A Guide To Choosing The Right Insurance Provider
There are over 150 insurance companies within the UK
, all selling different products, it is therefore vital to get a number of quotes before choosing a provider to get the deal that best suits you.Looking at the price
Even though the UK life insurance market is highly competitive, generally those within the industry often differ very little on price. Companies instead try to ensure their products are sufficiently different to other provides. Choosing the cheapest life insurance policy is also not the best option as you may find it doesnt cover your needs or your premiums will increase later on in life.
Some efficient ways of reducing your premiums include:
Comparing quotes Before choosing a life insurance company it is always better to get quotes from a number of providers. Using an advisor or insurance broker may also help to reduce your premiums. They may be able to suggest providers you would never previously have thought of or may be able to suggest a cheaper policy to fit your needs
Term life insurance Term life insurance is a cheaper option than whole of life cover and can sometimes be more practical for those who are only looking to cover their mortgage or outstanding loans.
Quit smoking premiums rates can be almost 40% higher for smokers with recent figures showing that non-smokers can save almost 6,000 more on their insurance policies.
Buying a combined policy If you are looking for both life cover and critical illness insurance then buying the policies together will ultimately be cheaper than purchasing two stand alone policies. This will also ensure you are covered for all eventualities.
The cost of monthly premiums will obviously be a huge contributing factor to which company you go with; by calculating your budget in advance and using an insurance broker may help you to find the best deal.
What is the provider offering?
There can be a major difference between what separate insurance providers are offering, finding the right company will also depend on why you require insurance. For example whether you are looking for added critical illness cover or whether you need a policy that also covers children. To help compare various providers, insurance companies supply key features document which detail what is included in the policy. Key things to look for include:
Whether the policy is guaranteed As the name suggests guaranteed, also known as fixed policies, remain constant throughout the entirety of the cover. Although potentially more expensive originally, in the long run they will work out cheaper.
Can the policy be in trust If the policy is written in trust, this will ensure there is no delay is the money going to beneficiaries, this will also avoid the policy being subject to inheritance tax.
Terminal illness benefit Although now included in most term insurance policies this can be a valuable benefit. Note- this should not be confused with critical illness insurance, terminal illness will only pay out if you are diagnosed with a terminal illness and have less than 12 months to live.
Just as there are a variety of different types of policy to choose from, there are also a number of things that you should consider before choosing which company to go with. Seeking independent advice before going ahead will ultimately save you money.
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