Compare Life Insurance
UKfinancemarket.co.uk has teamed up with several leading providers of life insurance and price comparison websites in the UK to help you find an excellent deal on your life insurance.
Our top choice for comparing life insurance quotes online is BeatThatQuote.com - the UK’s fastest growing finance comparison website. BeatThatQuote.com will search and compare prices from a panel of leading UK life insurance companies to find you the cheapest life insurance possible.
The cost of life cover through BeatThatQuote.com starts from less thant £5 a month and they compare level and decreasing term cover – so whether you need to cover your outstanding mortgage loan or protect your family, they can help.
You can search and save today with BeatThatQuote.com – if you would like a quote for life insurance from BeatThatQuote.com click on the link below.
Life Insurance Reviews
Why Have Life Insurance?
Depending on your circumstances, life insurance could be one of the most important types of insurance you can have. Life insurance provides financial security for people who are financially dependent on you if you die. If you are the the breadwinner in your family then you should think about the situation your family would be in if your income was not replaced after you die – income that your family would miss for many years if you have young children. If you are single and do not have children or other people financially dependent on you then you may not need life insurance.
How much life cover you need will depend on your circumstances such as how much you earn, your financial liabilities, such as a mortgage or loans, and the ages of your financial dependents. If you are are unsure about the amount of life cover you need then you should seek advice from an Independent Financial Adviser.
It is important that when you are comparing and choosing life cover that you disclose any existing medical conditions to the insurance company. If you fail to disclose important information about your state of health and any pre-existing conditions you could invalidate your cover and the insurance company could refuse to pay out – this could leave your loved ones and those financially dependent on you in dire financial consequences.
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increasing term insurance (where cover and premium rise over the term)
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decreasing term insurance (where cover and premium fall over the term)
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renewable term insurance (which lets you extend the original term)
Whole-of-life insurance
Whole-of-life insurance pays out an agreed sum when you die, whenever that is – therefore your dependents will always receive a lump sum.
Whole-of-life insurance policies usually cost more money. This is due to various factors: firstly, such policies pay out whenever you die (which, unfortunately, is inevitable), secondly, because of the various charges that usually apply to such policies, and thirdly, because whole-of-life policies usually have an investment element.
What to look for
When comparing and choosing life insurance it is important to understand what the policy doesn’t cover. As an example, most policies will not pay out on death due to alcohol or drug abuse, or suicide. Also, you might not be covered while taking part in dangerous sports. If at the time of taking out the policy your state of health is poor then some causes of death might be excluded or you might be refused cover altogether. It is absolutely vital that you disclose any pre-existing medical conditions and answer any health questions honestly when applying for life insurance. Failure to do so could mean that your policy is invalidated and the insurer could legitimately refuse to pay out. You should look out for the following:
- The level of the premiums agreed at the outset are usually fixed for the whole term of the policy. However, there are also policies where premiums are reviewable after a certain period, typically at five years. This could lead to a big increase in premiums.
- Can you reduce or increase cover easily as your circumstances change, such as having a baby or getting married? Are there charges for doing this? Does cover stop immediately if you miss a payment or is there a period of grace?
- Is the option of ’waiver of premium’ available? Paying extra to have ‘waiver of premium’ could be worth it because it pays the life insurance premiums if you’re unable to work because of a long-term illness so that your cover is not interrupted or lost.
- If you are looking to change insurer to obtain cheaper cover then be aware that different benefits may be available and different exclusions may apply. For example, if you have developed a medical condition since taking out your existing life insurance cover then you should still be covered if you die, but that cause of death might be excluded by the new insurer or you might be refused cover altogether. If you do decide to change life insurance providers, make sure you do not cancel your existing cover until you are fully covered by the new policy.
The cost of life insurance can vary considerably and depends on several different factors such as the level of cover you want and the term of the policy. The cost is also based on the likelihood of the insurer having to pay out. For instance, if you are relatively young and don’t smoke your premiums will be substantially lower than a older person, a smoker or someone who does a dangerous job. Life insurance also costs more for men because men, on average, don’t live as long as women. As will all types of insurance you should always compare what’s covered and not just the price. Cheapest isn’t always best. Some term insurance policies might be cheaper than others, but they may not offer the same level of cover or protection.
