Life Insurance News - Life Insurance Comparison
So you've taken the plunge and decided to take out life insurance - a sensible choice. Now you've got to decide what type of life insurance to take out and what policy to opt for. With so many different plans, policies, terminology and prices floating around, making such decisions might feel a little like trying to find a needle in a haystack.
The good news is that there is plenty of help out there to assist you in making the right decision, starting with the following tips for taking out life insurance.
It is safe to say that you wouldn't take out car insurance without shopping around first and the same model of consumer diligence should be applied when choosing life insurance. Make use of price comparison sites and online brokers, which will compare the different policies, the features of such policies and of course the prices and find the one that is most suited to your individual circumstances, requirements and budget.
Applicants can then review the different policies and make a more informed decision about which would be the most suitable plan to take out.
The younger the better
Whilst you are never too old to take out life insurance, generally speaking, the younger you are when you begin your policy, the better. This is because younger people are usually healthier and fitter than older people and are therefore considered to be lower risk applicants.
Your age and the condition of your health will have a direct effect on the how much your monthly premiums will cost, meaning that people applying for life insurance in their 20s will generally have to pay less than someone taking out life insurance in their 60s.
The amount of cover you need - Consider inflation
Once you have decided on a life insurance product, you will need to work out how much cover you need to take out. When deciding on the amount of cover, ensure that it will be enough to protect all of your main outgoings and debts, including loans, credit cards debts and, of course, your mortgage.
It is important to consider inflation when deliberating how much cover to take out, as the real value of the amount of cover that you choose will be reduced over time.
Be 100% honest
When taking out any kind of insurance it is important to be completely honest. A commitment to being honest is particularly important when applying for life insurance where a tendency to say that you don't smoke when you really do in order to get cheaper premiums can be tempting. 'Bending the truth' with your health and lifestyle choices to a potential insurer is not a wise move to make, for the simple reason that if the insurer finds out that you have not been entirely honest on your application, they may be within their right to refuse to make a pay-out or could even cancel the policy.
Put your life insurance policy into a trust
If you are concerned that your estate might be subject to inheritance tax when you pass away, you may want to consider putting your life insurance into a trust. This could ensure that any pay-outs made actually go to the beneficiaries you intend them to go to rather than to the taxman.
It is however a good idea to talk to a solicitor or a financial adviser before committing to putting your life insurance into a trust.
Consider taking out two separate policies
For couples with children it may be more beneficial to take out two separate policies as opposed to one joint policy. Whilst this might work out to be more costly, it could prove advantageous as dependents could receive two payments instead of only one.
Make regular reviews of your life insurance plan
Our circumstances change frequently throughout our lives - we start a new job, we have a baby, our partner becomes the main breadwinner or we finally pay off our mortgage. It is therefore important that you review your life insurance policy regularly and inform your insurer of any changes, who should update your policy accordingly.
Posted under : Life Insurance QuoteKnow more
There have been numerous reports in recent weeks and months about the potential baby boom that is likely to result from the period of austerity currently being faced by the UK. It is suggested that a major baby boom is now taking place and the number of births will rise again this year.
Comparing life insurance is hard work and also confusing. In today's world you have many choices; you have the old fashioned way of comparing products by making an appointment with your Bank or Buidling Society, or you can use the internet. Either way both can be time consuming and horribly confusing.
Lets work through the implications of using your Bank. Firstly you will have to make an appointment for the luxury of being sold a life insurance product from a tied Financial Adviser (can only sell products from one insurance company). Once the adviser has gathered enough data from you, you will be sent away and asked to come back so that he/she can present to you what they advise. If you want to compare Banks you will have to carry out this exercise again and again until you are satisfied that you have enough information to make the correct choice.
Now for the the internet. This can also be confusing due to the range of products and online brokers you have at your fingertips. If you want to compare using Google or an alternative search engine, the usual culprits appear on the first page; Comparethemarket, Moneysupermarket and GoCompare. It apprears that these comparison sites only compare price and not quality, is this what you want? When researching life insurance does 'value' come into it, and how do you calculate value? For this surely you need to know the price, but also more about what you are getting for the price. Most comparison sites deliver on price but still leave you confused.
Lifebroker is preparing to launch a new part of the site that will allow you to compare life insurance quotes based on featues and quality. You need a website that will allow you to compare products without wasting your time, and a website that takes your purchaing decision seriously.
