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Frequently Asked Questions

How do I get a Life Insurance or Income Protection quote?

It's simple, all you need to do when using the website is click on the green tabs at the top of the screen that prompt you for a quote online for life insurance or income protection.

Life Insurance Income Protection

What does Lifebroker have that other life insurance brokers are lacking?

Lifebroker have a guarantee that we stand by. You will notice that competitors offer to match or better any other quote - Lifebrokers guarantee is simple - we guarantee to provide better value than going direct to any of the life insurance companies that we provide quotes for. You can see some of the main features of the Lifebroker guarantee to the right, if you want to see the full Lifebroker guarantee then please click here.

Can I call a Lifebroker Consultant for a life insurance or income protection quote?

Yes. The Lifebroker office is open normally from 8am - 6pm Monday to Friday. You can also request Lifebroker to call you at a time that is convenient.

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Can I see the full list of life insurance products the are available via Lifebroker?

click more to read about the life insurance product

• level term life insurance...more
• decreasing term life insurance...more
• mortgage protection life insurance...more
• critical illness cover...more
• income protection...more
• family income benefit...more
• business protection...more
• income protection for cyclists...more
• whole of life insurance...more
• gift inter vivos life insurance...more
• HIV life insurance...more
• group life insurance...more
• key person life insurance...more
• total & permanent disability insurance (TPD)...more

Is the Lifebroker website secure?

Lifebroker have secured the pages that collect your personal data so that there is no risk to anyone else apart from Lifebroker getting it. We take your privacy seriously.

Do you provide advice on the amount of cover I should have?

The nature of our service is not to provide you with advice about the type of insurance you should have. Our service is based upon providing cost effective options in a clear and concise manner so that you can make an informed decision in your own time-without any pressure. If you are seeking advice, then our service will not suit you and you will need to employ the services of a Financial Adviser.

The best way to find an Adviser is to visit www.unbiased.co.uk

What companies do you deal with?

We we offer all major insurers. A list of the main companies that we use available here. Please click on the insurance company icon in order to read more about the insurance company that you are interested in.

Am I locked into the cover for a certain period?

No. The policy that you establish can be cancelled at any time without any penalties.

Can the Policy be cancelled?

Yes but only by the person that is insured. The life insurance company cannot cancel the policy unless you stop paying the premiums.

Am I covered whilst traveling overseas?

Most insurance companies that we use offer 24 hour world wide coverage in most countries (this list of countries can change at any time due to war breaking out or general civil unrest)- therefore you are normally covered whilst travelling overseas, however we always encourage you to check the definition of cover in the Key Features Document of the life insurance company that you select for your life insurance or income protection contract. All Key Features Documents are made available to you prior to you purchasing.

How do the different policies compare?

Lifebroker aims to provide clients with as much choice as possible and show the premiums of various companies for various levels of cover. With all forms of life insurance it really will depend on the cost of the product and also the financial strength of the life insurance company, as all life insurance companies will pay when you die (as long as your claim is valid). You may want to have a life insurance policy with a household brand name that you are familiar with and gives you peace-of-mind. Critical illness cover and Long Term Income Protection policies will vary slightly between companies, but these variations can be very extreme. As an example, one critical illness cover policy may have 30 critical illnesses  covered, whereas another may only cover 7. You are welcome to use the Lifebroker website as much as you want to get the best priced insurance policy. When comparing the small print of what is covered, again we encourage you to read the Key Features Documents.

Does the policy have a cash value?

The majority of quotes we provide are for term life cover; this is where the policy has no cash value. Some Whole of Life insurance policies can do have a cash value but the premiums are far higher than for term life insurance. Lifebroker does not provide life insurance policies that have a cash value. Click here to read more.

How do I pay my premiums?

Most companies offer the choice of 2 methods of payment;

• Credit card
• Direct debit authority from your bank account

Lifebroker does not handle client money. All transactions are between you and the life insurance company that you have chosen.

Guaranteed and reviewable premiums

Guaranteed rates ensure that the premium you pay will stay the same throughout the term of the policy (unless you choose to have your policy inlfation linked)

Reviewable rates can be reviewed by the insurer and can be increased, subject to the policy conditions.

Read more about guaranteed and reviewable premiums here.

 

Do I need to have a medical examination before taking out a policy?

