Buying life cover for the family is crucial. Your children and souse will be relying on the policy to pay out should the worst happen. But how do you find Cheap Life Assurance UK? Here are some insider tips on making sure you get a quality policy at the right price.
UK based residents should avoid off shore or any type of overseas based life policy in order to keep their costs down. Buy your life insurance only from a UK based life company. The offshore operations add a degree of complexity and this, in turn, puts up the price to you, if you are in the UK. Keep it simple, keep it in the UK and keep your costs down.
You can choose to get just a straightforward term life insurance quote from a UK based firm for a cheaper plan. This policy only provides a lump sum payout upon the death of the insured. It’s a key part of getting the best value Cheap Life Assurance UK.
Be aware of policy exclusions such as two year suicide exclusion, for example. More practically, though, check travel or recreational activity exclusions such as which countries the policy might not pay out in. This might be doubly important if you travel on business a good deal.
Check, also, about any “risky” activities that you are involved in at the time of application. Each insurance company has its own underwriting guidelines covering what they deem to be more dangerous than usual. Examples of these pastimes include scuba diving, hang gliding and being holding a private pilot’s licence.
Watch out for “tied” agents. This is someone that is only allowed to sell his/her own company’s products. A tied Agent cannot shop around for the best value deal for you. The alternative is to find a way of getting life assurance quotes from many or all of the leading insurance companies. The simplest way of doing that is by using an online website service that checks many different life insurance companies. That way you should find cheap life assurance UK very quickly and easily.
Be very careful not to buy a “non-medical life insurance plan.” These types of policies generally carry more expensive premiums and lower sums assured than traditional life insurance policies. Their death benefits are also often limited to no more than the return of the premiums paid plus interest during the first two policy years. These policies are designed for applicants with health problems only so only use them if you fall into that category. You should go and see a broker, as well, because they will know the market place and be able to speak to the underwriter for you.
Avoid cheap, accidental death insurance like the plague. It is almost useless at protecting your family because hardly anyone ever dies by accident. The overwhelming number of claims are for people who, unfortunately, get ill and a pass away as a result.
Term life assurance costs have decreased in recent years but be extra cautious if you are tempted to replace an existing life insurance. You need to check that the benefits are exactly the same – like the amount of the insurance cover, the period it runs for, etc – before replacing a plan. It might be worth it, but just be very careful about doing so.
Getting the best, cheap life assurance UK is a simple enough job because of the internet. There are some very good websites, now, that make the job much easier than it used to be.