How Do You Compare Life Insurance?

Losing the main family breadwinner can leave families struggling to cope with the sudden loss of income.

How would your partner and children fare with juggling mortgage payments and other financial obligations should anything happen to you? Considering worst-case scenarios is not easy, but the financially savvy protect themselves and their loved ones for any future event.

Getting life insurance will give you the peace of knowing that whatever the future holds, your family and loved ones will be in safe hands.

But with so many seemingly good offers for life insurance, how can you know you’ve left no stone unturned when comparing insurance prices and policies?

In this article, we’ll cover…

Read the article to find out how you can compare life insurance policies or talk to an expert who can do the hard work for you.

We'll match you with your perfect financial advisor

Save time and money with an expert who specialises in cases like yours

We'll match you with your perfect financial advisor

Save time & money with an expert who specialises in cases like yours.

Why is it important to compare life insurance policies?

To put it simply, because the life insurance market is vast and the quotes you will receive can vary from one provider to the next, sometimes dramatically.

To find the life insurance policy that would best suit your needs, you’ll need to compare life insurance quotes from a range of insurers; this involves searching the market for your top providers and requesting quotes from life insurers.

However, this is often a time-consuming exercise and one which doesn’t take the fine print of insurance policies into consideration. That’s why experts suggest speaking to a specialist advisor who can do a thorough comparison of life insurance policies and gather quotes tailor made to your specific needs and circumstances.

An expert will be able to read the detail and terms and conditions of each insurance policy and deal with the insurance provider on your behalf to take you to your top deal.

Compare life insurance in the UK

With the UK being a key market for life insurance, there are many attractive offers for life insurance policies. Finding the most competitive UK offers will require you to carefully scan the whole market and see how policies and prices compare.

For best results, work through a financial advisor who has a grip on the entire market and knows about any niche deals or special offers. Once you take out a premium, it’s usually fixed for the length of the policy, so getting an advisor to help you find the right one will pay back dividends for years to come.

This is where Online Money Advisor can help, we work with carefully selected financial advisors who can walk you through the steps to finding your best offer. Give us a call on 0808 189 0463 or make an enquiry today!

The advisors we work with are regulated by The Financial Conduct Authority and so you will be dealing with a highly trained person that adheres to strict rules of conduct.

How to compare life insurance policies

Although only a financial advisor can provide you with exact information about how policies and terms vary from one provider to the next, there are some key factors that insurers often take into account.

To properly compare UK life insurance policies, pay attention to how the following scenarios may impact on your policy and premium:

  • Your lifestyle – especially any factors that could impact on your life expectancy such as how much you smoke or drink
  • Your selected term – most life insurance policies will run for between 10-25 years
  • Your age – the older you are, the more your life insurance will cost you. Getting a life insurance policy sooner rather than later may open up doors to your cheapest life cover
  • Your medical history – have you had, or are you at risk of getting, a critical illness?
  • Your occupation – are you in a potentially hazardous occupation?
  • Travel – how often do you travel to places that could put you at risk of a serious illness or accident?
  • Your hobbies – do you regularly engage in any high-risk hobbies or sporting activities?

If you die during the life insurance term, the policy will pay out the sum assured set at the start of the term. So the lower the chances of the insurer paying out a claim before the end of your term, the cheaper the premium price will tend to be.

With this in mind, insurers will assess your medical history, lifestyle, and health risk levels when deciding on price. It’s important to have an understanding of what this could mean for your life insurance policy and compare which provider would offer you the best rate for your specific circumstances.

This is where one of the qualified advisors we work with can help you.

Policies will a high level of coverage

If you want a life insurance policy with a high level of cover (called the sum assured), this will cost you more than a low-level cover policy.

Some providers will generally have lower premiums than others, but before you hand over your application, speak to a financial advisor.

Premium price is not the only factor to take into consideration, and the primary determining factor in whether you get the payout you need is taking out the right policy in the first place.

We work with financial advisors experienced in reading the detailed fine print to get you the cover you need. Give us a call on 0808 189 0463 or make a quick online enquiry and we’ll connect you to an independent life insurance expert.

How can I find the best and cheapest life insurance?

Online life insurance comparison sites enable you to quickly compare rates and offers on the market.

However, these calculators and life insurance comparison sites will only give you a very rough idea of which providers offer cheaper rates than others.

Getting help from a financial advisor before taking out life cover could get you a more competitive rate than what you’d find by going directly to an insurer or bank because the advisor will approach the best insurers relating to your specific circumstances and requirements.

An expert often has access to exclusive market deals and knows where to look to get you the amount of life cover you need at a competitive price.

Call 0808 189 0463 or make an enquiry and talk to one of the independent experts we work with – we don’t charge a fee and there’s no further obligation on your part. Experts and advisors only get paid when you get a product you’re happy with.

Compare life insurance with the help of an expert today!

Whether you have experience in comparing life insurance cover or these products are new to you, our aim is to provide you with a tailor-made service that makes getting life insurance as smooth and straightforward as possible.

Online Money Advisor works with professional financial advisors who have built up contacts and knowledge of many life insurers over the years.

With their extensive industry knowledge, an advisor can quickly compare life cover policies and help you make a well-informed decision.
If you’d like support in finding out which life insurance policy is right for you and how to get it in the cheapest way, call us on 0808 189 0463 or make a quick enquiry.

We'll match you with your perfect financial advisor

Save time and money with an expert who specialises in cases like yours

We'll match you with your perfect financial advisor

Save time & money with an expert who specialises in cases like yours.

We’ll match you with your perfect financial advisor – for free.