How to compare life insurance quotes

How to compare life insurance quotes

18 Nov 2021

Life insurance kinda gets a bad rap. It can come off as complicated, pricey, and unnecessary. We get it - you don’t wanna part with your hard earned pennies for something you might never use, and, to put it bluntly, a lot of companies can make life insurance seem pretty boring. Don’t look at us, we’re just saying what you’re thinking. 
It’s no wonder then that only around 30% of the UK are currently protected by life insurance. However, although it might not be the most interesting topic out there, 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 mind-numbingly boring or brain-wrinklingly difficult. Getting life insurance quotes online and being able to compare policies has never been easier. 
To help make it easier for you, here’s our handy little breakdown on the basics of life insurance and how to compare quotes. 

What is life insurance and why do I need it?

Life insurance is a simple little contract between you and an insurance company where you agree to pay them a premium each month and then the insurance company pays out a lump sum to your loved ones if you pass away either during the term of the plan, or alternatively when you die, depending on the type of policy you choose. Easy, right? 
You can set the length of the policy when you buy it - whether you want it to last for a set period of time (like until your mortgage is paid off) or until you die (this is called a whole of life policy). You can also choose how much you want the pay out to be at the point of purchase. Both of these factors will affect how much your premiums cost. For example, a policy that covers you until you die (whenever that may be) and then pays out £100,000 will be more pricey than a policy that covers you for a set number of years, say until your kids leave home, with a pay out of £100,000.
Your premiums will also be affected by your age, your health, your smoker status, your lifestyle, your job, and your hobbies. You can lock in a lower premium if you get coverage while you’re young and healthy.
If you die whilst the policy is in force or have a whole of life policy, the pay out will provide a safety net for your financial dependents, so they don’t have to add financial stress to the list of their woes at a very difficult time. That money could help them do many things, including:

  • Pay off your funeral 
  • Cover regular bills such as gas, electric and council tax. Pay of debts, including your mortgage
  • Pay for childcare and schooling

How to find the best policy for you

If you’re young and healthy, you might be able to apply online and get coverage super speedily without further medical evidence being required. However, you shouldn’t just take the first policy you see and whip out your credit card. You should compare quotes from several insurers, because prices and levels of coverage can vary a lot.

The application process can be super easy though - because you don’t have to go it alone. Going through a broker, like us here at LifeSearch, can help make sure you get cover that, well covers you - exactly how you want. We can talk with you about what you’re looking for and your personal situation, and find you policies that fit you 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.

Let us get to know you and do the hard work for you

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LifeSearch Limited is an Appointed Representative of LifeSearch Partners Limited, who are authorised and regulated by the Financial Conduct Authority. Calls may be monitored/recorded.