Why Should You Compare Life Insurance

Life insurance is highly recommended for anyone with dependants and with most lenders is essential for your mortgage or loan. But why is it a good idea to compare life insurance?

Firstly, there is normally no difference between life insurance companies when buying standalone life insurance, so if one insurer is charging £30 per month and another £20 per month for the same level and term of cover then it would make little to no sense paying the higher amount.

So why do Insurance Companies have Different Prices?

Well it would certainly be easier if all the companies had a set price for cover wouldn’t it? Insurance companies calculate your monthly premium using many factors including age, sum assured, term, whether you smoke or not and if you have any medical conditions. They then try to weigh up the risk of payouts so if ‘insurance house A’ has a high proportion of smokers on their books they will then make the price more expensive for smokers and if you are a smoker you’re then going to find cheaper rates elsewhere. This is done from an insurers reinsurance department and the same applies to age and medical conditions. As insurance rates are dynamic many people seek advice from insurance broker as they have the knowledge of who will have the cheapest rates for your individual circumstances at that particular time.

Tips for Achieving Cheap Life Insurance

  • Premiums are normally cheaper when you are younger so is always a good idea to take a policy out as early as possible
  • Taking out a policy with a mortgage or loan will normally be more expensive than seeking an independent broker for your insurance needs
  • Banks are normally more expensive for life insurance than independent insurance houses

For more information about this and other types of insurance please feel free to look through our site and read our other posts more more great tips.


Get Rewarded for being Healthy

With Vitality Life insurance, you will receive rewards designed to motivate you to be healthier and in return live longer. The main rewards they offer are;

  • weekly cinema tickets for you and the family
  • weekly Starbucks coffee
  • half price virgin active gym membership
  • discounted Champneys health spa
  • up to 40% off British Airways

and many more with t&c’s on their website. So right now you are probably thinking ‘what’s the catch? This sounds to good to be true!’ Well there isn’t one, Vitality believe if they can help people to stay healthy, then they are less likely to claim on their life insurance, meaning they can use these savings to reward you.

Vitality Life is one of the fastest growing insurance houses in the UK. This is primarily down to the fact they offer a unique package when compared to every other insurance house in the UK. They offer a whole host of products including award winning life cover, serious illness cover and income protection.

How Vitality’s Helping the UK Live Healthier

Since Vitality launched their benefits package a few years ago they have started to work with many names you may have heard of such as Jessica Ennis-Hill and Jonny Wilkinson, who have the same passion for promoting a healthy life style for everyone in the UK.

They also work with many sporting organisations such as football clubs; Arsenal, AFC Bournemouth, Liverpool and Manchester City, helping people look after themselves from young ages.

Vitality offer a wellness programme that promotes a healthy living for the whole family. One of their more family orientated partners is The National Trust who offer 300 properties such as Wordsworth House and Gardens in Cumbria, once home to William Wordsworth. Or if you want to get the kids out of the house for the weekend why not take the family for a stroll around Lake Windermere, the largest natural lake in England.

The Recipient for Life Insurance Benefits

SDSADSAThere are some necessary steps to take if you are thinking about applying for a Life insurance policy so that your loved ones would be secure if anything unexpected should happen to you. It is normally beneficial to have your policy written in trust to stipulate a beneficiary or beneficiaries. In the event of your death during the policy term, the sum assured can be made payable to one or more recipients of your choosing. There are different requirements associated with different kinds of beneficiaries i.e. child recipients vs. adult recipients, therefore is important to understand the differences before naming beneficiaries on your policy or policies.

Choosing the Recipient for Life Insurance Benefits

For instance, you might need to have your husband/wife and your children as recipients. You can likewise stipulate the percentage of the payout that every recipient is to get. The vast majority list their wife or husband as the sole recipient while the children are still youthful, and after that, as the children grow, they adjust their approach to incorporate their youngsters for a specific percentage of the benefit.

life-insurance-feature-e1440499340738A watchman or trustee should be selected to regulate the payout of the returns to any recipients that are still a minor. It is likewise regular to name an unforeseen recipient. On the off chance that your first recipient for one reason or another should no longer be around, then the unforeseen recipient is next in line to get that percentage of the benefit when it comes to payout. Likewise, your recipient assignment can be either discretionary or non-discretionary. In the event that it is discretionary, you can transform it at whatever time without consent to do as such. On the off chance that the assignment is non-discretionary, you cannot choose another recipient without the permission of the present recipient(s).

Choosing Life Insurance Types

xfsdThere are various types of protection when it comes to the matter of life insurance. Keep in mind that you need to do a sufficient amount of research on the types of life insurance if you wish to be able to choose the most suitable one. For example, term assurance does not provide a cash lump sum whilst you are still alive. It just pays a lump sum in the event of your death during the fixed term of the policy. Different types of life insurance, for example, critical illness cover and income protection cover, and entire life, are designed to provide either a cash lump sum or a monthly payment if you are diagnosed with a listed illness within the policy documents, providing financial assistance while you are still alive. Visit us for great deals in  Vitality Life insurance .

Tips for Choosing Life Insurance Types

JHGJThe correct type of protection policy can often depend upon your existing protection provisions. If you already benefit from a sizeable death in service package from your current employer, then it’s likely that critical illness cover or income protection cover will be your main area of focus.sdsa

For term assurance and critical illness cover, the amount of cover required and the term chosen will depend upon your personal circumstances. Covering the outstanding balance of a repayment mortgage, ensuring that your family isn’t burdened with paying the mortgage on a reduced income once you are no longer around is the priority for some people. For others, they will seek to protect their loved ones from the loss of their income, typically around 5-10 times their annual salary is considered to be an adequate level of cover to enable those left behind to maintain the lifestyle to which they become accustomed to. Some will seek to protect their loss of income due to illness whilst they are still alive, and will choose critical illness cover or income protection cover with a sum assured or monthly benefit commensurate with their annual salary or monthly income, with the primary beneficiary from such policies being the cover holder directly.