Best way to compare life insurance quotes

Best way to compare life insurance quotes

22 Apr 2022

Life insurance can seem mind-bendingly difficult to figure out. What’s a deferral period? What’s a death benefit? Why are there so many different names for the same thing? For something so important for so many people, it’s still something that seems tricky and intimidating to many people. It’s no wonder then that only around 30% of the UK are currently protected by life insurance

However, although it might seem tricky to navigate, life insurance is super important if you’ve got loved ones who are financially dependent on you. It’s also a lot more affordable than you might think, and it doesn’t have to be brain-numbingly boring or difficult. 

We get it - you don’t want to waste your hard earned pennies, and getting the right cover can seem difficult. However, getting life insurance quotes online and figuring out how to get cover that, well, covers you has never been so simple. 

To help make it easier for you, here’s our handy little breakdown on the basics of how to compare life insurance quotes.

How to compare life insurance quotes

If you’re young and healthy, getting an affordable policy that works for you can be super easy and super speedy. If you’re older or you’ve had some health issues, it may be a little more challenging - but not impossible. Either way, you shouldn’t just take the cheapest policy you see and whip out your wallet to pay for it there and then. It might end up being the policy you go with eventually, but it’s important to shop around first. 

You should compare quotes from several insurers - even on different types of policy if you’re not sure what you need - as prices and levels of coverage can vary a lot. Now, comparing quotes doesn’t have to be some prehistoric chore involving an abacus and piles and piles of paperwork. Going through an adviser (like us here at LifeSearch) allows you access to a large portion of the market. A good adviser should also help you understand all the options available to you, and recommend the right policy for you.

What type of life insurance do I need?

Life insurance is designed to protect your loved ones and guard them against financial stress in an already difficult time, so it’s supposed to be as simple as possible, right? That said, there are many different types of policies out there for you to consider. So, the first step you should take when comparing life insurance quotes is to decide the type of cover you need. 

Think of life insurance as an umbrella term and under it are alternative types of life insurance. The most common life insurance policies are whole of life insurance and term life insurance. Whole of life insurance will pay out to your beneficiaries (the people you name in the policy to receive the money) when you pass away. As whole of life insurance offers life-long coverage, it most likely will be more expensive than a term life policy. The pay out can be used by your loved ones for whatever they need, like paying for your funeral, paying off the mortgage, covering regular bills and expenses - or they can just continue to live the lives they love with that money to fall back on. 

Term life insurance offers cover for a set period of time, lasting anywhere between 10 and 40 years depending on your needs. How long term life insurance lasts is up to you! Typically, term life policies are taken out with certain milestones in mind, such as paying off the mortgage. That way, you have a financial safety net for when you and your loved one’s need it most. Make sure you read the policy details carefully and understand what your policy will and won't cover. An experienced protection adviser can help you find a policy that is suitable to your needs.

How much will life insurance cost me?

If you’re young and healthy, getting an affordable policy that works for you can be super easy and super speedy. If you’re getting up there in years or you’ve had some health issues, it may be a little more challenging - but not impossible. The initial price you see with a quote may not be the final price you pay once all your medical history and lifestyle is taken in to account, so it may well be beneficial to understand how an insurer would consider your application based on your personal circumstances, so consider speaking to an experienced adviser (like us here at LifeSearch) who can best advise you on this.

Either way, you shouldn’t just take the cheapest policy you see and whip out your wallet to pay for it there and then. It might end up being the policy you go with eventually, but it’s important to shop around first. 

You should compare quotes from several insurers - even on different types of policy if you’re not sure what you need - as prices and levels of coverage can vary a lot. Now, comparing quotes doesn’t have to be some prehistoric chore involving an abacus and piles and piles of paperwork. Going through a protection intermediary should allow you access to a large portion of the market. A good adviser will also help you understand the options available to you, and recommend the right policy for you.

How do I choose between life insurance companies?

Of course, the price of your policy and what it will cover are very important factors to consider. But comparing life insurance quotes isn’t just about comparing prices and types of cover, it’s also about finding the right insurance company. What would you do if you find several appealing quotes from different insurers? How would you decide which one to go with? 

If you’re lucky enough to find several great quotes, the next thing you should do is take a look at the insurance company’s customer reviews, the accreditation they hold and any additional services they may offer.

After all, it’s important to make sure that the insurance company you choose will be able to fulfil their commitment to you should the unthinkable happen. Is their financial strength rating up to par? Do they have a credible financial performance? What do their past and existing customers have to say about their experience? All of these questions will help you determine whether you can trust your chosen insurance company to safeguard your family’s financial future.

How to find the right policy for you

If you were shopping for a car, you wouldn’t just go into the first dealership you saw and buy the cheapest car there, right? Shopping for insurance should be the same - you should compare types of cover, compare prices, compare reviews and quality of cover... But that’s a lot of work. The good news is that you don’t have to do that work alone. 

Contact us here at LifeSearch, and we can talk with you about your situation and what you’re looking for. We’ll help you find the policies that suit you and your budget best, and help you and your loved ones protect the life you love. We have access to the wider life insurance market and can advise you, guide you, and help you find the perfect policy. Give us a call on 0800 316 7253 for some no-obligations advice from our friendly LifeSearchers, or get a quote today.  

 

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