that is more than you need it for. For example if your youngest child is 3 don’t buy a 30 year policy but instead buy a 20 year one.

4.      Don’t buy policies with unnecessary add-ons. Many are of dubious value for money as it can be difficult to qualify making a valid claim.

5.      Currently the most competitive providers for term assurance tend to be Zurich, Caledonian Life and Friends First.

6.      Don’t fall into the trap of buying too much life assurance. You only need enough cover to replace income.

7.      Should you choose to add an inflation option to your policy be careful, not all companies charge the same. Compare the total cost of premiums paid over the full term of the policy to see which company is offering you real value.

John Geraghty is CEO of online discount brokers