Shopping Around for a UK Life Insurance Rates
Before you begin to shop around for Life Insurance rates in the UK, check what cover you already have. Often, some Life insurance is provided within pensions and endowment policies.
Whilst looking at the different policies available it is also worth considering Critical Illness Insurance. A critical illness is a specified medical condition such as cancer which would stop a person receiving an income, and is unlikely to result in the person being able to work again. Critical illness insurance cover will insure you should you suffer from any of these specified illnesses, and will pay out a lump sum, payable at the time of diagnosis.
You can take out a critical illness insurance policy in two ways. The first is as a 'stand alone' policy, taken out by itself. The second method is to add it to whole of life, or term insurance policies. The reason why you may do this is that it offers you a way of getting hold of the value of your policy not just on death, but also on diagnosis of critical illness, which has the same effect as death on your ability to support your dependents.
As the insurance market is a very competitive one, you can buy life insurance policies from many different outlets...
- Online, this is a good way to compare prices.
- High Street Lenders, usually offer insurance at the time of applying for a mortgage, loan, or a pension.
- Large supermarket chains, many have booklets in store informing you of the vast array of insurance policies that they offer.
- Yellow Pages, have lists of insurance companies, many of which will be able to provide a quote over the telephone.
Insurance Broker, it is useful to use an independent Broker and let them shop around for you. Check if they are tied to using a particular company’s products, ideally they should be able to access the whole market for quotes on policies which will suit your needs. Before proceeding with a Broker check their fees.
When searching for the right policy make sure you understand all the benefits you'll receive, also any exemptions and the cost of the premiums.
Shopping around for the right policy at the right price is essential as premiums can vary dramatically between insurers. There is a basic criteria that will impact the cost of the insurance you buy, but basically the most important factor is your health! Should you have a clean bill of health, you will find that your life policy will cost a great deal less to protect your family.
Other factors that Insurers will need to know about, other than your past medical history, are as follows:
- Your age
- If you have ever smoked
- Certain health problems which may run in your family and could be hereditary
- Length of the term you wish to take the policy out for
- The amount you want to insure.
Download the Life Insurance PDF Guide here - see our other free PDF guides here
Guide Contents
What is life insurance cover?
The different types of life insurance cover - A Life Insurance Comparison
Level Term Life Insurance
Whole of life insurance
Shopping around for UK Life Insurance Rates
Life insurance application
Life Insurance Claims
UK Life insurance FAQ
Where to get more life insurance information
main menu << previous page next page >>
