Less than half the adult population have life insurance and most of those who do have never switched their insurance provider. Follow our top tips on how to find the best life insurance deals online.
Only 30% of people surveyed by Confused.com recently said that they had ever switched life insurance providers with men more likely to switch than women at 35% compared to 29%. "It's worrying that so few people have a life insurance policy, and equally worrying that so few have switched provider,” said Confused.com head of life insurance Matthew Lloyd. “Any change in life circumstances, like getting married, buying a new house, starting a family or even getting divorced should be a trigger for reviewing your life cover and ensuring you have the right level for your needs.”
How do I find the right life insurance policy? Life insurance supports your family or dependants by covering debts and replacing your income if you die or are seriously injured or made ill, so that you can no longer work; the premium you pay monthly or annually provides an agreed amount if you die during the life of the policy. Different policies cover a range of different circumstances including funeral costs, mortgage payments, protection for your family and protection over family inheritance.
What to Look for to Get the Best Life Insurance Deals Important points to consider when comparing different policies are joint life insurance and critical illness cover. Joint life insurance means a pay out from the policy will occur based on the death of the person who dies first, while critical illness cover will work out cheaper if included in a life insurance policy as opposed to opting instead for two separate insurance policies for life insurance and critical illness cover, however be sure to understand whether your insurance covers critical and terminal illness cover. Another thing worth considering is to make sure you buy enough cover to pay-off all of your outstanding debts, such as a mortgage and schooling fees for your children, should you die prematurely.
As with all insurance products if you don’t tell the truth, you could invalidate your cover, too, so be sure to mention any health issues that you may have on your application; be it the occasional bad back to smoking, high blood pressure to cholesterol. Life insurance premiums have been reducing in recent years, too, so it is always worth comparing prices online on a regular basis to ensure that you have the best possible deal in place for protecting your family.
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