Life Insurance
While death is something no one likes to think about we all want to make sure our loved ones are financially cared should the worst happen. For a relatively small monthly payment you can secure a safe future for your family should anything happen to you. Obtaining the right level of life insurance can provide valuable protection in the event of your death such as:
Paying off your mortgage to secure your family’s home
Replacing lost income to prevent your family experiencing financial hardship
Helping to pay for childcare and education fees that a single parent may otherwise struggle to afford
Before you start to compare life insurance quotes it is important to understand the different types of cover available to help you find one that suits your personal needs. Purchasing unsuitable life insurance could be an expensive and upsetting mistake if it fails to provide the cover you and your family require. Life insurance policies generally fall into three main areas:
Level term assurance – this type of policy pays out a fixed sum in the event of death, the level of payout is guaranteed not to change for the duration of your policy.
Decreasing term assurance – this type of policy is used where you simply want your life insurance to pay off your mortgage, the level of pay out decreases in line with outstanding mortgage debt.
Increasing term assurance – similar to level term assurance but with the added benefit that the payout increase to compensate for annual inflation.
When hunting round for the best life insurance quotes bear in mind that several factors could potentially increase the cost of your premiums including your occupation, your medical history (including your family’s), your age and whether or not you’re a smoker. And of course the more you want to be covered for the higher your monthly premiums will be.
As well as identifying the correct life insurance policy, you will probably want to avoid paying over the odds for your policy. There are several ways to make a saving on your life cover:
Ensure your policy is “Written in Trust” – this helps your beneficiaries to avoid paying inheritance tax on any payout which can result in a saving of 40 percent
A joint life insurance policy can be cheaper than buying two policies. However they generally pay out on a first death basis leaving the remaining policy holder to find a new policy which can be more expensive
Adding critical illness cover to your life insurance can be cheaper than purchasing separate policies and provides extra cover in addition to the terminal illness cover offered by the majority of life insurance deals.
Another effective way to save on your cover is to shop around and compare life insurance quotes online; this is discussed further in the section below.
Where to Compare UK Life Insurance Quotes
Once you know which type of life insurance is right for you the next step is to find suitable policies at affordable prices. Searching online is a great way to achieve this quickly and easily. Using price comparison services to compare life insurance quotes allows you to source a list of policies that suit your circumstances and order them by price to find insurers who can save you money.
Using this method allows you to compare more insurance providers and policies in a much shorter space of time and increases your chances of finding a competitive quote. Many of these comparison sites also offer an advice service if you are unsure which policy is right for you. The sites listed below are a good starting point in your search for the best life insurance policy.
www.bestdealinsurance.co.uk compares life insurance deals from 20 providers to find the most suitable policies.
www.beatthatquote.com offers a unique service that will beat any direct life insurance quote you can find.
www.clickcompare.co.uk searches through over a dozen life insurance companies to find cheap quotes.
www.moneysupermarket.com compares over 100 life insurance policies to find the best quotes.
www.moneynet.co.uk provides an impartial service that compares over 200 life insurance plans.
Go to: car insurance |
home insurance |
travel insurance |
Return to webcomparison homepage
|
