Frequent Questions

Product Information

Jargon Buster

Helpful Articles

Helpful Calculators

Knowledge Base


The Quote Process Explained

Helpful Articles

Back..  How to weigh up your life insurance options

 

Purchasing life insurance – especially for the first time - can be quite a daunting prospect. With such a wide range of products on the market today, and so many providers offering various types of cover, it can be hard to know where to begin. Before you begin sifting through countless policies therefore, it pays to familiarise yourself with the general types of products available on the market, as well as to establish an idea of the type of policy you'll ultimately want to secure for yourself.

There are a number of things buyers need to decide on before purchasing any type of life insurance product. Firstly, you need to consider whether you wish to purchase level term or decreasing term life insurance. If you simply wish to cover a repayment mortgage then decreasing term life assurance is cheaper and may well be sufficient. If however you have dependants, then a level term policy may provide greater peace of mind since you can be assured your beneficiaries will receive the full sum assured.

For couples another consideration is whether to buy one joint policy or two single ones. Joint policies are sometimes slightly cheaper yet taking out individual policies offers greater flexibility, will double the potential payout and also avoids any complications should the relationship break down in the future. Finally, it may be worthwhile to look at adding on critical illness cover. This is more expensive but given that you are 3-4 times more likely to make a critical illness claim as oppose to a life insurance one, it bears some thought.

Once you have established what product is right for you, it’s time to start comparing the market and one of the most powerful resources you could utilise to help you find a life insurance policy is undoubtedly the internet. Indeed it is possible to search for, apply for and secure a life insurance policy entirely through this medium. Yet with such a wealth of information now available online it can also make the process of searching for life insurance seem unnecessarily arduous.

A far easier option for the consumer is to simply use an online life insurance comparison site. These are generally straightforward and user friendly online forms that ask buyers a short set of relevant questions and then return a list of suitable policies. They are able to search the whole of market on your behalf so you can be assured you have access to securing the most amount of cover for the longest term possible at the lowest price. Given that they can save you a good deal of time, money and effort, online comparison sites must surely be seen as a sound option for buyers.