Lifebroker is not looking to use meerkats (as nice as they are) or annoying men that shout and sing about insurance. Buying insurance is horrible enough as it is, Lifebroker will take you seriously and wants you to make the correct decision first time.
Posted under : Key Man Insurance, Terrence Higgins Trust, Income Protection, Life Insurance Broker, Personal Insurance, Life Insurance Quote, Life Insurance Comparison, Insurance Products, Business Protection, Diabetes Life InsuranceKnow more
Lifebroker provides 5 star ratings for life insurance products to compliment live pricing and online applications. The ratings system encompass level term life insurance, mortgage protection, critical illness cover and also income protection. When using Lifebroker's website for life insurance quotes the premium and also that rating will be displayed side by side.
James Markwick, Managing Director at Lifebroker said "This is something that Lifebroker has wanted for some time. Lifebroker in Australia has used a similar system for many years now and it was only a matter of time that this became available here in the UK. Lifebroker has a close working relationship with Webline part of Capita Financial Software and it is thanks to Webline's innovation and close relationship with Synaptic (also part of Capita Financial Software) that this has become available. The Synaptic is updated every 24 hours. So far I am impressed with what it can offer consumers in assiting them with their purchaing decisions."
When using the rating system consumers need to use it as a guide only as Lifebroker does not offer financial advice
The guide is aimed at helping consumers choose life insurance by something more than the premium. Most comparison websites only display premiums; Lifebroker can now offer more to consumers.
Bettina Richen, Lifebroker's Sales & Marketing Manager said "The new rating guide really compliments Lifebroker as we are always looking to be innovative. We already have live quotes and online applications. In my opinion Lifebroker are the most forward thinking online life insurance broker in the UK."
Lifebroker is looking forward to seeing how the 5 star rating is used by consumers to assist them in choosing their life insurance.
Posted under : Income Protection, Critical Illness Cover, Mortgage Protection, Level Term Life Insurance, Life Insurance Research, Life Insurance Broker, Personal Insurance, Life Insurance Quote, Life Insurance Comparison, Insurance ProductsKnow more
Nearly 1 in 3 Brits have decided that life insurance is not as important as having their daily dose of caffeine according to a recent study carried out by Lifebroker.
Brydee Greene, Senior Life Insurance Consultant at Lifebroker in London said "In my opinion a good cup of coffee is a daily necessity that is real for most people. Buying life insurance is not really a tangible process therefore it becomes less important when it comes to prioritizing."
James Markwick, Managing Director at Lifebroker said "A quality life insurance policy may cost you a few quid a day, however eating and drinking at somewhere like Prêt has knocked insurance on the head for many consumers. It is a shame that some people do not see the importance."
Ultimately it is Lifebroker's aim to keep offering quality life, critical illness, mortgage protection and income protection insurance policies to visitors to their site.
James Markwick said "Once consumers see how competitive Lifebroker's life insurance quotes are I am sure that they will think a bit more about protecting their loved ones."
Lifebroker welcomes other professionals to become a life insurance affiliate whether you are an Accountant, a seller of telephone leads or another life insurance website.
All you have to do is contact James Markwick, Managing Director of Lifebroker in the UK and have a chat about what your plans are. James said "I am finding more and more that other professionals are contacting us to try and work out a solution of how we can work together. These professionals range from Accountants to sellers of telephone leads. Accountants have traditionally referred their clients to Financial Advisers (IFA's), however we are finding that Accountants feel that they get better service and value for money by using the Lifebroker site. Traditional buyers of telephone leads have dropped in numbers due to some of the buyers going out of business or finding alternative arrangements; the knock on effect is that the lead providers need to find an alternative. Lifebroker can be the solution."
Lifebroker only provides life insurance quotes - therfore you can be assured that we will not sell other products to your consumers
Services offered range from:
- instant quotes
- tailored web pages that can be adapted to promote your website and company
- dedicated telephone line for your brand
- call recording
- choose your preferred life insurance providers
- set your own commission rates
- opportunity for applications to be made over the phone
- access to Fastrack applications (developed in house by Lifebroker allowing your clients to apply electronically)
- individual commercial terms (per click, commission split or hybrid)
- star rating guide
- professional life insurance service
- guarantee that Lifebroker will not sell other products to your client as we only provide life insurance
Lifebroker has partnered with Pure Health to give their clients even more choice when it comes to protection and assistance.
Pure Health is one of the UK's leading support agencies, working to assist and support those that are unable to complete day to day tasks due to ill-health.
To read more about what Pure Health can offer you and your family, click here to see what they can offer.
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