October 1, 2020

Where is the best place to buy a life insurance policy?

Where is the best place to buy a life insurance policy?

The difference between the best and worst prices for the same cover over the term of a policy can run to many thousands of pounds in extra premiums paid.

So, where is the best place to buy your policy?

There are three main sellers of life and critical illness insurance policies.
• Lenders – banks or building societies
• Intermediaries – advisers or brokers
• Direct from insurance companies

Not all insurers sell their products via these 3 channels, but many do.

Most banks and building societies have agreements in place with insurance companies to sell their policies to customers. Many have deals – where they sell products from only one insurance company, but rebrand them as their own.

Wherever you go, it is important to check the premium you are paying to see whether there is a better deal available on the market.

Here are a few pointers which may help you make an important decision – which may save you thousands of pounds in premiums.

An Adviser – Acts on behalf of the client: An Insurer or bank – acts on behalf of the Insurer/bank

An Adviser – Has access to multiple products: A bank/ Insurer – Access to one product – their own

A good adviser – Is qualified to give advice to about a product: An Insurer/ bank is trained in sales to sell a product.

An experienced adviser – Will have buying power and relationships with underwriters: An Insurer – Will have little flexibility on the premium

Customers who have bought expensive life and critical illness cover are not stuck with their existing policies.

It is possible for many policyholders to switch to new cover that could offer better protection for less

We have expert knowledge of the ever-changing landscape of underwriting for all providers in the UK and are fully committed to research so that you don’t have to.

What’s more, our advice comes with no obligation or hidden costs. You don’t pay us directly but we do get paid by the insurer if you decide to start a policy with them. We are not tied to one insurance provider meaning we can search the market for the most suitable offer for you.

Unfortunately, not everyone is able to do this. If your health has deteriorated, you have taken up smoking or your circumstances have changed in some other way, you may no longer qualify for the same cover.

Next steps

Whilst you are welcome to get a quote online but we would recommend you talk to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

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