You may need to have a medical examination or blood tests before taking out a policy, but this will depend on how much and which cover you choose, and a range of factors such as age, smoking status, height & weight combination, and health. The Life Insurance Company will pay for any medical requirements.  Usually the insurance company pays for you to have a medical examination in order to take out their insurance policy.

What are the tax implications for the life insurance and icome protection policies that Lifebroker sells on the website?

You should be aware that Lifebroker does not provide financial advice and this includes taxation advice. If you are concerned we recommend you seek taxation advice from an independent tax adviser or an Accountant.

How does the Lifebroker commission rebate structure work?

Lifebroker rebates most of the commission that they are entitled to back to their clients - YOU. We do this to share in the rewards and also to make your premiums lower. Please click here to read more about how the commission rebate works.

Why should I use Lifebroker?

Lifebroker is an online Life Insurance Broker that is fresh and innovative. We are very different to the traditional stuffy paper pushing Life Insurance Broker that people are all too familiar with. As an online Life Insurance Broker we specialise in a wide variety of Life Insurance and Income Protection products. Not only do we quote from all the household names but we also offer insurance products that are not easily accessible through a traditional face-to-face Life Insurance Broker.

What's better, reviewable premiums or guaranteed premiums?

Lifebroker offer both reviewable premiums and guaranteed premiums. When comparing products you may find that reviewable premiums are generally lower in price to start with. As we all know 'lower price' does not always mean 'better value', afterall you generally pay for quality and life insurance is not different.

Can I have a personal Lifebroker Life Insurance Consultant?

We encourange you to have a single consultant at Lifebroker. We find it easier if you are designated a consultant from original to quote to the end of the sales process.

Should I change or cancel my Life Insurance policy?

This is something that you should think very seriously about. Only you can decide this as Lifebroker does not provide financial advice. 

Lifebroker has listed below 3 things for you to think about before you cancel your life insurance or income protection policy.

• If you cancel your life insurance your family has no protection. Cancelling your life insurance policy could leave your loved ones financially exposed. You originally took out life insurance to protect them and unless things have changed (ie your children have gown up and left home) then the chances are that you still need cover).

• Have you thought about the cost of life insurance when you are older? The price of life insurance is directly related to risk, and one of the main risks is age. It is simple, the older you are the more you pay. If you cancel your life insurance policy now and try to buy a new one in a few years’ time, you might find you have to pay more for the same level of protection you originally had in place.

• If you become unhealthy you could end up ‘uninsurable’. It’s important to recognise the possibility that if you cancel your life cover now and your health deteriorates, you may find yourself refused insurance later.

I am a smoker, will that affect my life insurance premiums?

Of course it will. On average smokers pay about 60 per cent more for their life insurance than non smokers.

Everyone knows that the likelihood of an early death is increased if you smoke - therefore you will be charged more by an insurance company, however smoker rates do vary between insurance companies. If you smoke make you declare this in your quote and application otherwise a claim is likely to be invalidated. If you make a claim, the insurer will contact your Doctor for a report on your medical history - it is normal procedure. Within those records, your Doctor will have noted whether or not you smoked and this information will be passed on to your insurer.

What happens if you stop smoking?

If you stop smoking you may be entitled to non smoker rates - meaning your insurance premiums will reduce. Unfortunately you will have to re apply for insurance as a non smoker as the insurance company will want to be sure that you have stopped smoking permanently. Some insurers will accept that non smoking for 12 months is adequate evidence of having given it up, others will want a five year break. They may reduce your premium to non smoker rates or reduce them slightly as they still factor in some residual smoking mortality risk.

Nicotine Replacement Therapy

Please be aware that using Nicotine replacement therapies (NRT's) can still make you a smoker in the eyes of the insurer. The reason for this is that you are addicted to nicotine and therefore more likely to smoke. Once you have not used NRT for more than 12 months (in most cases) you can then apply for insurance as a non smoker.

Nicotine replacement therapies work by giving you a small amount of nicotine, but without the dangerous effects of inhaling tobacco smoke. This helps relieve the withdrawal symptoms and cravings for a cigarette that you get when you stop smoking, and allows you to get on with breaking the psychological habit of smoking. If you are physically addicted to nicotine, using NRT has been shown to almost double your chances of successfully quitting smoking.

Lifebroker guarantees to:

1. offer better value than going direct to the insurance company
2. save you time, money and the hassle of shopping around
3. rebate commission
4. store your personal information securely
5. not pass on or sell your personal information